According to Icelandic Act no. 140/2018, on Measures Against Money Laundering and Terrorist Financing, Arctica Finance is obligated to do its utmost to prevent Arctica Finance's operations and activities from being used to launder money or to finance terrorist activities. To this end, Arctica Finance has established a policy and rules on the prevention of money laundering and the financing of terrorist activities, in which Arctica Finance strives to meet in all respects the requirements imposed on financial institutions in terms of the prevention of money laundering and the financing of terrorism.
Part of Arctica Finance's obligation is to know the identity of its clients and their activities, and therefore Arctica Finance is obliged to conduct due diligence on its clients, which Arctica Finance fulfills, among other things, by obtaining information about clients, both from the clients and from databases.
Further information can be found in Icelandic here
According to the Act on Measures Against Money Laundering and Terrorist Financing, Arctica Finance is obligated to gather information about clients‘ beneficial owners, i.e. the natural persons who ultimately own or control the clients, through direct or indirect ownership of more than a 25% share in the clients, or control more than 25% of the voting rights or are deemed to exercise control by other means of the clients (does not apply to legal persons listed on a regulated market). If no beneficial owner can be found, e.g. if no one owns over 25% share in the clients or if the ownership of the clients is otherwise unclear, the natural person, one or more, who directs the operations of the legal entity shall be deemed to be the beneficial owner.
As part of the measures against money laundering and terrorist financing, Arctica Finance is required to gather information on whether or not the clients, or, as the case may be, their beneficial owners, or their close family members or close associates have been entrusted with prominent public function as listed below:
