According to the FATF research, money launderers and terrorism financiers are increasingly using complex commercial arrangements to hide their money trails. Lawyers, accountants, and company secretaries are often involved in these arrangements. FATF standards require countries to improve their Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) measures related to DNFBPs based on these typologies. "DNFBP" stands for Designated Non-Financial Businesses and Professions. The FATF uses this term to refer to any business or profession that poses a money laundering risk, but cannot be classified as a financial institution. This sector poses risks due to the potential misuse of ML/TF.
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Financial establishments likewise have some regulations to combat Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) and these businesses must adhere to the regulations. The avoidance of money laundering activities not only applies to financial organizations functioning as banks but still issued some guidance on FATF Designated Non-Financial Businesses and Professions (DNFBP).
As per the DNFBPs guidelines, DNFBPs must develop effective AML/CFT policies, practices, controls, and procedures to spot suspicious transactions and report them to prevent money laundering activities
Circuit Computer provide real time business solutions which may help to streamline the DNFBPs business processes. Circuit Computer focus on the needs of customers and designed the LiveEx DNFBPs solutions as per the FATF recommendations. The LiveEx-Shield system provides comprehensive dashboard after the successful login for quick analysis. Live EX provides real time business solutions which may help to streamline the DNFBPs business processes. Circuit Computer focuses on the needs of customers and designed the LiveEx DNFBPs solutions as per the FATF recommendations, Central bank, Ministry of Economy, FIU and other international standards.
Download the Anti-Money Laundering Guidelines for Designated Non-Financial Entities and Industries (DNFBPs) issued by the United Arab Emirates Ministry of Economy (MOE).
Compliance program requirements issued guideance came into effective on June 1, 2021. The compliance program requirements under the Proceeds of Crime (Money and Terrorist Financing Act (PCMLTFA) and associated Regulations apply to all reporting entities (REs).(i) FINTRAC - Complinace program guidance
16.14.1 EDD is required before entering into any business relationship with, or processing any transactions for, DNFBPs as defined under the AML-CFT Decision. DNFBPs may be natural or legal persons. 16.14.2 The Licensed Person must implement appropriate, procedures, systems and tools to determine whether a customer is a DNFBP. 16.14.3 Where a customer is determined to be a DNFBP, the Licensed Person must carry out the following required steps, in addition to the CDD and EDD required by Paragraph 16.11 of these Standards and any other EDD appropriate to manage the risk of the customer: a) Verifying that the customer has the required licenses; b) Obtaining information sufficient to determine that the customer is compliant with the AML/CFT preventive measures required under AML-CFT Decision; c) Take additional steps to understand the customer’s business, including the products and services it offers, its geographic footprint, and its customer base; d) Obtain approval from the Compliance Officer and the Manager in Charge of the Licensed Person before establishing the business relationship or processing any transactions. Tipping-off and confidentiality Financial institutions, their directors, officers and employees should be: (a) protected by law from criminal and civil liability for breach of any restriction on disclosure of information imposed by contract or by any legislative, regulatory or administrative provision, if they report their suspicions in good faith to the FIU, even if they did not know precisely what the underlying criminal activity was, and regardless of whether illegal activity actually occurred; and (b) prohibited by law from disclosing (“tipping-off”) the fact that a suspicious transaction report (STR) or related information is being filed with the FIU. These provisions are not intended to inhibit information sharing under Recommendation 18. The requirements set out in Recommendations 18 to 21 apply to all designated non-financial businesses and professions, subject to the following qualifications: a) Lawyers, notaries, other independent legal professionals and accountants should be required to report suspicious transactions when, on behalf of or for a client, they engage in a financial transaction in relation to the activities described in paragraph (d) of Recommendation 22. Countries are strongly encouraged to extend the reporting requirement to the rest of the professional activities of accountants, including auditing. b) Dealers in precious metals and dealers in precious stones should be required to report suspicious transactions when they engage in any cash transaction with a customer equal to or above the applicable designated threshold. c) Trust and company service providers should be required to report suspicious transactions for a client when, on behalf of or for a client, they engage in a transaction in relation to the activities referred to in paragraph (e) of Recommendation 22.
At CircuitComputer International, we are uniquely positioned to offer high quality services at competitive prices. Circuit Computer Software is close to major financial institutions, ensuring smooth business flow, reducing risk, cost, and management activities. The company not only has the latest technology gadgets but also the most knowledgeable and experienced staff to provide customized solutions that are user friendly. With proven experience, Circuit Computer International can establish dedicated teams to offer a range of services. As a highly motivated team, we aim to provide our customers with an innovative solution that exceeds their expectations and simultaneously influences and raises the communities in which we operate
Our services can add value to real time business solutions which may help to streamline business processes.
We focus on the needs of customers. depending on the needs and size of your organization, our solutions can be used to streamline your business-to-business (B2B) and business to customer (B2C) processes. Circuit Computer can identify the areas where you can leverage the Internet to make your organization run more smoothly.
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