Iceland

Iceland’s currency is the Icelandic króna (ISK), so local accounts and cross-border payments may have different currency implications. The Central Bank of Iceland combines central-banking and financial-supervision responsibilities following the merger with the former Financial Supervisory Authority in 2020. It grants licences to commercial banks, savings banks and certain other credit and payment institutions. A service provider’s exact authorisation matters: permission to provide payments does not automatically mean it may accept public bank deposits.

Iceland has a Depositors and Investors’ Guarantee Fund (Tryggingarsjóður innstæðueigenda og fjárfesta, TIF) under its statutory framework. The fund is distinct from prudential supervision and operates separate arrangements for depositors and relevant investment claims. The scope and conditions of an eligible claim should be checked before transferring funds, particularly when a service is provided from another country or through a different legal entity.