Iceland's three largest banks and two payment groups will pay the largest fine ever in Iceland for breach of competition laws. Banks Landsbanki, Íslandsbanki and Arion banki, and payment companies Borgun and Valitor, have reached a settlement with the Icelandic Competition Authorityt to pay the record fine, 1.620 billion íSK (USD 12.9 million) for serious breaches against the Competition Act. Their aim was to prevent competition in processing debit and credit card transactions.
By making the settlement the companies have admitted to their wrongful conduct in the past and will change their current set up of debit and credit card transactions.
Yesterday the European Union member states agreed to cap the fees retailers pay to process debit and credit card transactions, which should bring down costs for customers.
Iceland's three largest banks and two payment groups will pay the largest fine ever in Iceland for breach of competition laws. Banks Landsbanki, Íslandsbanki and Arion banki, and payment companies Borgun and Valitor, have reached a settlement with the Icelandic Competition Authorityt to pay the record fine, 1.620 billion íSK (USD 12.9 million) for serious breaches against the Competition Act. Their aim was to prevent competition in processing debit and credit card transactions.
By making the settlement the companies have admitted to their wrongful conduct in the past and will change their current set up of debit and credit card transactions.
Yesterday the European Union member states agreed to cap the fees retailers pay to process debit and credit card transactions, which should bring down costs for customers.
