Financial Crime World

SpareBank 1 Nord-Norge Cracks Down on Financial Crime and Terrorism Financing in Norway

SpareBank 1 Nord-Norge (SNN) reaffirmed its commitment to combating financial crime and terrorism financing by actively identifying and reporting suspicious transactions linked to criminal proceeds or terrorism. This stance aligns with customer expectations, external stakeholders, and regulatory requirements imposed under the Money Laundering Act.

Norway’s Role in Counteracting Financial Crime

As a member of the Financial Action Task Force (FATF), Norway is duty-bound to counteract the undermining effect of financial crime on society’s economic system. FATF’s mission is to establish global standards for combating money laundering, terrorism financing, and other related threats to the international economic system.

SNN’s Policy: Going Beyond Regulatory Obligations

SNN’s new policy goes beyond lawful obligations to promote sustainable development and peace. It contributes towards goal 16 and its sub-goal 16.5 for peace, justice, and strong institutions as outlined by the United Nations. This policy adheres to the Money Laundering Act’s Section 8 and applies to the SpareBank 1 Nord-Norge Group.

Board of Directors’ Responsibility

The Board of Directors assumes the responsibility for setting the Group’s policy on anti-money laundering and terrorist financing. All employees must ensure their day-to-day operations conform to applicable laws and regulations.

Compliance Violations and Reporting

Violations of these regulations must be recorded as compliance violations and reported to the Norwegian National Authority for Investigation and Prosecution of Economic and Environmental Crime (Økokrim).

Combatting Financial Crime: Dedicated Resources

SNN employs a dedicated Money Laundering Manager to oversee compliance and implement measures that counteract financial crime and terrorism financing. The Forum for AML serves as a corporate governing body overseeing SpareBank 1 Nord-Norge’s adherence to anti-money laundering and terrorism financing regulations.

Internal Audit and HR departments provide support in assessing the Group’s governance, risk, and control measures relating to these issues.

Risk-Based Approach in Counteracting Financial Crime

SNN employs a risk-based approach in counteracting financial crime and terrorism financing. The Group conducts annual risk assessments to identify the need for risk-reducing measures. Key areas include:

  • Customer identity verification
  • Risk classification
  • Continuous customer measures

These measures play a crucial role in ensuring compliance with efforts to counteract financial crime and terrorism financing.