Money Laundering
Telenor is opposed to all forms of money laundering.
What we need to know
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
What is expected of all of us
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
What to look out for
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