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

Author: International Monetary Fund. European Dept.

Volume/Issue: Volume 2023 Issue 277

Publication date: July 2023

ISBN: 9798400248238

$20.00

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Topics covered in this book

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Banks and Banking , Finance , Money and Monetary Policy , International - Economics , TF risk assessment model , FSAP's finding , TF risk assessment , swift data , supervision of bank , Anti-money laundering and combating the financing of terrorism (AML/CFT) , Financial Sector Assessment Program , Terrorism financing , Commercial banks , Correspondent banking , Baltics , Global

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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.