Eleven cases are expected to be sent from the Central Bank of Iceland to the FME national financial regulator under suspicion of breaking Iceland’s currency exchange rules. The Central Bank is currently looking into around 400 cases.
The Central Bank of Iceland has already formally sent 25 cases to the FME – eight of which have been sent on to the police. Last week the financial crimes unit began investigating one of them against four men and the Swedish company, Aserta.
Some of the 17 cases still sitting with the FME will result in fines being charged, RUV reports. The FME is entitled to fine companies and organisations up to ISK 75 million (USD 589,000) and individuals up to ISK 25 million. Larger cases are sent to the police.
According to FME sources, the investigation process can be time consuming, as it involves co-operation with foreign financial regulators. The regulator expects to complete several of its investigations within the coming few weeks.