Does your company have valid due diligence on record?

All entities who bank with Landsbankinn must have completed due diligence before year-end 2020. Failure to complete due diligence within that time will result in closure of the entity’s accounts until the situation is rectified. The due diligence questionnaire is available under “Settings” in online banking and can be completed quickly and easily.

Due diligence is tailored to fit different legal forms. For most legal forms, submitted due diligence is valid for a period of 3 years. The entity is nevertheless obligated to update information in case of any changes during that time, such as changes to the board of directors or ownership.

The following entities can complete due diligence in online banking:

• Private limited companies (ehf.) and limited liability companies (hf.). Managing directors, authorised signatories and holders of power of attorney can respond to due diligence, provided they have access to the company’s online banking. Alternatively, power of attorney can be granted to respond to due diligence. You can also submit due diligence through the company’s Account Manager or the Corporate Call Centre, tel. +354 410 5000.
• Non-profit organisations, unlimited partnerships (sf.), limited partnerships (slf.) and similar legal forms. Everyone with access to the entity’s online banking can respond, provided that the person confirms that he/she is authorised to divulge the required information.
• Public entities must contact Landsbankinn to set up the option of responding through online banking.

Other legal forms, such as non-Icelandic entities with Icelandic Reg. No. for tax purposes and pension funds cannot respond to due diligence through online banking and must contact the Bank to respond via other channels.

It’s easy to create a new account

Creating a new bank account for your business or organisation through corporate online banking is quick and easy. Select an account that fits your purpose, either as a new or established customer, and the account is ready for use at once.

All companies, institutions and organisations (legal entities with Icelandic Reg. Nos.) can become Landsbankinn customers through corporate online banking. In online banking, you can create any account the business requires, inflation-indexed, non-indexed and in foreign currency. In addition, employers can create vacation pay accounts for their staff in online banking.

Private individuals empowered to conduct general banking on behalf of legal entities

Individuals can now get power of attorney to tend to general banking on behalf of legal entities. The power of attorney empowers the holder to create bank accounts, debit cards, credit cards, procurement cards, collection service, issue payment orders, respond to due diligence and change security codes. The power of attorney extends to what is generally included under “daily operation”, which excludes borrowing and mortgaging. Power of attorney also authorises the holder to use self-service solutions online and receive service in branches. The power of attorney is suitable for all legal forms, including limited liability companies, private limited companies, government institutions, municipalities, sports clubs and residents’ associations.

Rules on signatures are in accordance with the entity’s rules on authorised signatories and power of attorney is granted when signed electronically by the person authorised to oblige the entity. If the person authorised to oblige the entity is unavailable, the signatures of the entire board of directors are necessary to grant power of attorney. This applies for example to residents' associations, where all members of the board must sign the power of attorney.

An entity may grant power of attorney to as many persons as wished for - there are no limitations on the number of valid powers of attorney. Each power of attorney may have a pre-determined validity period or remain valid until revoked.

Please contact us by emailing fyrirtaeki@landsbankinn.is or calling +354 410 5000 to get started.