Institutions face penalties for non-compliances with provisions of FTRA

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 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.