Despite the fact that capital controls have been almost entirely lifted, Landsbankinn is required to report on certain capital movements to the Central Bank of Iceland under the Acts and rules on foreign exchange.
When a customer makes a foreign bank transfer in online banking, the payment must be classified according to its purpose, using the Central Bank’s classification numbers.
In certain cases, a customer may have to submit additional information on a spreadsheet document to enable Landsbankinn to fulfill its reporting obligations to the Central Bank. A suitable spreadsheet document is sent to the customer's online banking site when a transfer has been made.
Notification must be given on the capital movements, foreign currency transactions and investments specified in the Rules on Foreign Exchange, No. 200/2017, as subsequently amended, cf. Points 1-8 of the third paragraph and Points 1-5 of the fourth paragraph of Articles 2, 3 and 4 of the Rules.
Notification must be made as provided for in Art. 15 of the above-mentioned Rules on Foreign Exchange and the Central Bank's guidelines for implementing the Rules, which are published on the Central Bank’s website.
Rules of the Central Bank of Iceland No. 200/2017 were adopted as authorised in the fourth paragraph of Art. 13 b, the fifth paragraph of Art. 13 c, the ninth paragraph of Art. 13 j, the fifteenth paragraph of Art. 13 n, the fourth and fifth paragraphs of Art. 13 o, the third paragraph of Art. 13 p and the first and third paragraphs of Art. 14 of Act No. 87/1992, as subsequently amended.
Further details are available on the website of the Central Bank of Iceland
Landsbankinn hf. Austurstræti 11, 155 Reykjavík, Reg. No. 471008-0280
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