Compliance Radar
Who was sanctioned, and for what?
Fines, court rulings and incidents from Europe and North America: 1,370 cases from 35 jurisdictions, each with an official source and checked against that source before publication. Filter by country, area of law and sector. Click a chart to drill down one level.
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Where?
by authority- Seðlabanki Íslands – Fjármálaeftirlit (Finanzaufsicht) 1 case 100 % · €3.9m
What for?
by topicWho?
by sectorAll sectors
When?
per quarter, by date of decision| Period | Cases | Total |
|---|---|---|
| Q3 2023 | 0 | — |
| Q4 2023 | 0 | — |
| Q1 2024 | 0 | — |
| Q2 2024 | 1 | €3.9m |
| Q3 2024 | 0 | — |
| Q4 2024 | 0 | — |
| Q1 2025 | 0 | — |
| Q2 2025 | 0 | — |
| Q3 2025 | 0 | — |
| Q4 2025 | 0 | — |
| Q1 2026 | 0 | — |
| Q2 2026 | 0 | — |
| Q3 2026 | 0 | — |
1 case
2 May 2024 an Icelandic commercial bankIceland: commercial bank pays 585 million ISK over anti-money laundering failings €3.9m
The financial supervisory authority of Seðlabanki Íslands (Central Bank of Iceland) concluded proceedings against an Icelandic commercial bank with a settlement in which the bank admitted breaches of Act No. 140/2018 on anti-money laundering, pays 585,000,000 ISK and commits to remedial measures. An on-site inspection in 2022 had found deficiencies in risk assessment, risk classification of business relationships, anonymous transactions, due diligence on foreign financial institutions, enhanced due diligence, business with a high-risk country and ongoing monitoring, including the traceability of cash transactions; some breaches repeated findings from a 2020 inspection.
Findings from a supervisory inspection must be remedied for good, because repeated deficiencies count towards a higher sanction.
Money laundering prevention: risk assessment, enhanced due diligence and cash transactions
- Authority / court
- Seðlabanki Íslands – Fjármálaeftirlit (Finanzaufsicht)
- Area of law
- Money laundering and terrorist financing · Customer due diligence
- Legal basis
- Art. 5 Abs. 1, 7 Abs. 1, 10 Abs. 1, 2, 4 Bst. a und 5, 13 Abs. 1 Bst. c, 3 und 4, 15, 21 Abs. 1 Bst. a und 2 sowie 34 Abs. 1 Gesetz Nr. 140/2018 über Maßnahmen gegen Geldwäsche und Terrorismusfinanzierung (damalige Fassung) i.V.m. Verordnung Nr. 745/2019; Geldbuße nach Art. 46 Abs. 1, Vergleich nach Art. 47 Gesetz Nr. 140/2018
- Action
- Fine
- Status of proceedings
- final
- Sector
- Financial services and insurance
- Repeat case
- yes
- Mitigating circumstances
- Willingness to cooperate: the bank took the inspection findings seriously and took the initiative on remediation.
- Published
- 28 Jun 2024
Original amount 585,000,000 ISK, converted at the ECB reference rate of 2 May 2024.
- Seðlabanki Íslands, Nachrichten und Veröffentlichungen (Übersicht) (Entscheidung 2024) Press release of an authority
Checked against the official source on 28 Sep 2026 · Company name anonymised since 2 May 2026 · Direct link