Norwegian Watchdog Creates New Unit to Target Money Laundering

Norway has been spared the worst of the money laundering scandal plaguing its Nordic neighbors but its financial watchdog isn’t feeling safe.

The regulator is now creating a special unit to ensure its financial institutions, led by DNB ASA, aren’t used to launder dirty cash, according to Financial Supervisory Authority Director General Morten Baltzersen. The unit will also oversee combating terrorism financing and the new payments companies popping up.

“We have pointed out weaknesses in our banks’ compliance with anti-money laundering legislation,” Baltzersen said June 4 in an interview after a press conference in Oslo. “There’s room for improvement. We ...