The update establishes fund transfer information requirements for payment service providers and virtual asset service providers under the Travel Rule Guidelines, which directly relates to payment processing and settlement infrastructure.
Virtual asset service providers and crypto-asset transfer requirements are explicitly mentioned, triggering the Digital Assets tag as a secondary category given the regulatory scope encompasses both traditional payments and crypto-asset transfers.
Specialism
The update directly addresses fund transfer information requirements, transaction monitoring procedures, and detection of money laundering and terrorism financing activities, which are core AML/CTF regulatory obligations.
Mandatory inheritance: AML/CTF is a child of Financial Crime, so Financial Crime must be raised as the secondary tag.
2026-03-03 12:40:56·adavies@vixio.com
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TITLE: Iceland's Financial Supervisory Authority Adopts European Banking Authority Guidelines on Fund Transfer Information Requirements
BODY:
On 26 February 2026, Iceland's Financial Supervisory Authority (Fjármálaeftirlitið) at the Central Bank of Iceland adopted guidelines issued by the European Banking Authority (EBA) on information requirements for transfers of funds and certain crypto-assets under European Union Regulation 2023/1113 (Travel Rule Guidelines).
The guidelines establish requirements for payment service providers, virtual asset service providers, and intermediaries regarding information that must accompany fund transfers in all currencies and virtual asset transfers. The rules aim to prevent, detect, and investigate money laundering and terrorism financing. The guidelines specify that information about payers and payees must follow transfers through the entire transaction chain, and that service providers must implement written procedures to identify incomplete or missing information and determine whether to execute, suspend, or reject transfers.
The guidelines require payment service providers and virtual asset service providers to establish written procedures for detecting anomalous transactions, identifying repeated issues with counterparties, and monitoring transfers from high-risk and non-cooperative jurisdictions. Procedures and decisions must be risk-based and incorporate findings from risk assessments under Iceland's Anti-Money Laundering and Terrorism Financing Act (Law 140/2018). The guidelines supersede previous joint guidelines issued by European supervisory authorities (JC/GL/2017/16) and replace provisions from the earlier Transfer of Funds Regulation (EU 2015/847).
The guidelines apply to all payment service providers, virtual asset service providers, and intermediaries operating in Iceland. The Financial Supervisory Authority will use these guidelines in its supervisory activities and compliance assessments. The guidelines are published on the Central Bank of Iceland's website, with an English version available.