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.
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