Físlandsbanki Prioritizes Compliance with Strict Regulations

Reykjavik, Iceland - A Commitment to Transparency and Accountability

Icelandic banking giant Físlandsbanki has reaffirmed its dedication to compliance with the country’s strict financial regulations. This commitment is a key factor in maintaining the bank’s reputation for transparency and accountability.

Compliance with Icelandic Laws and Regulations

Físlandsbanki operates within a range of laws and regulations that govern its operations, including:

• Act on Financial Undertakings no. 161/2002
• Act on Recovery and Resolution of Credit Institutions and Investment Firms no. 70/2020
• Act on Markets for Financial Instruments no. 115/2021

The bank’s compliance officer is responsible for monitoring and assessing its operations to ensure that they are in line with applicable law. Additionally, the bank meets its obligations under anti-money laundering and counter-terrorism financing regulations.

Independent Audits and Governance

Físlandsbanki has also appointed a chief audit executive who reports directly to the board of directors. This executive is responsible for conducting independent audits of the bank’s risk management, control, and governance processes.

The external auditor, Ernst & Young ehf., was re-elected at the bank’s annual general meeting earlier this year. The auditor will continue to provide independent assurance over the bank’s financial statements.

Industry Expert Insights

Industry experts agree that Físlandsbanki’s commitment to compliance is a key factor in its success. This dedication has helped maintain public trust in the Icelandic banking sector, making it an attractive option for customers and investors alike.

By prioritizing compliance with strict regulations, Físlandsbanki demonstrates its commitment to transparency, accountability, and good governance. This approach has enabled the bank to build strong relationships with its stakeholders and maintain a reputation for excellence in the financial industry.