Rules and Terms
General Terms of Business between Arion Bank hf. and its customers - Valid from 18 April 2021
General Terms of Business for transactions with financial instruments - Valid from 8 May 2024
General Terms on Deposit Accounts - Valid from 18 April 2021
Terms of use of the Arion Bank App - Valid from 2 September 2024
Online banking terms - Valid from 2 September 2024
Measures against Money Laundering and Terrorist Financing
It is Arion Bank's policy to combat money laundering and the financing of terrorism and to prevent the misuse of the Bank's services and operations for such purposes. The Bank implements and upholds both domestic and internationally recognized standards in this regard, including those issued by the FATF and the EU. The objective of the rules is to prevent the abuse of the Bank’s services for the purpose of money laundering or terrorist financing.
AML Information for Financial Institutions
Policy on Combating Financial Crime
Code of ethics
- Keys to responsible behaviour and decision-making
We at Arion Bank promote high ethical standards and are conscious of the fact that our operations affect different stakeholders and society at large. The code of ethics is designed to serve as a key to responsible behaviour and decision-making at Arion Bank.
The code of ethics applies to the Board of Directors, the Bank's management, and other employees of the Bank. It is the responsibility of the CEO to make sure that the code is adhered to. The code is reviewed annually and confirmed by the Board of Directors.
- We treat people with respect
We respect different points of view and we believe that critical debate lays the foundations for good decisions. We treat people with respect and do not discriminate against anyone on the basis of their gender, gender identity, sexual orientation, origin, nationality, skin colour, age, disability or religion or other factor.
- We protect different interests and are guided by sustainability
We protect the interests of all the Bank's stakeholders in the long term, i.e. customers, investors, the community and employees. We endeavour to inform our stakeholders of any potential conflicts of interest. We are guided by sustainability and thus meet the needs of our stakeholders without compromising the ability of future generations to meet their own needs.
- We obey the rules
Our decisions and actions are in compliance with law and regulations. Any uncertainty in this context should be eliminated as far as is possible. We follow our own rules of procedure and improve them if necessary.
- We take responsibility for our actions and environment
We know our role and take responsibility for our projects and decisions and consider their effect on our stakeholders and environment. We define our role, area of responsibilities and impact broadly and ensure that no projects are overlooked.
- We can provide rationale for all our decisions
We take a critical approach and our decisions are based on the merits of each individual case and we can provide stakeholders, i.e. customers, creditors, owners, the community and employees, with rationale for our decisions.
Arion Bank is a signatory to the Global Compact, the United Nations’ corporate sustainability initiative, and was one of the first organizations to sign the United Nations Principles for Responsible Banking (UN PRB). The Bank is thus committed to working towards and promoting sustainable development throughout its value chain.