The Financial Supervisory Authority of Norway and the Norwegian Data Protection Authority reported that five applications have been submitted to participate in the agencies’ regulatory sandbox, with projects intended to explore improved data sharing to combat economic crime. The applicants and project themes span fraud, anti-money laundering and insurance fraud. The submissions are from DNB together with the Norwegian Computing Center, SpareBank 1, Nordea and Eika on data sharing to combat fraud; BankID BankAxept on data sharing to combat fraud; BN Bank and the Norwegian University of Life Sciences (NMBU) on better use of information collected and reported by banks related to economic crime; Finance Norway (insurance operations) on data sharing to reduce insurance fraud; and Eika and KPMG on anti-money laundering transaction monitoring. The two authorities will decide within a short time which projects will be admitted to the regulatory sandboxes. The notice also corrected an earlier version that had stated there were four applications, confirming the correct figure is five.
Norwegian Finanstilsynet 2025-01-24
Financial Supervisory Authority of Norway and Norwegian Data Protection Authority receive five applications for data-sharing regulatory sandbox
The Financial Supervisory Authority of Norway and the Norwegian Data Protection Authority received five applications for their regulatory sandbox, focusing on data sharing to combat economic crime. Projects involve fraud prevention, anti-money laundering, and insurance fraud, with participants including DNB, SpareBank 1, Nordea, and others. A decision on project admission will be made shortly, correcting an earlier report of four applications.