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Norway’s AML and KYC Regulations: What You Need to Know
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As a business operating in Norway, complying with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations is crucial. The Norwegian government has implemented strict measures to prevent money laundering and terrorist financing, and failure to comply can result in severe penalties.
Identity Verification: A Multi-Instance Process
In Norway, Identity Verification is not a one-time process, but rather a multi-instance requirement. You must verify your customers’ identities at multiple points during the relationship, including when they onboard and at regular intervals thereafter. This ensures that you are aware of any changes to their identity or address.
Documents Required for Verification
To verify a customer’s identity, you will need to see one of the following documents:
- Driving License
- Passport
- Residence Permit
For address verification, you can accept utility bills or bank statements dated within the last three months.
Timing of Verification
The timing of Identity Verification depends on your specific requirements and business needs. You may need to verify a customer’s identity when they onboard, or at regular intervals during the relationship. In some cases, you may also need to verify their identity before or after establishing a relationship with them.
Politically Exposed Persons (PEPs) and Enhanced Due Diligence
Norway’s regulations require businesses to identify Politically Exposed Persons (PEPs) and conduct Enhanced Due Diligence (EDD) measures to mitigate the risk of money laundering. Shufti Pro offers AML Screening services that can help you determine if a customer is a PEP or exhibits a higher risk profile.
Reliance on External Services
Norway’s regulations allow businesses to rely on external services providers, such as Shufti Pro, to apply measures of due diligence. However, it is essential to note that you remain liable for maintaining all compliance and fulfilling AML and KYC obligations.
Record Retention
As per Norway’s Act, businesses are required to retain data for at least five years. This includes information collected from third-party providers, and you must collect all necessary due diligence data without undue delay.
Conclusion
In conclusion, complying with Norway’s AML and KYC regulations is a critical aspect of doing business in the country. By understanding the requirements and implementing effective measures, you can minimize the risk of money laundering and terrorist financing, while also ensuring compliance with relevant laws and regulations.