National Client Identifier when Trading in Financial Instruments (NCI)
All individuals of foreign nationality who intend to trade in financial instruments, admitted for trade on a regulated trading venue, must have submitted a special National Client Identifier to Íslandsbanki as of and including 3 January 2018. The list of identifiers is classified by nationality on the NCI list. Individuals who have dual citizenship must submit an identifier for the country that appears first on the list.
Individuals with Icelandic citizenship only do not have to act because their Icelandic ID number is used to identify them.
Please note that customers seeking to only trade with funds from Íslandssjóðir (e. IS Funds Ltd.) are not required to submit an NCI. The NCI is necessary for trading in other financial instruments, for example shares and bonds registered on Nasdaq Iceland.
Submitting the National Client Identifier to Íslandsbanki
The National Client Identifier, along with your nationality and the Icelandic ID number shall be submitted to Íslandsbanki via email: email@example.com.
What is a National Client Identifier
The identifier enables financial undertakings to fulfil their reporting obligations to supervisory authorities and will play a key role in the analysis of market information. The obligation to have this identifier stems from new legislation coming into effect within the member states of the European Union on 3 January 2018. The legislation will subsequently be transposed into Icelandic law due to Iceland’s membership of the European Economic Area (EEA).
In order to identify individuals across countries in Íslandsbanki’s reporting to FME, individuals with foreign nationality are required to provide a National Client Identifier.
Individuals shall be identified with a two-digit country code and the National Client Identifier each country has and is stated in the NCI list.
The National Client Identifier is variable between countries and can be an ID number, tax number, passport number or a code made from the person’s name and birth date (CONCAT).
Who needs to obtain a National Client Identifier?
Individuals with foreign nationality, either within the EU/EEA area or not.
- Individuals with citizenship in two EU/EEA countries must submit an identifier for the country that appears highest on the NCI list.
- Individuals with citizenship outside of EU/EEA shall use an identifier for “all other countries” in the NCI list, which is a passport number.
How do I find my National Client Identifier?
Individuals can find their identifier on the NCI list and then submit it to Íslandsbanki. Some countries have first, second and third choice of identifier to use, see examples below:
Individual with citizenship outside of Iceland but within EU/EEA
Individual with a citizenship in Poland for example can find his country in the NCI list and submit the “National Identification Number” (PESEL) to Íslandsbanki, should the individual not have a PESEL then he should use a Tax Number.
Individual with dual citizenship within the EU/EEA
Individual with citizenship in Denmark and Iceland. Denmark is higher in the alphabetical order on the NCI list and therefore the Danish personal identity code shall be submitted to Íslandsbanki. (Personal identity code 10 digits DDMMYYXXXX).
Individual with citizenship outside of EU/EEA
Individual with citizenship outside of the EU/EEA area, for example in the United States shall submit a passport number. Should the individual not have a passport number then a full name and birthdate shall be submitted (CONCAT).