The Financial Intelligence Unit (FIU) of the Central Bank of Sri Lanka and the National Gem and Jewellery Authority (NGJA) have jointly called on all gem and jewellery dealers to strengthen compliance with anti-money laundering regulations by properly identifying customers and appointing Compliance Officers for their businesses.
According to the FIU, every gem and jewellery dealer is legally required to appoint a Compliance Officer under Sri Lanka’s anti-money-laundering and counter-terrorist-financing framework.
The officer will be responsible for ensuring that all transactions adhere to financial regulations and that customer verification procedures are strictly followed.
Dealers must collect key information from customers during transactions, including their full name, address, occupation, identification documents, date of birth, nationality, source of funds, purpose of the transaction, and contact details. Corporate clients are also required to disclose the beneficial owner of the transaction.
The FIU warned that failure to comply with these requirements could result in penalties. It added that proper customer identification helps prevent money laundering and other financial crimes within the gem and jewellery trade.
Businesses can obtain the Compliance Officer Declaration Form from the FIU website (fiusrilanka.gov.lk) or by contacting the NGJA. Completed forms should be submitted to either the National Gem and Jewellery Authority or the Financial Intelligence Unit of the Central Bank. (Newswire)
