Since 1 January 2016, Norwegian financial institutions have been obliged to record information, including details of where customers are resident for tax purposes. In cases where the customer is a company or entity that primarily has passive income, such financial institutions must also ask the customer where the company or entity's beneficial owners/controlling persons are resident for tax purposes and whether they are US citizens. They must also ask the customer to provide its foreign identification number. The account information must be reported to the Norwegian Tax Administration, which will forward the information to the customer's home country. The purpose of these rules is to ensure that financial income and assets in Norway are taxed correctly in the customer's home country. Individuals acting on behalf of companies and entities may therefore be asked to provide certain information, including where the company or entity is resident for tax purposes.