Law On Register Of Information About Currency Exchange And Transfer Of Funds Into And Out Of Norway (Currency Registry Act)

Original Language Title: Lov om register over opplysninger om valutaveksling og overføring av betalingsmidler inn og ut av Norge (valutaregisterloven)

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Read the untranslated law here: https://lovdata.no/dokument/NL/lov/2004-05-28-29

Law on register of information about currency exchange and transfer of funds into and out of Norway (currency Registry Act).


Date LOV-2004-05-28-29


Affairs Ministry

Edited

LOV-2009-06-19-48 from 21/12/2009


Published in 2004 Booklet 6


Commencement 01.01.2005

Changes


Promulgated
28/05/2004

Short Title
Foreign Exchange Register Act - valregl.

§ 1. Purpose The purpose of the law is to prevent and fight crime and to contribute to the proper tax payment, in that control, and law enforcement can access information on currency exchanges and physical or electronic transfers of monetary instruments into and out of Norway .
The information in the registry may also be used to safeguard Norges Bank's responsibilities under the Act, the Financial Supervisory Authority duties under the Financial Supervision Act and in connection with the control of implementation of binding resolutions of the United Nations Security Council, cf. Act of 7 June 1968 No.. 4.

§ 2. Definitions For the purposes of this Act,:
1 Liquid assets:
Norwegian and foreign banknotes, coins, bills, checks and other orders or letters of credit which are entitled to payment in Norwegian or foreign banknotes and coins.
2 Currency Exchange:
Purchase and sale of foreign means of payment.
3 Data Owner:
The entity is given in responsibility to collect information and maintain and operate the registry.
4 Norway:
The Norwegian mainland and all areas within the territorial.

§ 3. Register of currency exchange and transfer of funds into and out of Norway shall be kept a central electronic register of information about currency exchange and transfer of funds into and out of Norway.
Ministry may issue regulations concerning the organization and the keeping of the register.

§ 4. The reporting entity Enterprises can conduct foreign exchange operations by the Act of 10 June 1988. 40 on financing activity and financial institutions to report to the registry on currency exchange and the transfer of funds into and out of Norway.
Customs and Excise must report to the Registry reporting requirement with importation and exportation of means of payment.

§ 5. The reporting obligation Report on currency exchange and the transfer of funds into and out of Norway must be submitted electronically and contain information that identifies the person or entity that receives and transmits, or causes monetary instruments into or out of Norway, as well as information about the transaction and payment agent.
Ministry may issue regulations on the reporting entity's content, including determining specific thresholds for reporting.

§ 6. Access to information in the registry Police, Tax Administration, Customs and Excise, Labour and Welfare and the FSA should have electronic access to data in the register. Search the registry should only happen from these agencies' needs for information in connection with preventing and combating crime, control activities and supervision.
Norges Bank and Ministry of Foreign Affairs should have access to data in the register, cf. § 1, second paragraph. Trustee in bankruptcy should have access to information in the registry to perform its duties under the Bankruptcy Act.
The ministry may decide that others should have access to information from the registry.
Ministry may issue regulations specifying that only certain specified user groups in the agencies mentioned in the first paragraph should have electronic access to data in the register.

§ 7. Obligation to delete data Data in the registry should be deleted no later than five years after the expiry of the registration year.

§ 8. Sanctions FSA can provide reporting entities orders that contravene this Act or regulations issued pursuant thereto shall cease. FSA may set a deadline for such matters to be brought in conformity with the order.
FSA may impose whoever does not comply with an order under subsection fines to the state in the form of lump-sum fine or a daily fine. Any fine imposed is enforceable by execution.

§ 9. Regulations The Ministry may issue regulations to supplement and implement the provisions of the law. Ministry may regulatio also provide exceptions from one or more provisions of the law.

§ 10. Entry into force and transitional provisions This Act comes into force on the date decided by the King.
Information from Control task from card companies, BRAVO register and register of imports and exports of banknotes and coins collected pursuant to the Act of 14 July 1950 No.. 10 concerning currency regulation, can be transferred to the registry established pursuant to this Act.

§ 11. Amendments to other Acts From the time the law comes into force, the following amendments to other Acts - - -