Anti-Money Laundering - summary
A priority at BN Bank is to contribute towards uncovering and fighting financial crime, as well as individuals trying to gain financially through criminal actions. Efforts within this area are seen as a vital part of protecting BN Bank's economy, reputation and employees. BN Bank takes a zero-tolerance approach to any kind of corruption.
Actions seen as financial crimes are:
- Money laundering and terrorist financing
- External frauds
- Internal misconduct
BN Bank complies with Norwegian laws and other directives issued by the Norwegian authorities. This goes for every division of the bank. The most important ones are:
- Act No. 11, March 6, 2009
- Regulation No. 302 March 13, 2009
- "Circular No. 8/2019, Guide to new anti-money laundering legislations and combating financing of terrorism."
Norway is a member of the Financial Action Task Force (FATF) and Norwegian laws are in compliance with EU laws and regulations. Like all Norwegian financial institutions, BN Bank ASA is supervised by the Financial Supervisory Authority of Norway (www.finanstilsynet.no).
Norwegian regulations are based on recommendations from FATF and directive 2005/60/EC of the European Parliament and of the Council of 26 October 2005 on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing.
BN Bank has established internal routines to detect and prevent any attempt on money-laundering and terrorist financing. The bank has established routines for customer due diligence (the Know-Your-Customer principle), reporting and internal control and communication procedures to ensure that the obligations pursuant to the Act are fulfilled.
BN Bank is registered in the Bankers Almanac Due Diligence Repository.