Anti-money laundering and counter-terrorist financing

We are committed to knowing and making risk classification of our customers. In order for you to become a customer , we must therefore process a series of personal data about you. We ask multiple questions, and we require documentation, such as identification papers, contact details, citizenship and country of birth. You must state the purpose of your customer relationship with us , and you must also answer questions about relationship with politically exposed persons (PEP).

To ensure correct due diligence, we will consider whether there is a need for enhanced customer due diligence. Some customers will therefore be marked with a need for enhanced customer due diligence, based on certain predefined criteria.

We are also required to have electronic surveillance systems in place for detecting circumstances that may indicate money laundering and terrorist financing, including risk classifying you as a customer. Each individual DNB company processes personal data about its own customers if there are alerts from the electronic surveillance system, including, sanction alerts and PEP alerts.

As part of the customer relationship, we are required to screen customers and transactions against sanction lists from the UN, EU and OFAC. We also screen customers to determine whether the customer or other parties in the customer relationship are PEPs or close associates of a PEP. We must also identify whether the customer, representatives and account signatories are beneficial owners pursuant to the Norwegian Anti-Money Laundering Act.

If we detect anything suspicious during the course of the customer relationship, we have a duty to conduct examinations, which we follow up and possibly report to Økokrim (the Norwegian National Authority for Investigation and Prosecution of Economic and Environmental Crime).

DNB Asset Management AS is responsible for the processing of your personal data.

The purpose of the processing of personal data is to comply with the rules and legislation for anti-money laundering and combatting the financing of terrorism when establishing customer relationships as well as during the customer relationship.

The legal basis is the Norwegian Anti-Money Laundering Act and appurtenant regulations, as well as the sanctions regime.

• Identification data
• Contact details
• Relationship data
• Financial data

Generally, we are obliged to retain personal data that is processed for 5 years after the customer relationship has ended or an individual transaction has been completed, in accordance with the Norwegian Anti-Money Laundering Act.

The retention period is 10 years if, at the end of the customer relationship, the customer relationship or a transaction was subject to enhanced customer due diligence measures

We are obliged to disclose personal data to public authorities and other obliged entities. We may also share your personal data with other obliged entities in the Group when we have a right or obligation to do so.

Each individual company will exchange information about Group-wide customers with other companies in the DNB Group, both within the EU/EEA and to third countries. Group companies are data controllers upon receipt of such information.