Regulatory Reporting Code
Electronic Banking Extension NO allows you to submit the regulatory reporting code and related information. A regulatory reporting code may be required by the Norwegian Customs Office and Tax Authority for registering transactions in the currency register (Valutaregisteret). The currency transaction register contains information on currency exchange transactions and cash transfers to and from Norway. It includes card transactions made abroad and cash transactions to/from Norway that have been reported to the Norwegian Customs Office. If a transaction amount in a cross-border transfer from Norway is the greater than NOK 100 000 (or foreign currency equivalent), financial institutions are required to submit a report containing the code and description of the payment purpose.
Regulatory Reporting Code In a Payment Proposal
The Electronic Banking Extension NO extends the view of the Payment Proposal page in Electronic Banking Base App with the following fields: Regulatory Reporting Code and Regulatory Reporting Description. Use the Regulatory Reporting Code field to store the two-digit statutory reporting code required for cross-border payments. Along with the regulatory reporting code, you must also provide a description of the code in the Regulatory Reporting Code field. A full list of codes and descriptions of regulatory reporting codes is available on the website of the Norwegian Tax Administration (Skatteetaten).
Important
Transfer orders that contain different regulatory reporting codes should not be aggregated into a single transfer order.