Penalties imposed on 3 institutions by the Financial Intelligence Unit (FIU)

The Central Bank has imposed financial penalties on three institutions for non-compliances with the provisions of the Financial Transactions Reporting Act, No. 06 of 2006 (FTRA).

The bank said in a media release on Monday that Softlogic Finance PLC and Siyapatha Finance PLC were each fined Rs. 1 million while Richard Pieris Finance Ltd was fined Rs. 300,000.

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, it said.

“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,” it said.

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.