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ISLAND’S TOUGHEST ANTI-TERROISM FINANCING REGULATIONS COME INTO EFFECT
Reykjavik, Iceland - In a significant crackdown on terrorist financing and money laundering, Iceland has introduced stricter regulations for financial institutions and businesses operating within the country.
New Reporting Requirements
According to new rules, obligated entities such as banks, insurance companies, and other financial institutions must now report any suspicious transactions or funds that may be linked to criminal activity. This includes:
- Transactions that seem unusual compared to previous dealings with a party
- Those involving high-risk countries
- Those with no apparent economic or legitimate purpose
Investigations and Analysis
Obligated entities are also required to conduct preliminary investigations and analysis before making reports to the Financial Intelligence Unit (FIU). The FIU will then process the information and analyze it further to determine if any further action is needed.
Compliance Officer Requirements
In addition to reporting requirements, obligated entities must also appoint an Anti-Money Laundering/Combating Financing of Terrorism (AML/CFT) compliance officer who will be responsible for handling notifications to the FIU. This officer must have access to all relevant customer data and transaction information.
International Standards
The new regulations are designed to bring Iceland in line with international standards on combating money laundering and terrorist financing. The country’s government has emphasized its commitment to preventing the misuse of financial systems by criminals.
“Iceland is taking a strong stance against terrorism and money laundering,” said a government spokesperson. “These new regulations will help us protect our financial system from abuse and ensure that Iceland is not used as a conduit for illicit activities.”
GoAML System
The goAML System, an online platform, has been established to facilitate the reporting of suspicious transactions to the FIU. Obligated entities are required to use this system to submit their notifications.
Resources
The full text of the regulations can be found on the website of the Icelandic Financial Intelligence Unit. For more information on the investigation and reporting requirements, businesses and financial institutions are encouraged to visit the steering group’s educational material webpage.