- Last Update 2024-07-18 13:18:00
Sampath Bank fined Rs. 1 mln for compliance violations
Sampath Bank has been fined Rs.1 million for violation of the Financial Transactions Reporting Act (FTRA), the Central Bank announced on Thursday.
It said the reason for the imposition of the penalty was because there had been a breach in the Sampath Bank’s process of filing of Suspicious Transactions with the FIU (Financial Intelligence Unit), and that the breach amounted to limited disclosures that should have been prevented by the bank.
The penalty was paid on July 1.
By virtue of the powers vested under Section 19 (1) read together with Section 19 (2) of the 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.
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