The customer due diligence and record-keeping requirements set out in Recommendations 10, 11, 12, 15, and 17, apply to designated non-financial businesses and professions (DNFBPs) in the following situations:
(a) Casinos – when customers engage in financial transactions equal to or above the applicable designated threshold.
(b) Real estate agents – when they are involved in transactions for their client concerning the buying and selling of real estate.
(c) Dealers in precious metals and dealers in precious stones – when they engage in any cash transaction with a customer equal to or above the applicable designated threshold.
(d) Lawyers, notaries, other independent legal professionals and accountants – when they prepare for or carry out transactions for their client concerning the following activities:
∎ buying and selling of real estate;
∎ managing of client money, securities or other assets;
∎ management of bank, savings or securities accounts;
∎ organisation of contributions for the creation, operation or management of companies;
∎ creation, operation or management of legal persons or arrangements, and buying and selling of business entities.
(e) Trust and company service providers – when they prepare for or carry out transactions for a client concerning the following activities:
∎ acting as a formation agent of legal persons;
∎ acting as (or arranging for another person to act as) a director or secretary of a company, a partner of a partnership, or a similar position in relation to other legal persons;
∎ providing a registered office, business address or accommodation, correspondence or administrative address for a company, a partnership or any other legal person or arrangement;
∎ acting as (or arranging for another person to act as) a trustee of an express trust or performing the equivalent function for another form of legal arrangement;
∎ acting as (or arranging for another person to act as) a nominee shareholder for another person.
INTERPRETIVE NOTE TO RECOMMENDATIONS 22 AND 23 (DNFBPS)
1. The designated thresholds for transactions are as follows:
∎ Casinos (under Recommendation 22) - USD/EUR 3,000
∎ For dealers in precious metals and dealers in precious stones when engaged in any cash transaction (under Recommendations 22 and 23) - USD/EUR 15,000. Financial transactions above a designated threshold include situations where the transaction is carried out in a single operation or in several operations that appear to be linked.
2. The Interpretive Notes that apply to financial institutions are also relevant to DNFBPs, where applicable. To comply with Recommendations 22 and 23, countries do not need to issue laws or enforceable means that relate exclusively to lawyers, notaries, accountants and the other designated non-financial businesses and professions, so long as these businesses or professions are included in laws or enforceable means covering the underlying activities.
INTERPRETIVE NOTE TO RECOMMENDATION 22 (DNFBPS – CUSTOMER DUE DILIGENCE)
1. Real estate agents should comply with the requirements of Recommendation 10 with respect to both the purchasers and vendors of the property.
2. Casinos should implement Recommendation 10, including identifying and verifying the identity of customers, when their customers engage in financial transactions equal to or above USD/EUR 3,000. Conducting customer identification at the entry to a casino could be, but is not necessarily, sufficient. Countries must require casinos to ensure that they are able to link customer due diligence information for a particular customer to the transactions that the customer conducts in the casino.