Act 2021
Lög um greiðsluþjónustu nr. 114/2021 (Act No. 114/2021 on Payment Services)
Issued by Seðlabanki Íslands (Central Bank of Iceland)
Effective: 1 Nov 2021
Plain-English summary
Applies to payment services provided in Iceland. Art. 6 requires a payment institution licence from the Financial Supervisory Authority, Art. 10 requires funds received from users to be held securely and separate from the institution's own funds, and Art. 22 sets out the Authority's supervisory powers.
Who it applies to
Payments & Fintech
Topics
Conduct & Consumer Protection Payments & Fintech / Digital Assets
Obligations arising from this law or regulation
| Obligation | Timing | Regulator | Source | Detail |
|---|---|---|---|---|
| Payment institution licensing | — | Seðlabanki Íslands (Central Bank of Iceland) | source | |
Art. 6 requires entities that are not exempt to hold a payment institution licence before providing payment services. Art. 4 covers the application and Art. 12 the conditions for granting it; the Financial Supervisory Authority grants the licence. |
||||
| Safeguarding of payment service funds | — | Seðlabanki Íslands (Central Bank of Iceland) | source | |
Art. 10 requires a payment institution to hold funds received from users securely and keep them separate from its own funds, for example in a deposit account at a financial undertaking or in safe, liquid, low-risk assets. In bankruptcy the funds are treated as segregated claims if the owner can prove ownership, and the Central Bank sets more detailed rules. |
||||
| No obligations match these filters. | ||||
Latest news
-
RBI penalizes gold-loan fintech KLM Axiva Finvest Limited for auction surplus non-payment
26 Sep 2026
The Reserve Bank of India imposed a monetary penalty of ₹2.70 lakh on KLM Axiva Finvest Limited for regulatory non-compliance discovered during statutory inspection. The company failed to remit surplus amounts to…
-
RBI penalizes Hero Fincorp for excess interest collection breaches
26 Sep 2026
The Reserve Bank of India imposed a monetary penalty of 10 lakh rupees on Hero Fincorp Limited on September 22, 2026, following supervisory findings of non-compliance with RBI's "Fair Practices Code for Lenders…
-
RBI penalizes Ola Financial Services for KYC compliance failures
25 Sep 2026
The Reserve Bank of India imposed a monetary penalty of ₹3.10 lakh on Ola Financial Services Private Limited for non-compliance with KYC directions under the Payment and Settlement Systems Act, 2007. Following a…