Positions that are considered to be prominent public functions

Individuals who are or have held prominent positions in public service, together with their immediate family and close colleagues, are considered to be politically exposed persons, cf. Article 3(6) of Act No.140/2018 (in Icelandic) on Measures against Money Laundering and Terrorist Financing.

Obliged entities must have appropriate systems, procedures and methods for assessing whether a domestic or foreign customer or beneficial owner is a politically exposed person, cf. Article 17(1) of Act No.140/2018, but in those circumstances increased due diligence shall be performed, pursuant to Article 13 and meet the requirements of Article 17 of Act No.140/2018.

The Central Bank of Iceland shall maintain a list of positions in Iceland that are consider prominent public functions, cf. Art.10 of Regulation No. 1420/2020 (in Icelandic) on politically exposed persons with regard to measures against money laundering and terrorist financing. According to the same article, the list shall be published on the Central Bank of Iceland's website. The list includes the position and name of the institution, association, company or political party, as applicable. The list is based on the provisions of the regulation and on information from the Ministry of Finance and Economic Affairs, the Ministry for Foreign Affairs and political parties that have elected representatives in parliament as of 1 February 2021, cf. Article 11 of the Regulation.

The specification of positions and the publication of the list below does not affect the obligation of obliged entities, pursuant to Article 17 of Act No.140/2018, to assess at any given time whether a domestic or foreign customer or beneficial owner is a politically exposed person, but the list can be taken into account in the assessment.

Published on 1 February 2021 I Updated on 27 March 2025