Lankapage Logo CP 22 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* FIU imposes Rs. 4 million of penalties on two financial institutions for non-compliance with FTRA during 2021
Wed, May 19, 2021, 08:15 pm SL Time, ColomboPage News Desk, Sri Lanka.

May 19, Colombo: The Financial Intelligence Unit of Sri Lanka’s Central Bank has imposed Rs. 4 million of penalties on two financial institutions in 2021 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-compliance 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, totaling to Rs. 4.0 million for the period from 1 January 2021 to 31 March 2021 to enforce compliance on Financial Institutions.

Penalties were imposed mainly on the violations of Financial Institutions (Customer Due Diligence) Rules, No. 1 of 2016 in relation to the United Nations sanctions screening, customer identification and verification, Suspicious Transactions Reporting and implementation of proper risk controls and mitigation measures.

Details of the penalties imposed by the FIU from 1 January 2021 to 31 March 2021 are as follows.

 

ColomboPage - Recent 10 Stories ::
Committee on High Posts approves appointments of 07 Secretaries to State Ministries and a High Commissioner
-- [7 hours ago]
Coronavirus update: 740new COVID-19 cases identified Saturday, total rises to 566,936
-- [7 hours ago]
Sri Lankan President meets UAE Deputy Prime Minister and Minister of Finance
-- [7 hours ago]
Pakistani PM assures Sri Lanka President maximum punishment for barbaric murderers
-- [8 hours ago]
An investigation into the AWOL of the Data Analysis OIC of the Crime Intelligence Analysis Bureau
-- [8 hours ago]
CAA allows release of LP Gas to market under three conditions
-- [9 hours ago]
Victoria Golf & Country Resort awarded Sri Lanka’s Best Golf Course at World Golf Awards
-- [9 hours ago]
Sri Lankan President urges Pakistan government to ensure safety of Sri Lankans living in Pakistan
Sri Lanka reports 21 Covid-19 deaths on Saturday, toll rises to 14,440
President arrives in Abu Dhabi to attend the Fifth Indian Ocean Conference

Copyright © 2000, 2020 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.