The Central Bank’s Financial Intelligence Unit (FIU) has imposed fines on four finance companies for violations of section 19 (2) of the Financial Transactions Reporting Act, No. 6 of 2006 (FTRA),
They are Merchant Bank of Sri Lanka & Finance PLC in a sum of Rs. 300,000 for not reporting pawning auction transactions exceeding Rs. 1 million; Vallibel Finance PLC in a sum of Rs.200,000 for not reporting transactions exceeding Rs. 1 million; LB Finance PLC in a sum of Rs. 700,000 for not reporting pawning auction transactions exceeding Rs. 1 million; and People's Leasing & Finance PLC in a sum of Rs. 500,000 for failing to reporting electronic fund transfer relating to opening of a fixed deposit exceeding Rs.1 million.
The banking regulator said that these financial penalties were imposed on institutions for non-compliance with the provisions of the FTRA.
Accordingly, the FIU collected penalties as indicated above, amounting to Rs. 1.7 million in total from April 1, 2023 to September 16, 2023 to enforce compliance on financial institutions.
The State Department is proposing requiring applicants for business and tourist visas to post a bond of up to $15,000 to enter the United States, a move that may make the process unaffordable for many, foreign media reported.
Intex Sri Lanka 2025, the 17th edition of the region’s premier textile and apparel sourcing fair will take place from August 6 to 8 at the Bandaranaike Memorial International Conference Hall (BMICH) in Colombo.
Sotheby’s has returned ancient gems linked to the Buddha’s remains following pressure from the Indian government.
A NPP MP has proposed that in the event of a dog bite caused by non-vaccinated domesticated pet dog, the owner of the pet should be called to pay for the treatment expenses incurred by the state run hospital.
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