AML/CFTR 1.3.3 What is a DNFBP?
(1) A designated non-financial business or profession (or DNFBP) is any of the following:
(a) a real estate agent, if the agent acts for clients in relation to the buying or selling of real estate (or both);
(b) a dealer in precious metals or stones, if the dealer engages in cash transactions with customers with a value (or, for transactions that are or appear to be linked, with a total value) of at least QR 50,000;
(c) a lawyer, notary, other independent legal professional, or accountant, whether a sole practitioner, partner or employed professional in a professional firm, if the person prepares, executes or conducts transactions for clients in relation to all or any of the following activities:
(i) buying or selling real estate;
(ii) managing client money, securities or other assets;
(iii) managing bank, savings or securities accounts;
(iv) organising contributions for the creation, operation or management of companies or other entities;
(v) creating, operating or managing legal persons or legal arrangements;
(vi) buying or selling business entities;
(d) a trust and company service provider, if the provider prepares or conducts transactions for clients on a commercial basis in relation to all or any of the following activities:
(i) acting as a formation agent of legal persons;
(ii) acting, or arranging for another person to act, as a director or secretary of a company or a partner of a partnership, or having a similar position in relation to other legal persons;
(iii) providing a registered office, business address or accommodation, or providing a correspondence or administration address, for a company, a partnership or any other legal person or legal arrangement;
(iv) acting as, or arranging for another person to act as, a trustee of an express trust;
(v) acting as, or arranging for another person to act as, a nominee shareholder for another entity;
(e) any other business or professional entity prescribed by a decision of the Council of Ministers under Chapter 1 of the AML/CFT Law, definition of DNFBP;
but does not include a financial institution.
(2) A DNFBP is also any auditor, tax consultant or insolvency practitioner, whether a sole practitioner, partner or employed professional in a professional firm, if the person prepares or conducts transactions for clients in relation to all or any of the activities mentioned in subrule (1) (c) (i) to (vi), but does not include a financial institution.
(3) Subrules (1) (c) and (2) do not apply to:
(a) a professional employed by a business that is not a legal professional, accounting, auditing, tax consultancy or insolvency business; or
(b) a professional employed by a government agency.
(4) If an entity that has been granted a licence by the Qatar Financial Centre Authority (other than a financial institution) proposes to conduct any activity mentioned in subrule (1) in or from this jurisdiction, the firm is taken to be a DNFBP.
|Derived by QFCRA RM/2019-8 (as from 1st February 2020)|