Jan 12, Colombo: In response to the action taken by the Financial Intelligence Unit (FIU) of the Central Bank of Sri Lanka imposing a fine of Rs. 1 million, the Siyapatha Finance said it has rectified the violations that resulted in the punitive action.
The Financial Intelligence Unit (FIU) of the Central Bank of Sri Lanka announced by its press release dated 11 January 2021 of the imposition of a penalty amounting to Rs.1,000,000 on Siyapatha Finance PLC for violations of Financial Institutions (Customer Due Diligence) Rules, No. 1 of 2016 in relation to sanction screening.
“We write to inform you that the necessary rectification of the two deficiencies were made and further confirm that the Company is in compliance with Financial Institutions (Customer Due Diligence) Rules, No. 1 of 2016 in relation to sanction screening,” the company said in a disclosure to the Colombo Stock Exchange.
The regulator for Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) in the country, the FIU imposed penalties on three companies 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.