Norway's Department of Finance consults on implementing the EU anti-money laundering package and cutting cash payment limits to NOK 10,000

Norway's Department of Finance has launched a consultation on a working group report proposing a new anti-money laundering (AML) act to implement the EU AML package, alongside proposals to lower statutory cash-payment thresholds to NOK 10,000. The draft approach would expand the scope of AML obligations to additional sectors, including dealers in high-value goods such as expensive cars, boats and aircraft, jewellery and gemstones, cultural goods, football clubs and football agents. It also proposes strengthening supervision and concentrating supervisory responsibility either in a new body or in the Financial Supervisory Authority of Norway (Finanstilsynet), enhancing the framework for follow-up and use of financial intelligence, and regulating the register of beneficial owners including rules on access. On cash, the consultation proposes reducing the consumer right to pay in cash under the Financial Contracts Act from NOK 20,000 to NOK 10,000, and lowering the AML Act threshold that prevents goods dealers from accepting cash payments from NOK 40,000 to NOK 10,000. The consultation deadline is 30 April 2026. The working group’s main implementation timeline is aligned with the EU package, subject to its incorporation into the European Economic Area Agreement, while identifying some changes that could be introduced earlier to simplify the transition.