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New version of Landsbankinn’s General Terms and Conditions

Landsbankinn has published a new version of its General Terms and Conditions. This new version includes amendments to provisions on the processing of personal data, money laundering and terrorist financing, corporate online banking and payment cards. Terms and conditions for credit cards have been incorporated into the General Terms and Conditions. The new Terms and Conditions apply to new customers as of 15 March 2019 and to current customers as of 15 May 2019.

Main changes to the General Terms and Conditions are:

A. Processing of personal data and measures to combat money laundering and terrorist financing.

  1. Provisions pertaining to the processing of personal data are incorporated in the chapter on general provisions applying to the business relationship.
  2. Provisions pertaining to the Bank’s authorisations to process personal information are clarified. This refers, inter alia, to the addition of provisions about instructions on:
    • Processing based on contracts, and terms and rules that apply to specific products or services the Bank may provide to customers.
    • Information the Bank may regularly obtain from third parties in accordance with the Bank’s data protection policy.
    • Lookup in the Icelandic Banks' Data Centre’s receivables pooling database to actively monitor lending and customers’ liabilities.
    • Regular saving of copies of customers’ electronic ID based on the validity period thereof to ensure accurate authentication and correctness of information about customers.
    • Transmission of data to foreign partners for the purpose of providing securities transaction services.
    • Processing of information for needs and target group analysis for the purpose of providing tailored products and services.
    • Recording of telephone calls.
  3. A new provision is included on the responsibilities and obligations of customers who receive information that does not pertain to the recipient.
  4. Real (beneficial) owners of legal entities are required to provide proof of identity upon entering into a business relationship.

B. Payment cards and corporate online banking:

  1. The terms and conditions for debit and credit cards have been merged as chapter 5 of the Terms and Conditions, “Payment Cards”. General provisions for payment cards (both debit and credit cards) are in sub-chapters 5.1 to 5.4, with provisions specific to credit cards in sub-chapter 5.5.
  2. This change renders null and void Landsbankinn’s Terms and Conditions for Visa Credit Cards and Landsbankinn’s Terms and Conditions for MasterCard Credit Cards.
  3. Provisions pertaining to corporate online banking are clarified. Provisions have been removed that pertain to application for corporate online banking, company contacts, employees and their authorisations, and various obligations to notify about the revocation of employee access and maximum transfer authorisations. Provisions are added pertaining to the obligations of the person authorised to sign for a company, users’ obligations to familiarise themselves with the General Terms and Conditions and managing directors or authorised signatories given the authority of access manager, unless the company assigns that role to another person.

In accordance with the Act on Payment Service, current customers may notify the Bank of termination of the master agreement on payment services prior to 15 may 2019, should they not wish to approve these amendments. Current customers are considered to have approved changes if they do notify the Bank otherwise prior to 15 May 2019.

Almennir viðskiptaskilmálar Landsbankans (ný útgáfa)