Act 2018
Act relating to Measures to Combat Money Laundering and Terrorist Financing (Anti-Money Laundering Act)
Issued by Finanstilsynet (Financial Supervisory Authority of Norway)
Plain-English summary
Sets risk assessment, written routines, customer due diligence, ongoing monitoring, investigation and reporting of suspicious circumstances to Økokrim, a ban on tipping off, training and internal control for reporting entities. Finanstilsynet imposes administrative fines under sections 49 and 50.
Who it applies to
All industries
Topics
AML / CFT / Sanctions
Obligations arising from this law or regulation
| Obligation | Timing | Regulator | Source | Detail |
|---|---|---|---|---|
| AML risk assessment, written routines and responsible officer | — | Finanstilsynet (Financial Supervisory Authority of Norway) | source | |
Section 7 requires a risk assessment. Section 8 requires written, risk-based routines set at top management level, and its fifth paragraph requires a person in management with special responsibility for following them up. Section 35 requires internal control, and its second paragraph says the AML officer (hvitvaskingsansvarlig) can never be the same person as the compliance officer. Section 36 covers training (as applied in Finanstilsynet decisions). |
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| Customer due diligence (KYC/CDD) | At onboarding + ongoing | Finanstilsynet (Financial Supervisory Authority of Norway) | source | |
Section 9 requires risk-based customer measures and section 11 says they are in principle completed before the relationship starts. Section 12 second paragraph requires identity to be obtained and confirmed in person against valid ID. Sections 13 and 14 cover ownership and control structure and beneficial owners, section 12 fourth paragraph and section 13 fourth paragraph cover politically exposed persons, section 17 enhanced measures and section 24 ongoing follow-up. |
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| No obligations match these filters. | ||||
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