Financial Crime World

Norway’s Financial Watchdog Identifies Non-Compliant Players in Fight Against Money Laundering

Finanstilsynet, Norway’s financial supervisory authority, has identified several non-compliant players in the country’s financial sector during its efforts to prevent illegal activities such as money laundering and terrorist financing.

Non-Compliance Issues Identified

According to a report released by Finanstilsynet, the agency conducted surveys and inspections of various financial institutions, including:

  • Mutual funds
  • Investment firms
  • Insurance companies
  • Estate agencies
  • Auditors
  • External accountants

The findings revealed significant variations in compliance with anti-money laundering (AML) legislation, with some entities showing fundamental deficiencies.

Key Findings

  • Significant shortcomings in risk assessments, procedures, and training among financial institutions inspected.
  • Inconsistencies between risk assessments and procedures.
  • Inadequate customer due diligence measures and ongoing monitoring.
  • Administrative fines imposed on four estate agencies for violating AML regulations.
  • Ten auditors and nine external accountants required improvement in their compliance with AML legislation.

Efforts to Combat Money Laundering

Finanstilsynet’s efforts are part of the Norwegian government’s strategy against money laundering and terrorist financing. The agency has also participated in a public-private partnership with the financial industry, OPS AT, to promote more effective measures to combat these crimes.

Cooperation between Authorities

The report highlights the importance of cooperation between Finanstilsynet and other authorities in the fight against crime. During 2021, the agency cooperated with:

  • Økokrim
  • Several police districts
  • Norwegian Customs
  • The National Criminal Investigation Service
  • The Norwegian Tax Administration

Commitment to Preventing Illegal Activities

“We take our role in preventing illegal activities seriously,” said a spokesperson for Finanstilsynet. “We will continue to work closely with other authorities to ensure that Norway’s financial sector is safe and secure.”