Regulatory Alerts2023-08-10
Measures Related to Client Accounts
The Norwegian Financial Supervisory Authority issued Circular 2/2023 to real estate agencies and lawyer-mediators, establishing minimum requirements for the secure handling of client funds. The regulation mandates specific internal controls, including two-factor authentication for system access, dual signatures for client account transactions, and strict administrative oversight by the responsible professional. It further requires formal settlement competence for personnel with access, automated transaction limits, and rigorous verification procedures for payment files to mitigate risks such as fraud and unauthorized withdrawals.
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