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Norway’s Banks Implement Anti-Money Laundering Regulations, Leaving Companies Frustrated

Oslo, Norway - A New Challenge for Businesses

In an effort to comply with anti-money laundering regulations, Norwegian banks have implemented strict guidelines for businesses. However, the technical requirements to meet these standards have left many companies frustrated and overwhelmed.

According to Finanstilsynet, the local financial supervisory authority, banks must be able to identify the individual person in a company who approved a payment batch. To achieve this, banks have taken different approaches, which has created a gap between the bank’s technical requirements and the sending system.

The Challenges of Meeting Technical Requirements

For instance, DNB, Handelsbanken, and Sparebank1 require companies to use ASiC (Associated Signature Containers) technology for pre-approved payment files. This involves creating a compressed file that contains: * Payment file * Approval data file * ASiC manifest file * Digital signature

However, this approach has been met with criticism from companies, who say it is cumbersome and time-consuming to manually approve payments through net banking. Bigger companies with high volumes of daily transactions are particularly affected, leaving their treasury and finance teams unhappy.

Alternative Approaches

DNB, Handelsbanken, and Sparebank1 have implemented ASiC containers, which require companies to send a zip file containing the payment file, approval data file, ASiC manifest file, and digital signature. The banks will then verify that the person who approved the payment was authorized to do so.

In contrast, Danske Bank and Nordea have taken a different approach, incorporating the payment approver information into the actual payment payload files. Sparebank1 has also announced plans to support this process.

Seeking Solutions

Nomentia, a leading provider of cash management solutions, is working to implement support for pre-approved payments using BITS MIG technology and will develop a convenient solution for ASiC containers in 2022. The company is urging companies to book a meeting to discuss how they can help businesses navigate these changes.

The implementation of anti-money laundering regulations has raised concerns among companies, who are struggling to meet the technical requirements set by the banks. As the situation continues to unfold, it remains to be seen how companies will adapt to these new regulations and whether Nomentia’s solutions will provide a much-needed relief.