Norway: Government Consults on Suitability Requirements under Money Laundering Regulations for Virtual Currency Exchanges and Custodian Wallet Providers

The Norwegian government (Regjeringen) has launched a consultation on proposed amendments to the Money Laundering Act, which provide that new fitness and suitability requirements be introduced in regard to virtual currency exchanges and custodian wallet providers.

Under the proposal, Section 42 of the Money Laundering Act would also apply to persons offering the above services.

The amendments reflect the requirements found in Article 47 of the 4th Anti-Money Laundering Directive (4th AMLD), which has now been amended by the 5th AMLD, to extend its scope to providers of exchange services between virtual currencies and fiat currencies and custodian wallet providers.

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