Norway's Ministry of Finance has opened a consultation on a proposed regulation setting out which positions and functions in Norway confer politically exposed person (PEP) status under the anti-money laundering framework, in line with requirements in the European Union’s Fifth Anti-Money Laundering Directive. The proposed list would clarify the domestic scope of the PEP definition in the Anti-Money Laundering Act, which covers individuals who hold or have held important public functions, such as certain politicians, judges and heads of state-owned companies. Financial institutions and other obliged entities must apply enhanced customer due diligence to PEPs, as well as their close family members and known close associates. The consultation also proposes allowing obliged entities in Norway to rely on equivalent PEP lists drawn up by other European Economic Area countries; the draft was prepared using guidance from the Financial Supervisory Authority of Norway and input from other ministries. The consultation deadline is 24 November 2025.
Department of Finance (Norway) 2025-09-25
Norway's Ministry of Finance launches consultation on national list of roles conferring politically exposed person status
Norway's Ministry of Finance has launched a consultation on a proposed regulation defining politically exposed person (PEP) status under the anti-money laundering framework, aligning with the EU's Fifth Anti-Money Laundering Directive. The proposal clarifies the domestic scope of PEPs, requiring enhanced due diligence by financial institutions and other entities. It also suggests relying on PEP lists from other European Economic Area countries.