Meeting Norway’s Anti-Money Laundering (AML) Regulations

In partnership with BankID, Signicat is now offering a new solution for meeting Norwegian AML (Anti Money Laundering) regulations.

Companies that are required to comply with the Anti-Money Laundering regulations have increased requirements around the data they collect and verify from customers. The new law that recently took effect has added a number of new elements to Norway’s AML requirements. These include:

• The inclusion of PEP and RCA check requirements.
• Increased requirements around process documentation, risk assessment / risk profiles and customer controls.
• New sectors governed under the AML regulation (such as Gaming and Virtual Currencies).

Signicat Digital Identity Platform and BankID AML

BankID introduced BankID AML, which gives the company access to the information required to make customer control more easy. Accessed via Signicat’s Digital Identity Platform, our customers can meet a number of AML requirements by receiving:

• Electronic identification and retrieval of full name and “fødselsnummer”.
• Results from Nordic PEP (Politically Exposed Persons) Lists.
• Search results from sanction lists.
• Fixed residential address.

Company check – AML

As part of your AML regulatory compliance, we also provide a Business-to-business checks, including:

Basic company information:

• Name of organization
• Organization Number
• Address
• Company Format
• Ownership Structure

Individual roles within the company:

• Name and date of birth of the general manager
• Official Authorisations (eg: Signing authority)
• Real rights holders (owners with more than 25%)
• Shareholder structure (ownership rate in percentages)
• PEP and sanctions for the company (for the legal entity)

Need help with AML? Contact us!