Money Laundering

Money laundering is the process of hiding or disguising the proceeds of a crime

The proceeds of a crime can be anything of value including money, goods, assets and real estate

Money laundering may take many forms and can occur in all kinds of deals and transactions, including banking, investments, invoicing and property

Trusts and shell companies may disguise the true owners of money and increase the risk of money laundering

Money laundering also includes the use of legitimate funds to support criminal activity or terrorism

Telenor seeks to engage business partners involved in legitimate business activities with funds derived from lawful sources

We avoid money laundering by screening and monitoring our business partners in accordance with Telenor’s procedures

We question unusual payments or banking arrangements and report unusual requests

We always consult the Legal and/or Tax Function if we are in doubt about the origin or destination of money and property

We promptly report suspicious transactions or incidents of money laundering

We are attentive to potential under- or over-valuing of invoices or assets

If payments are performed by or through someone who is not a party to the contract

If payments are requested or performed in a different manner than what is agreed to in the contract

If payments are received in cash and are not customarily paid in this way

If payments come from offshore bank accounts

If payments come from unusual accounts not typically used by the party in question