Measures to combat money laundering, terrorist financing and fraud

As a financial institution, we are required to collect information from all our customers to confirm their identity. We do this by asking you to log in to storebrand.no using BankID, or by asking you to submit a copy of valid identity documents.

The easiest way to verify your identity is to log in with BankID.

1. Click "Log in" and "Log in for private customers".
2. Use your BankID to verify your identity. You can use BankID from any Norwegian bank.
3. Once you are logged in, your identity has been verified.

If you do not have BankID, you must verify your identity using other valid identification. See the information under "What is valid identification?"

Valid forms of identification are:

• BankID, Norwegian and foreign passports (not emergency passports)
• Norwegian driving licence issued after 01/01/1998 (not the driving-licence app)
• Norwegian national ID card
• National identity card issued by an EEA country
• Norwegian immigrant passport (grey passport)
• Norwegian travel document for refugees (blue passport)

Important! A valid identity document also means that it must not have expired when presented to us.

We are required to know our customers. Therefore, we must ask you a number of questions both when the relationship is established and during its ongoing management.

The Anti‑Money Laundering Act requires that we know the purpose of the customer relationship and how you intend to use our services. We must also understand how you earned the funds used for payments, transfers, savings and investments with us.

These questions will normally be asked when the relationship is established and during the course of it when you log in to storebrand.no using BankID, but they may also be sent via separate enquiries from us. This may be the case if your use of Storebrand's services changes, or if, for example, we have questions about specific transactions.

Being asked questions does not mean we suspect you of anything. This is part of the legal requirement to understand the purpose of transactions carried out through Storebrand. Your answers can help us identify deviations from expected behaviour, which in turn will help us protect you from fraud.

Storebrand is required to update customer information at regular intervals. When it is your turn, the questions will automatically appear on our digital platforms, for example in online banking or in the mobile banking app.

You can update your details at any time on the logged-in pages.

Keeping your information up to date makes it harder for criminals to misuse your identity.

If you are not registered with BankID through us, you may be asked to answer the questions via our trusted partners or through other secure channels. We will contact you in advance of this.

Storebrand is required to investigate whether our customers are, or have a connection to, a politically exposed person (PEP). This is because, globally, PEPs are more vulnerable to, among other things, corruption and financial crime.

A politically exposed person is an individual who holds, or has previously held, a senior public office or position. In addition, close family members and known associates of a PEP are also regarded as associated persons.

The following are considered close family:

• Parents, spouse, registered partner/cohabiting partner, children and their spouse/registered partner/cohabiting partner

"Known associates" of a PEP are persons who:

• Persons who have, or have had, a business relationship with a PEP, for example as a co-owner of a company
• Persons who own a business on behalf of a PEP
• Persons who have been instructed to conduct transactions on behalf of a PEP.
• If you, a close family member, or a known associate currently hold or have previously held any of the positions listed below, Storebrand is required to obtain additional information.

In Norway the following roles are defined as PEPs:

• The King, the Prime Minister, government ministers / cabinet ministers, State Secretaries / Assistant Ministers
• Members of the Storting (Members of Parliament) and permanent or long-term deputy representatives
• Members of a political party’s governing body, e.g. the central board
• Supreme Court judges, judges of the Court of Appeal (both temporary and permanent) and Norwegian judges at international courts. Lay judges/assessors are not included
• Members and deputy members of the Audit Board of the Office of the Auditor General (Riksrevisjonen)
• Members and alternate members of the Executive Board of Norges Bank
• Ambassador and chargé d'affaires (consuls not included)
• The Chief of Defence, and the senior commanders of the various branches of the armed forces (General, Lieutenant-General and Major-General; Admiral, Vice-Admiral and Rear Admiral)
• Member of an administrative, executive or supervisory body in a state-owned enterprise that undertakes public tasks falling within public administration. Municipal and county-owned enterprises are not included
• Director, board member or person in senior management of an international organisation (e.g. UN, EU, EFTA, NATO and WTO)

If you want to read the definitions in their entirety, you can do so on Lovdata (§ 2)

Act on Measures to Combat Money Laundering and Terrorist Financing (the Anti‑Money Laundering Act)

As a financial institution we have a duty to know our customers, and this requires us to collect a range of information. We only ask for the information that is necessary for us to fulfil our obligations under the law. If you do not provide this information, Storebrand may be obliged to refuse or terminate the customer relationship.

This may mean that the relationship is not established, or that an existing relationship is suspended, partially terminated or fully terminated. It is therefore important that you contact us for clarification if you are asked questions, you do not wish to answer.

Trading and investing in cryptocurrencies and virtual assets is legal in Norway, but due to inherent characteristics such as anonymity and borderless transactions, these types of products are associated with a higher risk of money laundering. Storebrand is required to follow the 'Know Your Customer' principle, which means we must assess the source of our customers' funds. The purpose of this principle is to ensure that our customers' funds cannot be linked to money laundering or other criminal activity.

Our guidelines
We want our customers to be familiar with our guidelines regarding cryptocurrencies and virtual assets. Please be prepared for us to contact you and ask you to provide explanations and documentation relating to activity connected with cryptocurrencies and virtual assets.

• If you wish to become a customer, you must state on the customer declaration form that you trade in cryptocurrencies, or intend to do so in the future.
• If your initial investment in virtual currency was made from another bank, Storebrand may ask you to document this.
• If necessary, you may be asked to document deposits/investments and the realisation of virtual currency to be handled via Storebrand.
• Please note that all income from virtual assets is subject to tax, and we ask all our customers to report assets, gains and losses to the tax authorities. For more information on how to report your holdings, please refer to the Norwegian Tax Administration’s website.

Notice to prospective customers of the bank
Given the complex nature of cryptocurrencies and virtual assets, you should expect some processing time. Without satisfactory information or documentation, you may risk funds linked to virtual currencies being frozen in your account. If we do not receive sufficient information to fulfil our obligations under the law, we will be unable to approve an application to establish a customer relationship or to continue an existing customer relationship. This is in accordance with section 24 of the Anti‑Money Laundering Act.

We understand that answering questions relating to this may be time‑consuming, but we will not ask for more information than is necessary to fulfil our statutory obligations.