The Financial Supervisory Authority of Norway issued a supervisory report and decision against Eiendomsadvokaten i Valdres AS, imposing an administrative penalty of NOK 50,000 for breaches of the Anti-Money Laundering Act and ordering the firm to ensure its anti-money laundering (AML) officer completes additional AML and terrorist financing training. The inspection found significant shortcomings in the firm’s AML risk assessment, written routines, training and internal control, as well as repeated failures in the conduct of customer due diligence in individual engagements. Deficiencies highlighted in sampled cases included missing politically exposed person checks, absence of controls for account signatories and (in some cases) beneficial owners, weak documentation of the purpose and intended nature of the relationship, inadequate risk classification and lack of documented follow-up where potentially suspicious features were present. The firm also stated that it did not screen clients and counterparties against sanctions lists. The AML officer must complete seven hours of approved training, with documentation to be submitted to the authority by 1 September 2025. The firm may appeal within three weeks of receiving the decision.
Norwegian Finanstilsynet 2025-01-08
Financial Supervisory Authority of Norway fines Eiendomsadvokaten i Valdres AS NOK 50,000 for anti-money laundering breaches and orders additional training
The Financial Supervisory Authority of Norway imposed a NOK 50,000 penalty on Eiendomsadvokaten i Valdres AS for breaches of the Anti-Money Laundering Act. The firm was found lacking in AML risk assessment, customer due diligence, and internal controls, with specific deficiencies in politically exposed person checks and sanctions list screenings. The firm is required to ensure its AML officer completes additional training.