• Fri. May 17th, 2024

Five Banks face financial penalties over non-compliance with AMT/CFT rules

Sri Lanka’s s regulator for Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Financial Intelligence Unit (FIU)fined five banks for non-compliance with the provisions of the e Financial Transactions Reporting Act, No. 6 of 2006 (FTRA) from 01st of July 2022 to 16th of November 2022.

The FIU collected fines amounting to a total of Rs.10.75 million from DFCC Bank, People’s Bank, Bank of Ceylon, National Development Bank PLC, and National Savings Bank in the period.

The money collected as penalties were credited to the Consolidated Fund.

The DFCC Bank faced the highest penalty of Rs.4 million in the period.

“The penalty may be prescribed taking into consideration the nature and gravity of relevant non-compliance of the Financial Institution,” the Central Bank of Sri Lanka said.

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