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's Central Bank has fined Fossa fjárfestingarbanka hf for compliance failings including sanctions compliance failings as well as anti-money laundering.
The press release is here, and the more detailed note of the findings and fine is here.
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.
The bank was fined ISK 22,000,000 (approximately €153,000).
Iceland largely adopts the EU's various sanctions regimes. This is the first example of enforcement in Iceland included in this blog.
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