The Financial Supervisory Authority of Norway published an inspection report and imposed a NOK 100,000 administrative fine on accounting firm Panzer Norge AS for serious breaches of anti-money laundering requirements. The firm lacked an adequate business wide risk assessment and failed to conduct timely customer risk classifications and other required due diligence. The failures covered checks on ownership and control structures, beneficial owners and politically exposed persons, as well as ongoing customer monitoring. The inspection also identified deficiencies in risk and quality management, internal quality controls, engagement agreements, account reconciliations and reviews of clients’ internal procedures. Many of the anti-money laundering and operational weaknesses had already been identified in a 2022 industry quality review but remained unresolved during the authority’s inspections in 2024 and 2025. The firm has since reported implementing new procedures, systems and documentation.
2026-09-17Norwegian Finanstilsynet
Financial Supervisory Authority of Norway fines Panzer Norge AS NOK 100,000 over serious anti-money laundering breaches
The Financial Supervisory Authority of Norway fined Panzer Norge AS NOK 100,000 for serious anti-money laundering failures, including inadequate risk assessments, customer due diligence and ongoing monitoring. The inspection also found weaknesses in the accounting firm’s risk and quality controls, engagement agreements and reconciliation documentation.