Security in business


Icelandic banks, savings banks and leasing companies, with endorsement from the Icelandic Financial Services Association (SFF), have joined hands in an ongoing campaign to promote awareness of the inportance that their customers verify their identity by showing valid and legitimate identification.

According to law No. 64/2006 on measures to combat money laundering and the financing of terrorist acts, financial institutions are obliged to verify their customers' identity and carry out due diligence at the start of a new business relationship. Due diligence refers to gathering information about intended business transactions and verifying information about the customer.

It is important that all customers that have not yet had a copy made of their identification do so during their next visit to their bank's branch. Valid and legitimate identification in this respect are:

  • Passport
  • Driver's licence
  • Identity Card

Please note that an expired driver's license is not considered valid in this respect, even if it does authorise the holder to to operate a vehicle until the age of seventy. Identification needs to have a clear and distinguishable picture of the holder.

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