The Central bank of Sri Lanka (CBSL) is in the process of operationalizing an International Transactions Reporting System (ITRS) that will monitor both cross-border and foreign currency transactions in the banking sector from 2022 onwards.
The comprehensive cross-border and foreign currency transactions monitoring system will capture all data on foreign exchange sales/purchases and inflows/ outflows, thereby, enabling continuous monitoring of the foreign exchange operations.
The CBSL has been closely working with the banking sector to imrpove technical aspects of the proposed mechansim.
The ITRS is expected to enhance the Anti-Money Laundering and Terrorism Financing capabilities of the Financial Intelligence Unit which comes under the purview of the CBSL.
Furthemore, this will also provide better insights into origins of various remmtiance inflows into the country.