Sri Lanka’s regulator for Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT), the FIU, imposed penalties amounting to Rs. 3 million in total for the period from 1 April 2021 to 30 June 2021 to enforce compliance on Financial Institutions.
Accordingly, Union Bank of Colombo and DFCC Bank were imposed a penalty of Rs. 2 million and 1 million respectively for violations of Financial Institutions (Customer Due Diligence) Rules, No. 1 of 2016 in relation to the United Nations sanctions screening, ongoing scrutiny of transactions undertaken throughout the course of the business relationship with a customer, establishing and maintaining procedures and systems to ensure the process of monitoring and implementing proper risk controls and mitigation measures.
The money collected as penalties were credited to the Consolidated Fund.
Financial Intelligence Unit penalises Union Bank, DFCC
21 Jul 2021
Financial Intelligence Unit penalises Union Bank, DFCC
21 Jul 2021
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