CBSL issues financial penalties on three Institutions
The Central Bank of Sri Lanka has issued financial penalties on three Institutions for violations of Financial Institutions (Customer Due Diligence) Rules, No. 1 of 2016 in relation to sanctions screening.
"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", CBSL said in the statement released yesterday (11).
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 names of the institution for which penalties were imposed by the FIU from 01.06.2020 to 31.12.2020 are as follows: