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Iceland: Persónuvernd issues new license and requests a clearer legal framework for financial intelligence agencies
On November 21, 2024, the Icelandic data protection authority (Persónuvernd) announced that it issued a new license to the financial information agency Creditinfo Lánstraust hf., and sent a letter to the Ministry of Justice on the legal environment of financial information agencies.
New license
The Persónuvernd explained that the new license issued to Creditinfor was the first license issued after the entry into force of the new Regulation No. 606/2023 on the processing of information on financial matters and creditworthiness. In particular, under the new Regulation, the Persónuvernd may prescribe the specific duties of financial information agencies to a very limited extent.
Letter to the Ministry of Justice
The Persónuvernd outlined that it addressed a letter to the Ministry of Justice, explaining, among other things, that:
- a clearer legal framework is needed for the activities of financial intelligence agencies;
- the processing time of personal information by financial information agencies needs to be limited by the regulations or in the law; and
- the types of information that financial information agencies are allowed to work with need to be better defined.
You can read the press release here, the new license here, and the letter here, all only available in Icelandic.
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