Iceland regulates AML/CTF through FIU Iceland under Act No. 140/2018 on Measures against Money Laundering and Terrorist Financing. See the obligations and how MemberCheck supports them.
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Iceland separates supervision from financial intelligence. Financial undertakings are supervised by the Financial Supervisory Authority, now part of the Central Bank of Iceland, and other obliged entities by the national tax authority, while FIU Iceland, within the Office of the District Prosecutor, receives and analyses suspicious activity reports. Act No. 140/2018 on Measures against Money Laundering and Terrorist Financing is the country's principal statute.
Obliged entities must assess their risk, apply customer due diligence on customers and beneficial owners, monitor transactions, and report suspicious activity to FIU Iceland. Supervisors expect a documented compliance framework, sound record-keeping, and ongoing staff training.
MemberCheck helps teams meet these obligations by screening customers and entities against global sanctions, PEP, and adverse-media data, verifying identities, and monitoring risk continuously, with a clear audit trail behind every decision.
Under Article 38 of Act No. 140/2018, financial undertakings are supervised by the Financial Supervisory Authority, which merged into the Central Bank of Iceland in 2020. Designated non-financial businesses and professions are supervised by the national tax authority.
Iceland's Financial Intelligence Unit sits within the Office of the District Prosecutor and receives and analyses suspicious activity reports from obliged entities. It is not the compliance supervisor.
Iceland's principal AML statute on measures against money laundering and terrorist financing. It sets risk assessment, customer due diligence, and reporting duties for obliged entities.
Obliged entities assess their exposure across customers, products, and channels and apply proportionate controls.
As a FATF member, Iceland aligns its regime with the international standards that shape expectations for financial institutions.
Article 38 of Act No. 140/2018 splits supervision between two authorities. Financial undertakings are supervised by the Financial Supervisory Authority, which merged into the Central Bank of Iceland in 2020, and designated non-financial businesses and professions are supervised by the national tax authority. FIU Iceland, within the Office of the District Prosecutor, is the financial intelligence unit and receives suspicious activity reports rather than examining firms for compliance.
Act No. 140/2018 on Measures against Money Laundering and Terrorist Financing is Iceland's principal statute, setting risk assessment, customer due diligence, and reporting obligations.
Yes. Iceland is a member of the Financial Action Task Force and aligns its AML/CTF regime with the FATF 40 Recommendations.
MemberCheck screens customers and entities against global sanctions, PEP, and adverse-media data, verifies identities, and monitors risk continuously, with an audit trail behind every decision.
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