Financial penalties have been imposed on Kanrich Finance and Commercial Bank of Ceylon (ComBank) for non-compliance with the provisions of the Financial Transactions Reporting Act No. 06 of 2006 (FTRA), according to the Central Bank of Sri Lanka (CBSL).
As the regulator for anti-money laundering and countering the financing of terrorism (AML/CFT) in the country, the Financial Intelligence Unit (FIU) had imposed non-compliance penalties totalling Rs. 4 million for the period from 1 January 2021 to 31 March 2021 to enforce compliance of financial institutions.
A penalty of Rs. 1 million was imposed on Kanrich Finance on 20 January, and a penalty of Rs. 3 million was imposed on Commercial Bank on 18 February this year.
“The penalty may be prescribed taking into consideration the nature and gravity of relevant non-compliance of the financial institution or the designated non-finance business. Penalties were imposed mainly on the violations of Financial Institutions (Customer Due Diligence) Rules No. 1 of 2016 in relation to the United Nations (UN) sanctions screening, customer identification and verification, suspicious transactions reporting, and implementation of proper risk controls and mitigation measures,” the CBSL noted.
FIU penalises Kanrich Finance and Commercial Bank of Ceylon
20 May 2021
FIU penalises Kanrich Finance and Commercial Bank of Ceylon
20 May 2021