Anti Money Laundering (AML)

On 15th October 2018, the new act on measures to combat money laundering and terrorist financing (the Anti Money Laundering Act) caste into force in Norway. The act implements EUs fourth money laundering directive. 

The new Anti Money Laundering Act imposes stricter obligations for obliged entities. This includes the obligation to identify and assess the risks related to money laundering (risk assessment), the development and implementation of necessary policies and procedures, carry out customer due diligence and to monitor the customer relationship on an ongoing basis. Furthermore, obliged entities must investigate and report suspicious activities to the authorities. Failure to comply with these obligations, may result in administrative sanctions from the FSA, penal sanctions, as well as reputational risk. 

We have extensive experience assisting obliged entities in all business sectors, including banks, financial institutions, investment firms, insurance companies, audit and accounting firms, real estate agens and lawyers. Through numerous assignments for both national and international companies, we have experience with compliance with local and international legal requirements. This includes the Money Laundering Acts in Norway, other Nordic and European Countries and international standards and requirements. 

In order to help obliged entities with providing the necessary education for their employees, we have developed the AML app - an anti money laundering educational app. You may read more about the AML app at amlapp.com

We assists businesses with services such as:

  • Reviewing AML-programs and measures (AML-audits)

  • Risk assessments

  • Develop and implement AML policies and procedures

  • Establish a governance structure in the organization (three lines of defense)

  • Establish internal controls

  • Participate in AML workshops and seminars to provide education for employees

  • Optimize the transaction monitoring process

  • Perform customer due diligence and enhanced customer due diligence

  • Conduct AML investigations of suspicious activities

  • Assist with off-boarding of customers

  • Provide legal advice for entities suspecting breaches with legal or internal requirements

  • Management for hire

News

Contact us

Erling Grimstad

Lawyer and CEO

Telephone:

(+47) 997 97 542

Email:

eg@governance.no