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

July 28, 2023

Preview Citation

Format: Chicago

Iceland: Financial Sector Assessment Program-Technical Note on Anti-Money Laundering/Combating the Financing of Terrorism, (USA: International Monetary Fund, 2023) accessed November 21, 2024

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.

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

Keywords: Anti-money laundering and combating the financing of terrorism (AML/CFT), Baltics, Commercial banks, Correspondent banking, Financial Sector Assessment Program, FSAP's finding, Global, Supervision of bank, Swift data, Terrorism financing, TF risk assessment, TF risk assessment model

Publication Details

Pages:

17
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2023/277
Stock No:

1ISLEA2023004
ISBN:

9798400248238
ISSN:

1934-7685

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