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The Currency Register

Reporting

The Currency Register Act imposes an obligation for banks and other financial institutions to report all cross-border transfers to the Tax Administration.  This requirement applies to corporate and private customers.
When the amount exceeds NOK 100 000 (amount in NOK or equivalent in another currency), purpose of payment must be reported. This is made by means of a payment type code and a short description of the purpose of the payment.  In the internet bank you can choose the relevant code in the payment screen.
When sending a payment file you must ensure that it contains the information required for regulatory reporting.

The following transactions are reported to the Currency Register:
  • All payments to and from another country
  • Use of Norwegian cards abroad and the use of foreign cards in Norway (transactions above 25 000 NOK are reported individually)
  • Exchange of bank notes above 5 000 NOK