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Know Your Customer Regulations in Norway: A Guide to Valid Proof of Identity
Norway has stringent Anti-Money Laundering (AML) laws that require banks and financial institutions to obtain and verify customer identities. This includes obtaining valid proof of identity from customers, a requirement that has been in place since 2009.
What Constitutes Valid Proof of Identity?
According to Finanstilsynet’s guide to the AML Act, the following documents meet the requirements for valid proof of identity:
- Norwegian passports
- National ID cards
- Driving licenses
- Bank cards with photographs
- Certain foreign national ID cards
- Electronic proof of identity (accepted in accordance with the AML Regulations)
Additional Identification Measures
While these guidelines provide a general understanding of what constitutes valid proof of identity, some banks may require additional identification measures beyond what is specified by law. These measures may include:
- Passports or BankID verification (based on individual risk assessments and business operations)
- Personal appearance for customer identity verification
Exceptions to the Legal Requirements
Section 12(2) of the AML Act requires personal appearance for customer identity verification, but this can be waived in certain circumstances by submitting a copy of the identity document combined with other measures.
There are no exceptions to the legal requirements, except for special groups such as:
- Minors
- Wards
- Elderly and seriously ill persons without valid proof of identity
- Foreign nationals
These exceptions require special reasons and are outlined in Finanstilsynet’s circular.
Conclusion
It is essential for customers to understand that banks and financial institutions are required by law to obtain and verify their identities. While some banks may have stricter requirements, these guidelines provide a general understanding of what constitutes valid proof of identity under Norway’s AML legislation.