Regulatory Alerts2022-11-15
Guidance on the Money Laundering Act
The Norwegian Financial Supervisory Authority issued this guidance to clarify the interpretation and administrative practice of the Money Laundering Act for supervised entities. It mandates a risk-based approach to customer due diligence, including enhanced measures for Politically Exposed Persons and virtual currency services, while establishing strict protocols for internal controls and reporting. The document further details obligations regarding the identification of beneficial owners, the use of third parties, and the prohibition of tipping off subjects of suspicious activity reports.
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