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Softlogic Finance clarifies FIU penalty

12 Jan 2021

Issuing a statement yesterday (12), Softlogic Finance (Pvt.) Ltd. clarified that the fine imposed by the Financial Intelligence Unit (FIU) of the Central Bank was due to a shortcoming in the core operating system of the company in relation to screening the United Nations Sanctions List.  The Central Bank of Sri Lanka recently issued a statement on penalties imposed against several financial institutions, including Softlogic Finance (Pvt.) Ltd., for non-compliance with regulatory requirements during the second half of 2020. Softlogic Finance was issued a fine of Rs. 1 million as penalty. “This procedural shortcoming was met by Softlogic Finance in October 2020, and the system updated according to the directives stipulated by the Central Bank of Sri Lanka. Softlogic Finance (Pvt.) Ltd. is committed to upholding effective anti-money laundering standards, and as a responsible corporate entity, has established an Anti-Money Laundering Policy to ensure the identification and mitigation of money laundering risks," Softlogic Finance stated. The company further reiterated its continued commitment to fully comply with all regulatory directives by the Central Bank of Sri Lanka.  

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