According to the International Standards on Combating Money Laundering and the Financing of Terrorism and Profileration, Financial institutions are required to conduct due diligence on their customers. They have a special obligation to verify customer information. Financial institutions need to examine in detail the relationship between individuals and companies and whether the individuals in question are politically exposed.
The process of obtaining this information can be complex and time consuming, but with the help of Creditinfo it is possible to significantly ease the process so that employees can focus on more demanding tasks. Creditinfo in Iceland have a number of solutions available that can assist financial institutions with due diligence:
Company registration information
According to the guidelines from the Icelandic government against money laundering and terrorist financing, it must be verified that the individuals acting on behalf of a company are specifically authorized to act on its behalf. Using Creditinfo, it is possible to get a detailed overview of the managers of the company, its purpose, registered capital and information about board members.
When conducting due diligence, financial institutions need to investigate the beneficial ownership of their customers. It is common for individuals to own companies through other companies. Such relationships can be complex and it can be difficult to find out exactly who the individual owners are and their individual stake at the company in question. Creditinfo can assist in obtaining detailed information about the individuals who actually own companies and how large their share is. The beneficial ownership report also contains information from the register of limited companies. Now there is also information about the beneficial owners according to the Icelandic Revenue and Customs office in the Beneficial owners report.
It is not sufficient to examine customer information only at the start of a business relationship. It is equally important to maintain regular monitoring of customers and their relationships. With the help of Creditinfo it is possible to monitor changes that take place in information about specific companies, e.g. submission of new annual reports, changes in the company’s board of directors or changes in ownership. Such information is necessary to keep a close eye on your customers. Now it is possible to monitor changes in beneficial owners who own more than 25% of the company in question.
Politically Exposed Persons (PEP) – Coming Soon!
Creditinfo has begun preparing a database that will include information on Politically Exposed Persons (PEPs) to assist companies in meeting anti-money laundering requirements. In processing the information, Creditinfo consults with the Data Protection Authority in accordance with the provisions of the Data Protection Act. Individuals who will be registered in the database will have good access to the information and will be notified of its processing.
Find out about the subscription options available at Creditinfo Iceland. Visit www.creditinfo.is for more information about our solutions and services.
2020 was, to say the least, an eventful year. The highlight of the year was the COVID-19 epidemic, which revolutionized the entire world this year and continues to affect 2021. The first case of COVID-19 was diagnosed in Wuhan, China at the end of December 2019 and the first confirmed death related to the virus was confirmed on January 11th 2020. News of the virus began to increase in Iceland as the number of infections outside China increased.
Specific mentions of the word COVID-19 was not not mentioned until the end of February last year. When the first infection was diagnosed in Iceland on 28 February, Icelandic media coverage of the virus increased significantly and reached a certain peak in mid-March, shortly after the World Health Organization declared that the spread of COVID-19 was classified as a pandemic. After that, the number of news items began to increase significantly, but at its peak, 372 news items were broadcast about COVID-19 on March 20, 2020. A total of 41,492 news items containing the word COVID were broadcast this year.
Institutions and companies in the news in 2020
As in previous years, political parties in Iceland were the institutions that received the most mentions in the Icelandic media in 2020. A total of more than 14,000 news items were broadcast about the Independence Party (Sjálfstæðisflokkurinn) in the past year and about 12,000 news items were broadcast about the Left Greens (Vinstri-Grænir). The effect of COVID-19 can be seen when looking at the high-jumpers on the list of the institutions that were most frequently mentioned in the Icelandic media in 2020. The Directorate of Health was in third place this year among the institutions that were most in the news in 2020 but were in 37th place in 2019. The National Police Commissioners Office was in fourth place in 2020 but was in 45th place in 2019 with a total of over 11,000 news items.
When the list is narrowed down to companies it is clear that one company was particularly popular among the press. A total of 6,000 news items were broadcast about Icelandair this year, followed by Decode Genetics with about 3,100 news items. After them, it was the three commercial banks Íslandsbanki, Landsbankinn and Arion Bank that were most covered in the Icelandic media in 2020.
Would you like further information about media monitoring solutions from Creditinfo Iceland? Please contact us.