1. Are there any sanctions imposed against Norway?
There are no sanctions imposed on Norway.
2. What are the regulated institutions in Norway?
Supervises banks, finance companies, insurers, securities depositories, investment firms, markets for financial instruments, estate agents, e-money institutions, auditors and accountants, etc.
3. Who are the local regulatory authorities in Norway, and which government authorities are responsible for investigating and prosecuting money laundering criminal offenses?
The Financial Supervisory Authority of Norway, Ministry of Justice and the Police, Ministry of Finance, Supervisory Council for Legal Practice, Supervisory Board for Measures to Combat the Laundering of the Proceeds of Crime.
4. What is the status of Norway's FATF?
Norway is a member state obliged to comply with FATF recommendations. Norway is not on the list of member countries identified as having strategic AML deficiencies identified by the FATF. The latest Mutual Assessment Report on the compliance of anti-money laundering and counter-terrorism financing standards in FATF Norway was conducted in 2019. Based on the FATF assessment, Norway has been recognized as Largely compliant for 5 of the FATF 40 Recommendations.
5. Which global regulations Norway has to comply with?
Since Norway is a FATF member country, it has to follow the FATF recommendations like other member countries.
6. What are the AML obligations of the businesses in Norway?
Any organization that needs to comply with its obligations in Norway has to have and comply with an AML Compliance Program. At the same time, organizations should implement Know Your Customer, Customer Due Diligence measures. They also have obligations to report suspicious transactions, record customer information and transactions, and train employees to combat money laundering.
7. What are the local AML laws and regulations in Norway?
Act relating to Measures to Combat Money Laundering and Terrorist Financing (the Anti-Money Laundering Act), the Norwegian Penal Code, General Civil Penal Code.
8. What are the penalties for failure to comply with the Anti-Money Laundering law in Norway?
An act relating to Measures to Combat Money Laundering and According to the Terrorist Financing (the Anti-Money Laundering Act), real and legal persons who have committed money laundering crime can be sentenced to administrative fines or imprisonment according to their crimes.
9. What are the contact details of the relevant regulators in Norway?
The Financial Supervisory Authority of Norway
Revierstredet 3, 0151 Oslo
T: +47 22 93 98 00
Ministry of Finance
Postboks 8008 Dep, 0030 Oslo
T: +47 22 24 90 90
10. Are violations of anti-money laundering obligations also subject to criminal sanctions?
Yes, unlike the penalties for money laundering in Norway, organizations that do not comply with the regulations are also penalized. For this reason, institutions responsible for regulations should comply with the law.
11. What can oblige institutions do to prevent money laundering and to comply with AML regulations?
In Norway, obliged entities must comply with and follow regulations to protect their businesses from ML risks and avoid regulatory penalties. With the Sanction Scanner's AML Name Screening, Transaction Monitoring, Transaction Screening, Adverse Media Screening applications, which comply with all regulations, all institutions in Norway can easily comply with the regulations. They can comply and minimize their risks. You can Talk To Us for detailed information, and you can Request a Demo to examine our solutions.