Designated Non-Financial Institutions (DNFIs) are businesses and professions that, while not part of the traditional financial sector, are required to comply with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations due to the nature of their operations, which can be vulnerable to misuse for money laundering or financing terrorism. DNFIs include sectors like real estate dealers, attorneys, accountants, gaming lounges, and jewelers. These institutions must conduct due diligence on their clients, report suspicious transactions to relevant authorities, and maintain records to prevent financial crimes.
In Jamaica and globally, DNFIs play a crucial role in the AML framework by adding layers of compliance in areas where large sums of money are exchanged, often with less direct oversight than banks. For example, real estate dealers must identify and report any suspicious property transactions that may involve illicit funds, while attorneys handling large cash transact…
