Regulatory Alerts2019-12-23
Guidance on Auditors and Audit Firms' Compliance with the Money Laundering Regulations
The Norwegian Financial Supervisory Authority issued this guidance to clarify the obligations of audit firms and auditors under the Money Laundering Act, replacing previous circulars. It mandates specific organizational measures, including the appointment of a money laundering responsible person, comprehensive staff training, and robust internal controls. The document further details risk-based procedures for customer due diligence, enhanced measures for high-risk clients, and strict reporting requirements to the Norwegian National Authority for Investigation and Prosecution of Economic and Environmental Crime.
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