{"id":977,"date":"2025-08-13T08:29:25","date_gmt":"2025-08-13T12:29:25","guid":{"rendered":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/?p=977"},"modified":"2025-08-13T08:29:26","modified_gmt":"2025-08-13T12:29:26","slug":"iceland-bank-fined-for-sanctions-compliance-failings","status":"publish","type":"post","link":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/2025\/08\/13\/iceland-bank-fined-for-sanctions-compliance-failings\/","title":{"rendered":"Iceland &#8211; bank fined for sanctions compliance failings"},"content":{"rendered":"\n<p>This post is catching up on a previously-missed fine issued on 9 May 2025, and first brought to wider attention by <em>Global Investigations Review<\/em>.<\/p>\n\n\n\n<p>The Financial Supervisory Authority of Iceland&#8217;s Central Bank has fined Fossa fj\u00e1\u00adrfest\u00ading\u00adarbanka hf for compliance failings including sanctions compliance failings as well as anti-money laundering.<\/p>\n\n\n\n<p>The <a href=\"https:\/\/sedlabanki.is\/frettir-og-utgefid-efni\/grein\/satt-fjarmalaeftirlits-sedlabanka-islands-og-fossa-fjarfestingarbanka-hf\">press release is here<\/a>, and the more detailed <a href=\"https:\/\/sedlabanki.is\/library\/fjarmalaeftirlit\/gagnsaei\/Satt_Fossar_fjarfestingabanki.pdf\">note of the findings and fine is here<\/a>.<\/p>\n\n\n\n<p>In relation to sanctions the failings were a lack of adequate screening, and a lack of ongoing screening with most files sampled having been screened at onboarding but not subsequently. It is not alleged that these failings permitted breaches of sanctions to take place.<\/p>\n\n\n\n<p>The bank was fined ISK 22,000,000 (approximately \u20ac153,000).<\/p>\n\n\n\n<p>Iceland largely adopts the EU&#8217;s various sanctions regimes. This is the first example of enforcement in Iceland included in this blog.<\/p>\n\n\n\n<p><\/p>\n\n\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This post is catching up on a previously-missed fine issued on 9 May 2025, and first brought to wider attention by Global Investigations Review. The Financial Supervisory Authority of Iceland&#8217;s Central Bank has fined Fossa fj\u00e1\u00adrfest\u00ading\u00adarbanka hf for compliance failings including sanctions compliance failings as well as anti-money laundering. The press release is here, and &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/2025\/08\/13\/iceland-bank-fined-for-sanctions-compliance-failings\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Iceland &#8211; bank fined for sanctions compliance failings&#8221;<\/span><\/a><\/p>\n","protected":false},"author":656,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[95,71],"tags":[20,12,101],"ppma_author":[7],"class_list":["post-977","post","type-post","status-publish","format-standard","hentry","category-95","category-financial-services","tag-financial-sanctions","tag-fine","tag-iceland"],"authors":[{"term_id":7,"user_id":656,"is_guest":0,"slug":"mhandley","display_name":"Mark Handley","avatar_url":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-content\/uploads\/sites\/65\/2023\/09\/handleymark-100x100.jpg","0":null,"1":"","2":"","3":"","4":"","5":"","6":"","7":"","8":""}],"_links":{"self":[{"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/posts\/977","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/users\/656"}],"replies":[{"embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/comments?post=977"}],"version-history":[{"count":0,"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/posts\/977\/revisions"}],"wp:attachment":[{"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/media?parent=977"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/categories?post=977"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/tags?post=977"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/ppma_author?post=977"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}