Financial Crime World

Norwegian’s Regulatory Landscape Changes: A New Era for Compliance

Strengthening Stance Against Financial Crime

In a significant move to enhance its compliance with anti-corruption laws and policies, Norwegian has introduced new regulatory requirements for its employees and business partners. These changes aim to strengthen the company’s stance against financial crime, ensuring transparency and accountability in all transactions.

Anti-Money Laundering Measures

  • To combat money laundering, Norwegian has implemented strict due diligence procedures for all transactions.
  • The company verifies the identity of customers, suppliers, and other third parties, as well as monitors suspicious activity.
  • Any violations will be subject to severe disciplinary action, including potential dismissal or contract termination.

Reporting Financial Crimes

  • Norwegian has introduced a whistleblowing procedure to facilitate confidential internal reporting of financial crimes such as bribery, money laundering, and sanctions violations.
  • Employees are encouraged to report any breaches of the policy through this channel, which ensures timely and impartial handling of all reports.

Code of Conduct and Confidentiality

  • The Company’s Code of Conduct now includes specific provisions on confidentiality, requiring employees to protect sensitive information and maintain secrecy even after leaving Norwegian.
  • The duty of confidentiality applies to all non-public information concerning the Company’s business, financial results, and prospects, as well as potential corporate transactions.

Privacy and Data Protection

  • To ensure compliance with EU General Data Protection Regulation (GDPR) 2016/679, Norwegian has implemented an internal control system containing legally binding principles for processing personal data.
  • The company processes personal data in a fair and lawful manner, keeping it confidential, accurate, up-to-date, and stored securely.

Securities Trading

  • Norwegian employees are prohibited from trading securities while in possession of material non-public information relating to the Company or any other company with which Norwegian has a significant relationship.
  • Any violations will trigger immediate disciplinary action, including potential dismissal or contract termination.

Monitoring and Reporting Financial Crime

  • The CFO oversees an annual corruption risk assessment to ensure adherence to the Financial Crime policy.
  • The Board of Directors owns the policy and conducts in-depth investigations into reported violations.
  • Violations will result in criminal penalties for individuals and the Company alike.

Commitment to Transparency and Accountability

In a statement, Norwegian’s management emphasized its commitment to transparency, accountability, and ethical business practices. “We are committed to maintaining a culture of integrity and fairness, and these changes demonstrate our dedication to upholding the highest standards of compliance,” said [Name], CEO of Norwegian.

Effective Date and Compliance Expectations

The new regulatory landscape is effective immediately, and all employees and business partners are expected to comply with the new requirements. Failure to do so will result in severe consequences, including disciplinary action or termination of contracts.

Contact Information

  • Name: [Name]
  • Email: [email]
  • Phone: [phone number]