Norwegian Financial Supervisory Authority outlines changes to AML supervision and sets bank sector supervisory expectations

The Norwegian Financial Supervisory Authority published two presentations from the 2025 Anti-Money Laundering Conference, setting out how it is updating its anti-money laundering and counter-terrorist financing work and what it expects from banks under its supervisory approach. Operationally, the authority highlighted a new service location in Hamar focused on anti-money laundering, loan and investment fraud, and the role of professional facilitators such as auditors and accountants, noting operations have been underway since 1 September. It also pointed to new working methods through stronger cooperation with other public agencies, closer dialogue with industry, and greater use of data, alongside changes to supervisory processes including faster on-site inspections, revised supervisory reporting, and follow-up after inspections. For banks, the supervisory expectations presentation emphasised a risk-based approach supported by business-adapted and documented risk assessments, risk classification driving tailored customer measures, robust documentation, internal control across all three lines of defence, and training adapted to be effective. On policy and coordination, the authority referenced ongoing work to implement the European Union’s sixth anti-money laundering package and to assess and propose changes to the framework for confidentiality and information sharing in public-private cooperation against economic crime. Internationally, it noted participation as an observer in the Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA), which was established in June 2024 and began work in summer 2025, with further developments expected from 2026 onward.