Obligations of EPNFDs

Designated Non-Financial Businesses and Professions (DNFBPs) play a vital role in the fight against money laundering and terrorist financing. These players, including casinos 🎰, real estate agents 🏠, precious metals dealers 💎, lawyers ⚖, notaries and other independent legal professionals, are subject to specific obligations defined by FATF Recommendations 22 and 23.

🔍 Customer Due Diligence

The duty of vigilance is the first major obligation of DNFBPs. This requirement involves:
• The rigorous identification of customers and beneficial owners 🆔.
• A thorough understanding of the nature and purpose of the business relationship 🤝.
• Continuous monitoring of transactions to detect any unusual or suspicious activity 🔎.

📂 Document Retention

Document retention is a crucial obligation. DNFBPs must:
• Maintain detailed records of transactions and due diligence measures undertaken for at least five years 🗂.
• Ensure that this documentation is sufficiently accurate to reconstruct transactions in the event of an investigation 🕵‍♂.

🛠 Internal Controls

DNFBPs are required to implement internal control systems appropriate to their size and activity. These controls must include:
• Procedures for detecting suspicious transactions 🚨.
• Effective reporting mechanisms to the competent authorities 📤.

📚 Staff Training

Staff training is a key element. Employees must be regularly trained to:
• Recognize suspicious transactions 💡.
• Understand reporting procedures 📝.
This ongoing training is essential to maintain an optimal level of vigilance 🧠.

🌍 Enhanced Vigilance for High-Risk Countries

Finally, special attention must be paid to business relationships and transactions involving high-risk countries 🌐. This requires:
• A more in-depth analysis 🔬.
• More detailed documentation 🖋.

🚀 Need Specialized Training?

To master these complex obligations and transform them into effective practices, appropriate training is essential.