Deputy Board Members and Board Observers will no longer be flagged as UBOs

We have done a small adjustment to how we identify Ultimate Beneficial Owners (UBOs) for Norwegian foundations (Stiftelser), associations (Foreninger/lag/innretning), and housing cooperatives (Boligbyggelag).

This change is being made to align our methodology more closely with official anti-money laundering (AML) guidelines. Before, we consider the following roles to be UBOs for these entity types:

• General Manager / CEO (Daglig leder)
• Chairperson (Styrets leder)
• Deputy Chairperson (Nestleder)
• Board Member (Styremedlem)
• Deputy Board Member (Varamedlem)
• Board Observer (Observatør)

Now, the list of roles automatically identified as UBOs is updated to only include:

• General Manager / CEO (Daglig leder)
• Chairperson (Styrets leder)
• Deputy Chairperson (Nestleder)
• Board Member (Styremedlem)

This means that Deputy Board Members (Varamedlem) and Board Observers (Observatør) will no longer be automatically flagged as UBOs.