Kraft Bank works actively to combat financial crime such as money laundering, terrorist financing, tax evasion, fraud and corruption.
The obligation to know their own customers applies to all banks in Norway, and we must update our information on a regular basis. Therefore, our customers will periodically be contacted by email and/or SMS with information on how to complete our self-declaration form.
Kraft Bank is required to ask questions to all our customers because we are subject to The Money Laundering Act and therefore need to know our customers and their use of the bank. The questions may be perceived as unusual, but they contribute to one of our most important social missions: Combating money laundering and other financial crime.
When we know our customers, we can do better:
You can read more about the banks' obligation to implement customer measures here: The Money Laundering Act
If the bank is unable to obtain sufficient information from a customer, we are obliged to terminate the customer relationship. It is therefore important that you as a customer answer the form in connection with these inquiries, and that the contact information we have registered for you is correct.
The information shared with the bank is processed in a secure and confidential manner in accordance with the bank's routines for privacy and information security.
As a Norwegian bank, Kraft Bank must comply with the sanctions regulations. This means that the bank must ensure that it does not carry out transactions that are used to carry out terrorist activities, or to persons listed on the sanctions list of the UN Security Council and the EU's restrictive measures.
The bank's main tasks related to the freezing obligations are to conduct risk assessments of the bank's operations, customers, geographical area and product range, and by implementing both technical and manual controls that prevent such activity
Money laundering involves securing the proceeds of any criminal offense. The purpose of money laundering is to integrate the proceeds into the legal economy and conceal their illegal origin. Terrorist financing involves contributing to the maintenance of a terrorist organization or a terrorist act. Money laundering and terrorist financing are a serious threat to the welfare society.
The bank implements a number of measures to ensure that it does not become a vehicle for money laundering or terrorist financing. The bank's procedures and guidelines are based on the Norwegian Money Laundering Act. Our main tasks related to this are to carry out risk assessments of the bank's operations, conduct customer control, investigate suspicious transactions and customers, and report suspicious transactions to Økokrim.
Tax evasion affects the Norwegian welfare society and distorts competition in the market. Kraft Bank will therefore never advise customers on tax evasion, and works actively to prevent being exploited for tax evasion.
According to the CRS/FATCA rules, the bank is obliged to obtain more information if we have customers who are tax residents in other countries or have US citizenship. You can read more about this here: Norwegian Tax Administration - CRS and FATCA
Corruption includes bribing or accepting bribes in the form of money, gifts or services. Kraft Bank has zero tolerance for corruption internally, among our customers, suppliers, fund providers and any companies we invest in. This means that companies must be aware of corruption and be able to identify corruption and know how to deal with it.
Fraud attempts are nothing new, and there are many ways to be defrauded. At the same time, we find that fraudsters are becoming increasingly professional and that it can be difficult to both detect and stop them. The topic is also taboo, and we find that many people wait a long time to address the problem. It is important to emphasize that anyone can be scammed, and that Kraft Bank will take you seriously if you are a victim of fraud.
If you are a customer of Kraft Bank and suspect that you have been defrauded or have lost your BankID information, please do not hesitate to contact us. You can call us on 453 78 100 (weekdays 12:00-15:00), or send us an email at aml@kraftbank.no.
