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What is a DNFBP?

DNFBP stands for Designated Non-Financial Businesses and Professions.

The following types of businesses are classified as DNFBPs in the Virgin Islands:

  1. Legal practitioners, notaries public and accountants undertaking relevant business, which involves providing services to clients in relation to transactions relating to any of the following activities-
    1. Buying and selling of real estate;
    2. Managing client money, securities, or other assets;
    3. Management of bank, savings or securities accounts;
    4. Organizing contributions for the creation, operation, or management of companies; and
    5. Creating, operating or managing of legal persons or arrangements, or buying and selling of business entities.
  2. Real Estate Agents undertaking relevant business, which involves acting as a real estate agent when engaged in a transaction for a client concerning the buying and selling of real estate.
  3. Dealers of precious metals or precious stones conducting business where transactions involve accepting cash payments of $15,000.00 or more or the equivalent in any other currency.
  4. Persons engaged in the business of buying and selling of boats, vehicles, jewelry or other high valued goods such as furniture, machinery and art (relating to paintings and sculptures that are of intrinsic value), when such transactions involve accepting a cash payment of $15,000 or more or the equivalent in any other currency.

Section 2 of the Anti-Money Laundering Regulations, 2008, as amended, provides the types of businesses that are deemed “relevant business, which includes the types of businesses specified at paragraphs 1, 2 and 3 above.
 
The Non-Financial Business (Designated) Notice, 2008 is applicable to those businesses listed at paragraph 4 above.

If you are in any doubt as to whether your business should be classified as a DNFBP, please contact the Supervision Unit of the Agency, who will be able to provide you with guidance.

 


Any person that fails or refuses to provide information to the Agency that it considers relevant to the performance of its functions commits an offence and is liable on summary conviction to a fine not exceeding twenty thousand dollars or to imprisonment for a term not exceeding two years or to both.

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Address :

PO Box 4090
Road Town, Tortola VG1110
BRITISH VIRGIN ISLANDS

Phone : (284) 852-3200

Email : [email protected]

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