AMLkröfur

AMLkröfur is an Icelandic term that translates to "AML requirements" or "AML obligations." It refers to the set of rules and regulations implemented to combat money laundering and terrorist financing within Iceland. These requirements are largely harmonized with international standards, particularly those set by the Financial Action Task Force (FATF) and European Union directives.

The core of AMLkröfur involves establishing robust Know Your Customer (KYC) procedures for financial institutions and designated non-financial businesses and professions (DNFBPs). This includes verifying customer identities, understanding the nature of their business relationships, and assessing the risk of money laundering or terrorist financing associated with them. Ongoing monitoring of transactions and reporting of suspicious activities to the relevant authorities are also critical components.

Entities subject to AMLkröfur are obligated to implement internal policies and procedures, conduct employee training, and appoint a compliance officer. The aim is to create a transparent financial system that deters illicit activities and facilitates the tracing and confiscation of illegally obtained funds. Breaches of these requirements can result in significant penalties, including fines and reputational damage. The Icelandic Financial Supervisory Authority (FME) is a key regulator responsible for overseeing compliance with AMLkröfur.