Funds Transfer Regulation 2015/847 finally implemented in Norway

Regulation (EU) 2015/847 on information accompanying transfers of funds was implemented in Norwegian legislation with effect from 9 August 2019, more than two years after the effective date in the EU.
Thursday, August 15, 2019

The Funds Transfer Regulation 2015 /847 aims to update and strengthen anti-money laundering and counterterrorist financing regulations. It shall ensure that payment transactions can be traced from the payer to the payee. The regulation thus lays down rules about information accompanying transfer, not only in relation to the payer, as the previous funds transfer regulations did, but also to the payee. Thus, it implements the Recommendation No. 16 on wire transfers from the Financial Action Task Force.

Norwegian banks have been practicing the information requirements of the funds transfer regulation for some time already, at least for international payments, due to restrictions set up by correspondence banks in the EU, requirements of the SWIFT system and to avoid delays.  It is thus not expected that the implementation of the Funds Transfer Regulation will mean much of a change for the Norwegian banks, as they had to adopt to the requirements of the lease regulation already when it was adopted in the EU. The information requirements now have a legal basis, however, and non-compliance may now be fined. The regulation has been made part of the Norwegian anti-money laundering legislation, where banks may be subject to fines amounting to up to NOK 44 million for violations of the legislation.

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