Webinar Recap: The Challenges for DNFBPs - AML Risks & Requirements
Organized by FinchSCAN, powered by Finch Innovate
FinchSCAN recently hosted an insightful and timely webinar titled “The Challenges for DNFBPs – AML Risks & Requirements.” The session aimed to spotlight a sector that is increasingly under regulatory scrutiny: Designated Non-Financial Businesses and Professions (DNFBPs).
With the UAE undergoing its FATF mutual re-evaluation soon, regulatory pressure is tightening, especially for sectors previously identified as weak in AML compliance. The DNFBP sector consists of real estate firms and brokers, legal practices, accounting services, company formation service providers and gold & precious metals traders. These industries are required to demonstrate stronger due diligence and monitoring practices.
Why DNFBPs are Vulnerable?
DNFBPs frequently engage in activities such as handling large cash transactions or establishing complex corporate structures. These factors expose them to a higher risk of being misused for money laundering or terrorist financing, prompting FATF to classify the threat level of DNFBPs as Medium to High.
Common AML Risks for DNFBPs:
- Gaps in Customer Due Diligence (CDD).
- Exposure to Politically Exposed Persons (PEPs) and high-risk jurisdictions.
- Limited awareness of suspicious transaction indicators.
- Resource constraints, including limited AML budgets or in-house expertise.
- System complexity that complicates implementation.
The session featured Mr. Chinmaya Meher, Managing Partner at ThinkBOX Consultants, risk, compliance, and operations leader with over 25 years of extensive experience in the banking and financial services industry. Mr. Meher delivered highly actionable advice on the following topics:
- Identifying AML risks specific to the DNFBP sector.
- Adjusting internal controls in response to evolving regulations.
- Common challenges in AML non-compliance.
- Leveraging digital automation in screening, monitoring, and reporting.
How FinchSCAN Helps DNFBPs in Managing AML Compliance?
One of the key highlights of the session was FinchSCAN, Finch Innovate’s SaaS based AML compliance tool designed with DNFBPs’ challenges in mind. Unlike traditional solutions which are built for large financial institutions and are more complex, FinchSCAN focuses on user-friendliness, scalability, and affordability.
Key Features of FinchSCAN:
- Automated name screening for individuals and corporates.
- Ongoing monitoring for continuous monitoring of your customer database.
- SAR/STR report generation for regulatory submissions.
Key Advantages of FinchSCAN:
- SaaS Based Model
- Flexible Subscription Plans
- User-Friendly Dashboard
- Powered by Finch.ai Technology
- Arabic Language Portal
- Unique Partner Model
FinchSCAN helps DNFBPs to stay compliant without dealing with overly complex systems or excessive costs.
Missed the Live Webinar?
Don’t worry, you can still access the session recording here. For any questions or setting up a demo for
FinchSCAN, please contact: [email protected]