Norway

New Documents

Norway Watchdog Releases 2022 Report on Excluded Companies Tied to Financial Crimes

The Council on Ethics for the Norwegian Government Pension Fund Global, an independent body that makes recommendations to Norges Bank, issued its 2022 annual report detailing its observations on financial crime risks.

March 10, 2023

FATF: Norway Addressed Most Technical Compliance Deficiencies

The Financial Action Task Force issued a follow-up report concerning steps taken by Norway to address outstanding anti-money laundering and counterterrorist financing technical deficiencies.

February 21, 2023

Norway Regulator Highlights AML/CTF in 2020 Annual Report

May 5, 2021

GRECO Publishes Fifth Round Evaluation Report on Anti-Corruption Framework in Norway

January 20, 2021

EU: Candidate Nations Implement Measures Related to Ukraine

November 23, 2020

News

Midweek Roundup: Yellen Taps Interim OCC Director, Monitor Approves MoneyGram’s AML Program, and More

Norway’s DNB anticipates $48 million penalty, Swedbank tagged with $5 million fine, and more, in the midweek roundup.

May 5, 2021

Midweek Roundup: Germany Tells Piraeus Bank to Improve Compliance, Paraguay Investigates Banco Nacional de Fomento, and More

Jersey fines three institutions, Norway drops DNB graft probe, and more, in the midweek roundup.

February 18, 2021

Midweek Roundup: US House Again Approves BSA Reform, Treasury Sanctions Unit Set for Wholesale Audit Under Biden, and More

December 10, 2020

Weekly Roundup: Goldman Inks $4 Billion 1MDB Settlement, Philippine Bankers Suspected of Enabling Wirecard Fraud, and More

July 24, 2020

Midweek Roundup: EU Advances AML Reform, Deutsche Bank Must Hand Over Trump Records, and More

December 5, 2019

Enforcement Actions

Financial Supervisory Authority of Norway Fines DNB Bank ASA NOK 400 Million for AML/CTF Failures

The Financial Supervisory Authority of Norway, or Finanstilsynet, imposed an administrative fine of NOK 400 million against the Oslo, Norway-based financial institution for anti-money laundering and counterterrorist financing failures.

May 5, 2021

Key Documents

Norwegian AML Law Establishes Customer Due Diligence Procedures

April 1, 2009

Norway Issues AML/CTF Regulations

March 13, 2009

Norway's Ministry of Finance Issues Regulations Regarding AML Supervisory Board

March 13, 2009

Important Facts

  • The U.S State Department classifies Norway as a monitored jurisdiction. Norway is not considered a regional financial center even though it is a high-income country. Instances of money laundering are low. However, illicit proceeds in Norway are related to narcotics sales and production, prostitution, robberies, smuggling and white collar crimes, such as embezzlement, tax evasion and fraud. The majority of illegal proceeds laundered in Norway are derived from domestic criminal activity, often by foreign criminal groups who eventually remit the proceeds to their home country. The majority of money laundering techniques in Norway stem from the use of professional facilitators such as lawyers and accountants, deposits and withdrawals, the buying and selling of high-value assets, and the use of cash couriers and money or value transfer services to move funds out of the country. Money and value transfer services pose risks in Norway due to the nature of the activity combined with limited supervision of the sector.
  • KYC Covered Entities: Banks, the central bank, finance companies, e-money institutions, pension funds, postal operators, auditors, asset managers, securities dealers, credit agents, money exchangers, insurance companies, accountants, lawyers, notaries, auction houses, realtors, money transporters, clearing houses, and dealers in autos and high-value goods
  • STR Covered Entities: Banks, the central bank, finance companies, e-money institutions, pension funds, postal operators, auditors, asset managers, securities dealers, credit agents, money exchangers, insurance companies, accountants, lawyers, notaries, auction houses, realtors, money transporters, clearing houses, and dealers in autos and high-value goods
  • Enhanced Due Diligence Procedures for PEPs: Foreign: Yes; Domestic: Yes
  • Money Laundering Criminal Prosecutions/Convictions: Prosecutions: N/A; Convictions: N/A
Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 methodology

Technical Effectiveness
Compliant : 19 High : 0
Largely Compliant : 18 Substantial : 5
Partially Compliant : 3 Moderate : 6
Non-Compliant : 0 Low : 0

Norway's technical compliance was re-rated in a Feb. 20, 2023 follow-up report.

BASEL i

Rank : 5/110
Score : 3.35/10

TRANSPARENCY INTERNATIONAL i

Rank : 7/179
Score : 84/100

Tax Justice Network i

Rank : 71/133
Score : 44/100