Financial Crime World

Norway’s Financial Institutions Embrace Strict KYC (Know Your Customer) Process

Financial institutions across Norway are intensifying their Know Your Customer (KYC) protocols, a legal requirement aimed at ensuring a thorough understanding of their clients’ identities and business dealings to combat money laundering and illegal activities.

Ayvens’ Commitment to KYC

Ayvens, one of the nation’s leading financial institutions, has recently announced that it will adhere to industry guidelines by implementing a KYC process providing enhanced customer insight and digitally traceable documentation.

Who Needs to Comply?

The KYC process applies to:

  1. Suppliers: Have you provided goods or services to Ayvens? Then, you are obliged to complete the KYC process below.
  2. Customers: Aspiring or current clientele – you are also required to comply.

Identification

For those unable to use Bank ID, a separate identification form is available for download.

Information Ayvens Collects

For Corporate Clients

  • Company name
  • Legal form
  • Company registration number
  • Address
  • Name of CEO and board members or equivalent positions

Additional Details

  • Natural persons acting on behalf of the client or controlling the account
  • Ownership and control structure of the client
  • Ultimate beneficial owner (UBO)
  • PEP status determination
  • Purpose and intended nature of the customer relationship

Why Implement KYC?

KYC is mandated by regulations and shows Ayvens’ commitment to implementing customer due diligence and ongoing monitoring. The information gathered is essential in identifying and minimizing risks associated with money laundering, financing terrorism, and other illicit activities.

The Process and Customers’ Responsibilities

This process fosters predictability and security in business relationships, helping to mitigate substantial risks of economic crime in society.

Customers’ Responsibilities

  • Respond to queries from Ayvens in a timely manner.
  • Documentation must be furnished for all answers.
  • Information will be handled consistent with applicable guidelines.

Regular Inquiries

Regular inquiries regarding the aforementioned details will be sent to all customers. Failure to respond or provide documentation may ultimately result in the termination of the customer relationship.

For inquiries or clarifications, please contact your Account Manager.