The Norwegian Financial Supervisory Authority (Finanstilsynet) published an inspection report on real estate brokerage Meglergaarden AS, identifying deficiencies in the firm’s risk assessments and written procedures under the Real Estate Brokerage Act and the Anti-Money Laundering Act. The review also found shortcomings in the firm’s duty of care in sales governed by the Housing Construction Act and in aspects of client money handling. Key findings included risk assessments that did not adequately cover certain brokerage risks, and procedures for responsible broker oversight of trainee/assistant brokers that Finanstilsynet expects to be updated. An external controller’s report concluded that the internal control system was capable of detecting deviations, but did not sufficiently prevent repeated errors, including repeated deviations in the timing of customer due diligence throughout 2024. On anti-money laundering controls, the firm’s enterprise-wide risk assessment was found to have gaps in source material and clarity around the nature and scale of the business, and its routines did not address certain suspicion indicators (including seller credit and settlement in non-monetary form); file sampling identified multiple documentation and compliance gaps, including missing information on account signatories for corporate customers, deficiencies in identity verification (including use of a driving licence app), incomplete PEP screening, missing beneficial ownership checks, inadequate risk classification, and insufficient documentation of enhanced measures for high-risk cases. In Housing Construction Act transactions, Finanstilsynet reviewed five projects from 2022 to 2025 and found 25 assignments where statutory guarantees were provided 1 to 18 months late, concluding that buyers were not adequately safeguarded. The report also noted a single-case interest calculation error (since corrected) and a minor deficiency in the firm’s outsourcing register (since corrected). Meglergaarden AS stated it would update procedures in line with Finanstilsynet’s observations, implement training to reduce recurring deviations, adjust settlement documentation to capture required information, and tighten follow-up of Housing Construction Act guarantees.
Norwegian Finanstilsynet 2026-02-12
Norwegian Financial Supervisory Authority flags anti-money laundering and brokerage control weaknesses at Meglergaarden AS and reports 25 delayed buyer guarantees
The Norwegian Financial Supervisory Authority (Finanstilsynet) identified deficiencies in Meglergaarden AS's risk assessments and procedures under the Real Estate Brokerage Act and Anti-Money Laundering Act. Key issues included inadequate risk coverage, oversight of trainee brokers, and gaps in anti-money laundering controls. Meglergaarden AS plans to update procedures, enhance training, and improve documentation and compliance measures.