Norway: Financial Supervisory Authority Publishes Updated Money Laundering and Terrorist Financing Risk Assessment

On July 5, 2019, the Norwegian Financial Supervisory Authority (Finantilsynet) published an updated version of its risk assessment on money laundering and terrorist financing, which was initially published in January 2018. The new risk assessment is more comprehensive than the previous one and identifies potential situations where money laundering/terrorism financing (ML/TF) can occur at and through reporting entities subject to the supervision of the authority. 

It also describes vulnerabilities and risks for entities involved in the exchange and storage of virtual currency, which are now covered by the new Money Laundering Act. However, non-custodial wallet service providers continue to fall outside the scope of the Money Laundering Act.

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