Financial Crime World

SpareBank 1 Nord-Norge Reinforces Commitment to Financial Crime Prevention: New Policy to Combat Money Laundering and Terrorism Financing

Title: SpareBank 1 Nord-Norge Cracks Down on Financial Crime

Oslo - SpareBank 1 Nord-Norge (SNN), Norway’s leading financial services group, has announced a new policy to bolster its efforts in preventing money laundering and terrorism financing. This commitment aligns with Norwegian law, the guidelines set by the Financial Action Task Force (FATF), and the European Union’s anti-money laundering directives.

Summary

The new policy is designed to help SNN take an active role in combating financial crime and contribute to the UN’s sustainable development goals. The comprehensive policy covers the roles and responsibilities of various teams, risk assessments, training, and control mechanisms to prevent money laundering and terrorism financing activities.

Background, Objective, and Scope

Money laundering and terrorism financing pose significant threats to the Norwegian and global economic systems by undermining trust, economic growth, and social welfare. SNN, as a responsible and ethical organization, recognizes its unique role in combating these illicit activities as a member of FATF.

Objectives

  1. Prevent and detect money laundering and terrorism financing activities within SpareBank Nord-Norge’s services.
  2. Enhance the Group’s ability to manage and mitigate financial crime risk.
  3. Foster a culture of compliance with anti-money laundering and counter-terrorism financing regulations.

Roles and Responsibilities

  • Board of Directors: ultimately responsible for setting policies, regulations, and providing the necessary resources and oversight.
  • Employees: responsible for adhering to the regulations, implementing customer due diligence measures, and reporting any suspicious transactions.
  • Money Laundering Managers: oversee the implementation and monitoring of the Group’s anti-money laundering and counter-terrorism financing policies and procedures.
  • Forum for AML: a governing body responsible for working with SpareBank 1 Nord-Norge’s compliance with anti-money laundering and financing of terrorism regulations and international sanctions.
  • Internal Audit: ensure the effectiveness of the Group’s anti-money laundering and counter-terrorism financing procedures.

Principles for Governance and Control

  • Prevention of Money Laundering and Financing of Terrorism: adhere to legal requirements and implement measures to prevent and uncover financial crime activities.
  • Risk-Based Approach: utilize a risk-based approach to assess the extent of money laundering and terrorism financing risks and establish mitigation strategies accordingly.
  • Know Your Customer Principle: strive for transparency, verify customer identities, and identify the purpose and intended nature of customer relationships.
  • Control Mechanisms: implement customer measures, continuous monitoring, and appropriate due diligence processes to manage and prevent financial crime.

Conclusion

With the implementation of this robust financial crime prevention policy, SpareBank 1 Nord-Norge reinforces its commitment to maintaining the integrity of the Norwegian financial system and acting responsibly as a corporate citizen.