The purpose of the money laundering act is to prevent and combat money laundering of profits from illegal operations.  This means that First Securities AS (“First”), as a securities company and other entities responsible for reporting, have been given a tool that will help increase the likelihood for detection of money laundering operations whilst at the same time preventing us from being exploited in a money laundering process.
The new legislation is more comprehensive than the previous money laundering act and applies to a wider spread of companies.
Identity control is a fundamental measure to be able to verify who we are dealing with; First has a number of possibilities and requirements when it comes to properly validating the identity of our customers.

For private clients:

a) personal meeting in our offices in Oslo, Bergen, Trondheim or Stavanger

b) submission of a certified* copy of your valid* ID together with the customer agreement

For legal entities:

a) personal meeting with a person from the entity holding signatory power or power of attorney in our offices in Oslo, Bergen, Trondheim or Stavanger

b) submission of a certified* copy of your valid* ID and certificate of registration (no older than 3 months) together with the customer agreement

For foreign legal entities, there are special routines for validation; please contact First directly.  First is obligated by law to collect information on you as a customer.  We must therefore ask you to answer questions regarding, among other things, the purpose of your customer relations and your operations, the source of your capital, the operations that are carried out, your turnover and ownership structure. 

First is obligated to investigate whether legal entities have true right holders, which are defined by law as:  physical persons who, as a last instance, own or control a customer or on whose behalf a transaction is carried out.  A physical person will in all cases be counted as a real right holder if the person in question:

a) directly or indirectly owns or controls more than 25% of shares or votes in a company, except for companies that have financial instruments listed on a regulated market in an EEA member state or that are subject to the duty of disclosure corresponding to what applies for listing on a regulated market in an EEA member state, 

b) exercises control over management of a legal entity in a way other than mentioned in letter a,

c) according to articles of incorporation or other basis, receives 25% or more of assets in a foundation, a fund or an equivalent legal entity or collection of assets,

d) has primary interest in the establishment or administration of a foundation, fund or equivalent legal entity or collection of assets, or  

e) exercises control of more than 25% of the assets in a foundation, fund or equivalent legal entity or collection of assets.  

First is also obligated to investigate whether foreign customers are politically exposed persons (PEP).  We must therefore inquire as to whether you hold or have held a highly visible public office or position in a state other than Norway, or whether you are a close relative or known associate to such a person.

All the information we gather on you will be handled confidentially and in accordance with laws governing use of personal information.

For more information on the new money laundering act and associated regulations, ref. the money laundering act, regulations on money laundering and  www.hvitvasking.no (a website established by the Financial Supervisory Authority of Norway and Økokrim).

Certified copy

A copy of personal identification documents can be certified by a public notary, attorney, auditor, civil servant or a bank or postal worker.

Valid identification

The following documents meet the requirements to serve as valid identification:  Passport, Norwegian driving licence issued after 1 January 1998, Norwegian driving licence meeting EU standards, Norwegian bank card with ID section, postal ID card and European Identity Card.