Iceland’s financial authority reaches settlement with Fossar to resolve anti-money laundering deficiencies

On May 9, 2025, the Central Bank of Iceland announced that its Financial Supervisory Authority reached a settlement with Fossar Investment Bank hf. to resolve allegations that the bank failed to implement adequate protections against money laundering and terrorist financing and was deficient in freezing funds and monitoring parties sanctioned in connection with the financing of terrorism and the proliferation of weapons of mass destruction.  As part of the settlement, Fossar admitted to violating specific provisions of the law.  The bank also agreed to pay a fine in the amount of ISK 22,000,000 (approximately $170,000) and was ordered to implement corrective measures within 16 weeks of signing the settlement.

Central Bank of Iceland News Alert