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What Is the Anti-Money Laundering Act (AMLA)?
Designated Non-Financial Businesses and Professions (DNFBPs) are industries and professionals that, while not part of the traditional financial sector, are vulnerable to money laundering and financial crime. These include sectors like real estate agents, lawyers, accountants, casinos, and dealers in precious metals and stones. DNFBPs are required to comply with Anti-Money Laundering (AML) regulations due to the high-risk nature of their transactions, which often involve large sums of money or complex financial arrangements.
Under international frameworks, such as the Financial Action Task Force (FATF) guidelines, DNFBPs must implement strong AML practices, including customer due diligence (CDD), reporting suspicious activities, and maintaining robust internal controls. By doing so, they help prevent criminals from using their services to launder illicit funds or finance terrorism, playing a critical role in the global fight against financial crime.
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