The Central Bank of Sri Lanka (CBSL) has imposed financial penalties on five institutions for non-compliance with the provisions of the Financial Transactions Reporting Act, No. 6 of 2006 (FTRA).
Issuing a statement, the CBSL stated that the penalty may be prescribed taking into consideration the nature and gravity of relevant non-compliance of the Financial Institution.
Accordingly, as Sri Lanka’s regulator for Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT), the FIU collected penalties amounting to Rs. 10.75 million in total from 01 July 2022 to 16 November 2022 to enforce compliance on Financial Institutions.
The CBSL further said that the money collected as penalties were credited to the Consolidated Fund.
Full statement:
