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

Business

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.

Comments

Still No Comments Posted.

Leave Comments

Most Reviews

May 31, 2025

- 494 - 0

Flt Lt Kasun Cumaratunga , more than a pilot, a guardian remembered on his 37th death anniversary

Kasun, was born in 28th Sept 1964, the grandson of the legendary author and linguist Munidasa Cumaratunga and son of SSP Bindu Kumaratunga and Winifred

June 2, 2025

- 461 - 0

National Tax week launched

The Inland Revenue Department (IRD) backed by the Excise and Customs Department today launched a fresh drive to collect taxes including some Rs.780 billion listed as ‘collectable defaults’.

June 2, 2025

- 370 - 0

SriLankan Airlines’ new A330 Fleet to perform low fly past over Colombo on Wed.

May 30, 2025

- 269 - 0

In Pix: Weather situation in Colombo

June 6, 2025

- 208 - 0

SriLankan flight grounded in Indonesia

A SriLankan airlines flight has been grounded in an airport in Indonesia due to a technical defect leaving 93 passengers stranded, an official said.

June 3, 2025

- 208 - 0

Krishanthi Kumaraswami convicts FR dismissed by SC

The Supreme Court today unanimously dismissed a Fundamental Rights petition filed by five convicts in the 1996 Krishanthi Kumaraswamy abduction, rape, and murder case.