Know Your Customer Regulations in Norway: A Must for Business Success

As a leading export financing institution in Norway, Export Finance Norway (Eksfin) emphasizes the importance of “Know Your Customer” (KYC) checks in all transactions to ensure that Norwegian businesses operate in a fair and transparent environment.

Know Your Customer: A Key to Success

Eksfin’s mission is to ensure that Norwegian export industries are financially competitive abroad. To achieve this, the institution emphasizes the importance of knowing one’s customers thoroughly. This involves:

Verifying the identity and background of contracting parties
Ensuring compliance with anti-corruption laws and other relevant legislation

Red Flags: Signs of a High-Risk Transaction

When conducting business abroad, it is essential to be aware of potential red flags that may indicate a high-risk transaction. These include:

The customer being reluctant to provide information or documentation on beneficial owners
Unusual or complicated company structures
Lack of transparency in the due diligence process
Requests for secrecy or unusual payment requests
Excessive hospitality or gifts

Third Parties: Adding an Extra Layer of Complexity

In addition to knowing one’s customers, it is also essential to be aware of third-party involvement. This includes:

Agents, intermediaries, and local suppliers who may have ties to the customer or unclear commercial roles

Protecting Reputation and Preventing Risk

By being aware of these red flags and taking proactive steps to verify customer information, Norwegian businesses can protect their reputation and prevent risk. Eksfin encourages exporters, customers, and partners to prioritize know your customer regulations in Norway, ensuring a safe and successful business environment.

Stay Tuned for Further Guidance

In the next article, we will provide further guidance on how to conduct due diligence and detect potential red flags in transactions. Stay tuned for expert advice from Export Finance Norway and learn how to navigate complex international transactions with confidence.

Contact Us

For more information, please contact:

Export Finance Norway
Address: Støperigata 1, NO-0250 Oslo
Phone: +47 22 87 62 00
Website: eksfin.no