The unit will be sent in to offices without notice to investigate banks and other financial institutions suspected of not sticking to the rules.
Gunnar Andersen, director general of the FME, Iceland's financial supervisory authority, said "forensic examinations" would be carried out on site.
In an interview with Complinet, the world's leading provider of compliance solutions, Mr Andersen said: "We are trying to change the whole Icelandic banking culture - risk management was very poor and due diligence not observed."
The Icelandic banks failed because of excessive risk taking, inadequate management and lax government supervision. Its authorities denied responsibility and protesters finally forced the government to resign.
"There was a complete lack of self-criticism", said Mr Andersen. "People wanted to believe everything would be all right." He also blamed unrealistic assessments given to the bankin ginstitutions. "These ratings certainly influenced the thinking of regulators and investors. This was a factor that should not be taken lightly."
