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

Iceland: Financial Sector Assessment Program-Technical Note on Anti-Money Laundering/Combating the Financing of Terrorism
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Volume/Issue: Volume 2023 Issue 277
Publication date: July 2023
ISBN: 9798400248238
$20.00
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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

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.

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