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Norway’s Know Your Customer Regulations: A Comprehensive Guide
In Norway, financial institutions are required to comply with strict know your customer (KYC) regulations to prevent money laundering and terrorist financing. The country’s KYC regime is based on the European Union’s Anti-Money Laundering Directive and the Financial Action Task Force’s recommendations.
Onboarding Domestic and International Persons
To onboard domestic persons, financial institutions must verify their identity by obtaining a valid identification document such as a passport or national ID card. For international persons, additional documents such as a signature, photograph, and identification number may be required.
Corporate Verification
Corporates are verified through a certificate of registration or incorporation from the Public Register. The Money Laundering Act (MLA) requires financial institutions to verify the identity of beneficial owners on the basis of reasonable measures.
Enhanced Customer Due Diligence
Enhanced customer due diligence measures are required in certain circumstances, such as:
- When dealing with Politically Exposed Persons (PEPs)
- High-risk countries
- Complex transactions
Financial institutions must also monitor customer relationships on an ongoing basis and report suspicious transactions to the Financial Intelligence Unit (FIU).
Risk-Based Approach
Norway’s KYC regime is based on a risk-based approach, which means that financial institutions must assess the level of risk associated with each customer and transaction before conducting due diligence.
Electronic Signatures
In terms of electronic signatures, Norway recognizes electronic signatures as legal and enforceable, provided they are properly authenticated. The country follows the European Union Model, which allows for different forms of signatures to be used depending on the specific business process.
Data Protection Laws
Financial institutions in Norway must also comply with data protection laws, which regulate the collection, storage, and transfer of personal data.
Summary
In summary, Norway’s KYC regime is designed to prevent money laundering and terrorist financing by requiring financial institutions to verify the identity of their customers and monitor their transactions. The country’s risk-based approach means that financial institutions must assess the level of risk associated with each customer and transaction before conducting due diligence.