Revelations that top Norwegian bank DNB helped customers set up offshore companies in the Seychelles could undermine the general trust in the industry, the Financial Supervisory Authority of Norway (FSA) said on Monday.
Norway regulator says bank revelations could undermine trust
"Customer arrangements of the kind that have now emerged can contribute to weakening the trust in affected banks and of the financial industry in general," FSA head Morten Baltzersen said in a statement
Norway regulator says bank revelations could undermine trust
DNB's Seychelles activities were first reported by daily Aftenposten, quoting leaked documents from Panama-based law firm Mossack Fonseca.
"Customer arrangements of the kind that have now emerged can contribute to weakening the trust in affected banks and of the financial industry in general," FSA head Morten Baltzersen said in a statement.
The regulator will ask for an explanation from the boards of affected banks, he added.
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