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What is DNFBP?

What is a DNFBP?

 

DNFBP stands for "Designated Non-Financial Business and Professions"(DNFBP). Certain types of "non-financial" businesses have been identified as being susceptible to money laundering and terrorist financing due to the nature of their business and the transactions with activity that they may conduct. The following class of persons whose business or profession is carried on in or from within the Cayman Islands is a DNFBP:

  • Real estate developers and agents that carry out transactions with a customer involving the buying or selling of real property;
  • Dealers in precious metals and dealers in precious stones;
  • Dealers in any saleable item of a price equal to or greater than USD $15,000 high-value goods;
  • Law firms, notary firms and other independent legal businesses;
  • Accounting firms, audit firms or insolvency firms;
  • Company service providers that carry out any of the following activities for a customer:
         i. acting as a formation agent of legal persons;
        ii. acting as (or arranging for another person to act as) a director or secretary of a company, a partner of a partnership, or a similar position in relation to other legal persons;
        iii. providing a registered office, business address or accommodation, correspondence or administrative address for a company, a partnership or any other legal person or arrangement;
        iv. acting as (or arranging for another person to act as) a nominee shareholder for another person;

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