The AML Act applies to the following entities:
Banks and credit institutions
The central bank of Norway
Undertakings engaged in foreign exchange activities
Payment service undertakings
Management companies for securities funds
Undertakings engaged in deposit activities
Managers of alternative investment funds
You must identify and assess the risk of money laundering and terrorist financing of your business. In undertaking your risk assessment, you must take the following into account:
Your own business, in particular, the nature and size of your business.
The products, services, and customer relationships of the business.
The type of customers and customer groups.
In addition, you are also required to do the following:
Develop updated procedures to ensure that the undertaking addresses identified risks and complies with obligations under the provisions laid down in the AML Act.
Apply Customer Due Diligence (CDD) measures and conduct ongoing monitoring based on an assessment of the risk of money laundering and terrorist financing. The risk must be assessed in view of the purpose of the customer relationship, the amount of funds to be involved in the customer relationship, the size of transactions and the regularity and duration of the customer relationship.
Monitor your customer relationships on an ongoing basis. The monitoring must include the transactions carried out in the customer relationships in accordance with the information obtained by you on the customer. In addition, you must also consider the business and risk profile of your customer and source of funds.
Record and retain information together with documents obtained and prepared for a period of 5 years after the customer relationship has been ended or the transaction has been ended or the transaction has been carried out.
You must have internal controls, where appropriate, based on your risk assessment of the size and nature of your business and also:
Appoint a Compliance Officer.
Conduct employee screening.
Establish independent control of compliance with the internal procedures of the undertaking.
Ensure that your employees and anyone else that perform any duties for the undertaking are provided with training to familiarise them with the obligations applicable under the AML Act.
If you identify circumstances which may indicate that funds are associated with money laundering or terrorist financing, you must conduct a further examination. If after a further examination there are circumstances giving grounds for suspicion of money laundering or terrorist financing, you must submit a report to the Financial Intelligence Unit on such circumstances.
Our clients are provided with a secure and simple solution in regard to scanning for politically exposed or high-risk individuals, as well as checking names against sanction, regulatory, law enforcement, and other official lists.
Use our sophisticated scan filters and due diligence workflow to minimise the amount of time you spend sorting through, false matches. Scan results and reporting sections allow you to access customer details, whenever and wherever required, as well as download reports, to customise for further investigation or to provide evidence of your AML program compliance for auditing purposes.
* This page is intended as general information only and should not be relied on as the sole source of information for your AML obligations and AML program. Please visit your local regulatory authority sites for the latest relevant and full information.