SL financial institutions to ascertain source of funding, etc from customers

News

Sri Lanka’s Central Bank (CB) this week reiterated rules governing all financial institutions pertaining to “Know your customer (KYC)” and the source of funds being deposited to ensure it is not illegal money.
In a public notice, the CB said all these institutions are required to obtain information according to the Financial Institutions (Customer Due Diligence) Rules 01 of 2016 to identity, assess and manage money laundering and terrorist financing risks posed by their customers.
Such information should contain the proper name of the customer (as in state identification documents); official personal identification; purpose of account; sources of earnings; expected monthly turnover; expected mode of transactions (eg - cash, cheque, etc) and expected type of counterparties (if applicable).
The directive has been issued to commercial banks/licensed specialized banks, finance companies, stock brokers, and money or value transfer services (eg – money operators, etc).
“The collection of identification and other basic details about customers of financial institutions is a globally accepted practice, Hence the support and cooperation of customers of all financial institutions is solicited,” the notice by the CB’s Financial Intelligence Unit said. - ENDS -

Comments

Still No Comments Posted.

Leave Comments

Most Reviews

May 31, 2025

- 484 - 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

- 450 - 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

- 358 - 0

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

May 29, 2025

- 262 - 0

Mahindananda and Nalin Fernando Jailed

Former Sports Minister Mahindananda Aluthgamage and former Sathosa Chairman Nalin Fernando have sentenced to 20 and 25 years respectively after they were found guilty in a case of fraud.

May 30, 2025

- 260 - 0

In Pix: Weather situation in Colombo

June 3, 2025

- 195 - 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.