The new Norwegian anti-money laundering legislation will enter into force 15 October 2018
The new Norwegian Anti Money Laundering Act was adopted 1 June 2018. A new Regulation, supplementing the Act, was adopted 14 September 2018. Both the Act and Regulation will enter into force 15 October 2018.
With the new AML Act and Regulation Norway will implement most of the EU 4th AML Directive. Legislation establishing a central register of Beneficial Owners has still not been adopted, but a proposal has been presented to Parliament, see our previous newsletter.
The new Regulation sets out that the Norwegian AML legislation applies to agents of foreign payment institutions, and introduces an obligation for at national point of contact for such agents in some situations. The AML regime is also extended to additional service providers - electronic wallet providers and virtual currency exchange service providers, in line with the EU 5th Anti Money Laundering Directive.
Key elements for assessing low and high risk of money laundering and terrorist financing is included in the Regulation, and reporting entities will have to implement enhanced due diligence measures to monitor suspicious transactions involving certain high-risk countries.