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* FIU imposes Rs. 2.3 million of penalties on three financial institutions for non-compliance with FTRA during 2020
Mon, Jan 11, 2021, 12:21 pm SL Time, ColomboPage News Desk, Sri Lanka.

Jan 11, Colombo: The Financial Intelligence Unit of Sri Lanka’s Central Bank has imposed penalties on three financial institutions in 2020 for failing to comply with the Financial Transactions Reporting Act (FRTA) as a measure to enforce compliance.

According to the Central Bank, by virtue of the powers vested under Section 19 (1) read together with section 19 (2) of the Financial Transactions Reporting Act, No. 06 of 2006 (FTRA), financial penalties are imposed on Institutions for non-compliances with the provisions of the FTRA.

The penalty may be prescribed taking into consideration the nature and gravity of relevant non- compliance of the Financial Institution or the Designated Non-Finance Business.

Accordingly, as the regulator for Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) in the country, the FIU imposed penalties amounting to Rs. 2.3 million in total for the period from 01.06.2020 to 31.12.2020 to enforce compliance on Financial Institutions, the Central Bank said in a statement.

The Monetary Board of the Central Bank of Sri Lanka decided to publish the penalties imposed on the Financial Institutions by the FIU in order to improve the AML/CFT compliance level in the country. Penalties were imposed mainly on the violations of Financial Institutions (Customer Due Diligence) Rules, No. 1 of 2016 in relation to sanctions screening. Details of the penalties imposed by the FIU from 01.06.2020 to 31.12.2020 are as follows:

 

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