IMF Staff Country Reports

Iceland: Financial Sector Assessment Program-Technical Note on Anti-Money Laundering/Combating the Financing of Terrorism

Publication Date:

July 28, 2023

Electronic Access:

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Summary:

Iceland’s banking sector is comparatively small, and the geographical reach of cross-border payments activity is limited. This limited payments’ activity is also well explained by the economic fundamentals (e.g., foreign trade, direct investments) which reduces the overall inherent money laundering (ML) risk exposure.1 In addition, Iceland has minimal flows with countries at high ML risks (as identified by authorities), low levels of outlier cross-border payments, and low levels of financial flows insufficiently explained by the economic fundamentals.

Series:

Country Report No. 2023/277

Subject:

Anti-money laundering and combating the financing of terrorism (AML/CFT) Commercial banks Correspondent banking Crime Financial institutions Financial Sector Assessment Program Financial sector policy and analysis Financial services International organization Monetary policy Terrorism financing

Frequency:

regular