DNFBP Registration 2024 has been started on a mobile app announced by @www.fbr.gov.pk. DNFBP is a mobile application introduced by FBR for designated non-financial businesses and professions (DNFBPs). FBR is liable to act on Anti-Money Laundering act 2024. Real estate agents, dealers in precious metals and stones (DPMS)/Jewelers, and FBR-supervised accountants will have to follow DNFBP registration. DNFBP has useful features to overcome money laundering and financing terrorism. It is easy to use for registered persons. They can use Voluntarily Registration, Verification of Customers, and useful website options in DNFBP.
DNFBP Registration Form 2024 Download
The Financial Action Task Force (FATF) has restricted Pakistan from stopping the misuse of money. Money laundering is an illegal activity in Pakistan. FBR, FIA, and NAB will arrest money laundering. International organizations have aimed to stop the non-financial businesses and professions in Pakistan. The DNFBP registration form is available at www.fbr.gov.pk. But FBR has introduced a smartphone application for users. Now you can install DNFBP to fill up the DNFBP registration form.
DNFBP Registration Process
FBR strongly recommends that none registered business firms discuss their business presence with DIFCA. DIFCA will help you with DNFBP registration properly. Enter all relevant information in the DNFBP registration form. The DFSA team can further inquire about your provided details. So you should review your DNFBP registration process before submitting it.
Anti-Money Laundering (AML) – Why Does It Matter?
Money laundering is the process used to disguise the source of money or assets derived from criminal activity. Pakistan’s Anti-Money Laundering regime is in place to ensure that crime does not pay and to protect the integrity of the domestic and international financial systems.
Counter-Terrorist Financing (CFT) – Why Does It Matter?
Terrorist financing involves the use of funds that may be licit or illicit in origin and using these funds to support terrorist activity. Though terrorist financing transactions are usually smaller in value than those associated with money laundering, terrorist financing can result in tragic losses of life. Pakistan’s counter-terrorist financing system works to protect the public, in concert with the regimes of the United Nations and Pakistani targeted financial sanctions.
Pakistan’s Designated Non-Financial Businesses and Professions (DNFBPs)
Pakistan Anti-Money Laundering Act now includes obligations that apply to DNFBPs. This includes lawyers and law firms, notaries, other legal professionals, accountants, and accounting firms when they provide certain services to clients, real estate agents including brokers and dealers, builders and developers, housing authorities, as well as dealers in precious metals and stones including jewellers when conducting cash transactions over 2 million rupees. The accounting and legal sectors are also subject to AML/CFT, rules when they provide trust and company services for clients.
Understanding Money Laundering and Terrorist Financing Risk in DNFBPs
The key to an effective AML/CFT system is a good understanding of risk. Each DNFBP must assess and document its risks by looking at its customers, business types, delivery channels and geographic exposure, and keep this understanding up to date. This allows for resources to be targeted toward those areas that present the greatest risk for money laundering and terrorist financing abuse, in order to mitigate these risks.
DNFBP Obligations: Preventive Measures and Internal Controls
Successfully implementing and executing a comprehensive compliance program of preventive measures and internal controls will help to protect a DNFBP from being used by criminals and will ensure that the DNFBP meets its obligations under Pakistani law.
What to Expect Under Pakistan’s New AML/CFT Supervisory Regime
Each DNFBP sector has a dedicated supervisor or set of supervisors to monitor and encourage compliance with AML/CFT obligations. This includes compliance inspections to assess how well DNFBPs are meeting their AML/CFT obligations.
DNFBP Registration Required Documents
The DNFBP registration required documents list is available on the official website. All real estate agents should register their firms. Following documents, you have to upload for DNFBP registration.
- Evidence of Payment of DNFBP Registration fee of 150$
- Business License
- Business Name Registration (Where Applicable)
- Identification Documents for each natural person are listed in sections 3, 4, and 5 of the application
- Principal Residential Address Confirmation
- Evidence of any AML Qualification
- Due Diligence Document
Dear candidates, we have mentioned the whole information of DNFBP Registration in this post. Further, you can download AML Module to read the comprehensive details of DNFBP applications.
PTI Raabta App Download 2024 Registration
DNFBP Contact Numbers
Phone: 051-9107099
Email: [email protected]