DNFBP REGISTERED 2022-The development of legislative frameworks to fight Money Laundering and Terrorist Financing (TF), and the implementation of financial institution measures to prevent misuse of their services for ML/TF operations have resulted in money launderers turning to the non-financial sectors to hide and launder the proceeds of crime. The Federal Board of Revenue (FBR) on Monday directed the public sector development departments not to issue NOC to real estate development authorities or housing society (commercial/residential) unless the applicant is registered with FBR as a Designated Non-Financial Business and Profession (DNFBP).
REGISTERED DNFBPS 2022 Online
ISLAMABAD: Real estate development authorities and housing society – residential and commercial – must register as a Designated Non-Financial Profession (DNFBP). This is to obtain NOCs. The Federal Board of Revenue (FBR), has developed the DNFBP Mobile Application for de-financial professions and businesses (DNFBPs). This includes real estate agents, precious metals dealers (DPMS),/Jewelers, and FBR-supervised accountants.
DNFBP registration is mandatory to acquire NOCs for housing societies:
It will allow DNFBPs the ability to meet their anti-money laundering or counter-financing of terrorism obligations promptly. DNFBP Mobile Application currently has the following features: The Financial Action Task Force, (FATF), conducted numerous studies to assess the risks associated with misusing non-financial businesses and professions involved in ML/TF operations.
DNFBP Registration Online www.fbr.gov.pk/dnfbp
The Central Board of Revenue was established by the Central Board of Revenue Act (1924) on April 1, 1924. The Ministry of Finance created a fully-fledged Revenue Division in 1944. This arrangement was maintained until independence. FBR was annexed to the Ministry of Finance on the recommendation of the Administrative Re-organization Committee. Further changes were made in 1974 to streamline the organization’s functions. In 1974, the Chairman FBR post was created with the ex-officio status of Additional Secretary and Secretary of Finance. He was then relieved from his duties as ex officio Chairman of FBR.
Certificate of Registration for Dnfbp
These risks were found to be significant. The guidelines state that FBR has placed the following conditions on all public sector development departments to strengthen the anti-money laundering act and combat the financing of terrorism.
Registration Process – SVG FIU
According to the FATF, these risks warranted the expansion of the international requirements regarding Anti-Money Laundering and Combating the Financing Of Terrorism in some non-financial businesses and professions. Your application’s quality and completeness will determine the time it takes to process. It also depends on whether you submit all required information promptly and respond to any further questions.
Tips & Traps for Becoming Registered as a DNFBP
Timelines and meeting targets will always be more important than making the right regulatory decision. “No public sector development department shall provide any NOC/approval/permission to any kind of real estate development authority or housing society (commercial/residential) unless the applicant is registered with the FBR as a Designated Non-Financial Business and Profession (DNFBP) and has also appointed or nominated compliance officer,” the notification stated.
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DNFBP Guide to Registration 2022
The DIFCA Registrar of Companies and the Business Development Team of DIFCA are highly recommended. These people will help you to understand DIFC’s value proposition and assist in evaluating whether it is a good fit for your company. The DFSA will issue you an in-principle decision note if you submit a successful application.
DNFBP Registration Required Documents
- Evidence of Payment of DNFBP Registration fee of 150$
- Business License
- Business Name Registration (Where Applicable)
- Identification Documents for each natural person are listed in sections 3, 4, and 5 of the application
- Principal Residential Address Confirmation
- Evidence of any AML Qualification
- Due Diligence Document
|Gambling houses and online gaming||$250.00|
|Real estate agents||$150.00|
|Dealers in precious metals and precious stones||$150.00|
|Lawyers, notaries, other independent legal professionals, accountants, auditors, and tax advisors||$150.00|
|NPOs & NGOs||$100.00|
|Business in a Free Zone area||$200.00|
DNFBP Mobile Application – Federal Board
This will allow you to proceed with the DIFCA Registrar-of-Companies process. Once you have proven that you have registered successfully with the Registrar of Companies and met all other conditions in the decision letter, we will issue your DFSA Registration.
DNFBP Contact Numbers
Email: [email protected]