Reporting entities by law

• Financial institutions as defined by the law on financial institutions.

• Life insurance companies under the Act on Insurance.

• Insurance brokers and insurance agents under the Act on insurance brokerage when they broker life insurance or other risk and collateral-related life insurance.

• Payment institutions under the law on payment services.

• Electronic money institutions under the laws on the issue and treatment of electronic money.

• Foreign companies' branches located in Iceland and covered by points (a) to (e).

• Agents and distributors of companies and corresponding foreign companies with operations in Iceland that are covered by points (a) to (e).

• Pension funds as defined by the Act on compulsory insurance of pension rights and the operation of pension funds.

• Currency exchange exchange exchanges, except for those entities to which all of the following conditions apply:

  • currency exchange is a side-by-side activity directly related to the main activity of the party and only provided to the party's customers;

  • total turnover from foreign exchange transactions is less than ISK 5 million per year and

  • the exchange of foreign currency for a single customer does not exceed ISK 100, whether the transactions are carried out in one transaction or in several transactions that appear to be connected to each other.

• Providers of services that offer transactions between virtual funds, electronic money and currencies.

• Providers of digital wallets, see definition in Article 3.

• Audit firms, accountants, tax consultants and persons who carry out accounting or carry out accounting services for third parties for remuneration.

• Law firms, lawyers and other specialists in the following cases:

  • when they handle or act on behalf of their client in any financial or real estate transaction,

  • when they assist in the planning or execution of transactions for their client in respect of the purchase and sale of real estate or businesses,

  • when they manage their client's money, securities or other assets,

  • when opening or managing bank, savings or securities accounts,

  • when they are involved in the acquisition, planning or management of contributions to create, operate or manage companies,

  • when they assist in the setting up, operation or management of undertakings, trust funds or other similar bodies.

• Real estate agents and real estate, business and shipping agents.

• Renters whose monthly rent payments are equal to or greater than EUR 10,000, based on the official reference rate as recorded at each time.

• Art dealers or art dealers, including art galleries and auction houses, in the case of transactions in one payment or more that appear to be linked to each other, of a value of EUR 10,000 or more, based on the official reference rate as recorded at each time.

• Trustees and corporate services, see definition in Article 3.

• Individuals and legal entities who do business with transactions that are paid for in cash, whether the transactions are carried out in one or more payments that appear to be connected to each other, to a sum of EUR 10,000 or more, based on the official reference rate as recorded at each time.

• Individuals or legal entities authorized on the basis of the laws on lotteries or for the operation of fundraising and lotteries on the basis of special laws.