PwC and BDO have been fined a total of NOK 5.4 million for infringement of the Money Laundering Act. PwC has been fined NOK 3.2 million, while BDO will have to pay NOK 2.2 million.
The Financial Supervisory Authority of Norway (Finanstilsynet) states that the companies have violated several Money Laundering Act regulations.
That includes requirements for business-oriented risk assessment and requirements for routines for risk classification of customers and customer measures.
The decisions can be appealed within three weeks.
According to the decision, PwC disagrees with Finanstilsynet’s assessment and the imposition of a fine. BDO has expressed the same, it is stated.
Finanstilsynet believes it is serious that PwC lacks routines for risk classification. Also, in other areas, the routines are not in accordance with the law.
“The absence of written routines becomes even more serious when the audit revealed a number of breaches of key obligations under the Money Laundering Act in several of the controlled assignments, in areas where the routines are deficient,” Finanstilsynet noted.
Some serious deficiencies
BDO’s routines are also deficient, according to Finanstilsynet.
“The auditing company’s written routines are deficient in key areas such as internal control, training, identification of real rights holders. This partly entails serious shortcomings,” Finanstilsynet warned.
Newspaper Dagens Næringsliv (DN) first mentioned the fines. The Ministry of Finance is the appeal body.
Source: © NTB Scanpix / #Norway Today / #NorwayTodayNews
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