What we need to know

  • Telenor seeks to engage Business Partners involved in legitimate business activities with funds derived from lawful sources
  • 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, property and real estate
  • 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

What is expected of us

  • 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 refuse to make payments that could support terror-financing or similar activities
  • We are attentive to potential under or over-valuing of invoices or assets

What to look out for

  • Payments are performed by or through someone who is not a party to the contract
  • Payments are requested or performed in a different manner than what is agreed to in the contract
  • Payments received in cash that are not customarily paid in this way
  • Payments come from offshore bank accounts
  • Payments come from unusual accounts not typically used by the party in question

Resources and Tools