The Central Bank has fined the Union Bank of Colombo Rs.2 million and DFCC Bank Rs. 1 million for violation of anti-money laundering laws.
In a statement issued on Tuesday, the Bank said that 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.
“Accordingly, as Sri Lanka’s regulator for Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT), the FIU (part of the Central Bank) imposed penalties, amounting to Rs. 3 million in total for the period from 1 April 2021 to 30 June 2021 to enforce compliance on financial institutions,” the statement said.
The money collected were as penalties and credited to the Consolidated Fund. 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, ongoing scrutiny of transactions undertaken throughout the course of the business relationship with a customer, establishing and maintaining procedures and systems to ensure the process of monitoring and implementing proper risk controls and mitigation measures.
The Judicial Service Commission (JSC) has interdicted Colombo Fort Magistrate Kosala Senadheera.
Mr. Ali Sabri Rahim, a Member of Parliament (MP) for Puttalam District whom an open warrant had been issued, attended a public ceremony at Al Aksha National School in Kalpitiya today (16) as the special guest of honor.
The Supreme Court today refused interim relief in an application filed by President’s Counsel Senaka Walgampaya seeking an Order from the Supreme Court compelling the President to appoint judges to fill the existing vacancies in the Court Of Appeal.
The deadline for online applications to the 2024 G.C.E. Advanced Level (A/L) Examination has been extended until July 12, the Department of Examinations said.
Gazette on new speed limit regulations to be issued within two weeks
Cabinet has approved a proposed amendment to the Constitution that a referendum would be required to extend the Presidential and Parliamentary term beyond five years.
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