How to Register
Using the DNFBP Portal
In order to register, a representative of the business must create an account as a “Site Admin”. Once an account has been established the applicant is required to login and add persons to be a Reporter, a Signatory and a Specified Person. A single person may hold any of these roles as the Site Admin allows.
- Site Admin – Creates a new business in order to apply for registration
- Reporter – Completes the business details form and a risk assessment form.
- Specified Person – Completes a specified person questionnaire about themselves (each person can only see specified person forms they have created)
- Signatory – Can authorise (or reject) the business details form, risk assessment and each of the specified person form submitted. The Signatory may also submit the entire application to the Authority for consideration. (Note that the signatory can see all forms linked to a business.)
Once a person has been assigned a reporter role and a specified person role they will be presented with 3 forms which must be submitted to create the application:
- Business Details Form - which contains the details of the business itself, its activities and structure;
- Specified Person Questionnaire - which provides details of the specified persons (as defined by section 3 of the Act) associated with the business including the controllers (owners or similar), those charged with governance (directors) and the Money Laundering Reporting Officer appointed under paragraph 23 of the Anti-Money Laundering and Countering the Financing of Terrorism Code 2019. A separate form must be completed by each specified person associated with the business; and
- Risk Assessment Form - which provides the Authority with a general outline of procedures of the applicant and of its business profile and client base. Usually, an applicant would not have any clients to enable them complete this section and it may therefore be a nil return.
The Authority will then consider if valid applications are for activities that fall within the designated Businesses (Registration and Oversight) Act 2015 and meet the Authority's Designated Business Registration Policy. During the application process further information may be requested, and meetings held to discuss the application if appropriate.
Any business that provides, or advertises as offering, certain services without first being registered with the Authority could face a penalty of up to £5,000 per Section 7 of the Act. Section 7 of the Act states:
(1) A person must not carry on, or hold itself out as carrying on, a designated business in or from the Island unless the person —
(a) is registered under this Act or exempted from being so registered;
(b) is acting in accordance with the terms of that registration or any condition on exemption; and
(c) complies with AML/CFT legislation
In order to provide designated business activities the application process must be completed and a registration issued by the Authority. Further information can be found on the “Registration Requirements” page.
If an applicant is aggrieved by a decision of the Authority, it may seek a review by the Financial Services Tribunal. This Tribunal is made up of individuals who are independent of both the Authority and applicant. The Financial Services Tribunal can confirm, vary or revoke the decision.