Sri Lanka central bank tightens surveillance on fund management, debt trading
ECONOMYNEXT – The Central Bank of Sri Lanka said it has strengthened surveillance over the public debt department and management of the Employees’ Provident Fund (EPF), the state pension fund.
A statement by the Monetary Board of the Central Bank said it had already begun some of the recommendations of the Presidential Bond Commission which probed the island’s biggest securities scam.
It said a Voice Recording System (VRS) is used in the Front Office of the Public Debt Department and a CCTV system has been installed in the PDD.
“Access restrictions are in place in the PDD and external visitors are required to register through a dedicated CBSL visitor registration arrangement,” it said.
“Procedures including surveillance, control, oversight, security and security of data of PDD have been strengthened and further enhancements are to be implemented with expert technical assistance.”
Measures have been taken to strengthen the internal control framework with the Risk Management Department being entrusted with the responsibility of overseeing EPF investment activities and formulate risk parameters for investments including revision of the investment and trading guidelines.
“Physical access controls and voice recordings were introduced to the front office and these will be extended to the middle, back offices and senior managers involved in fund management shortly. A project to install CCTV is in progress,” the central bank said.
(COLOMBO, January 11, 2018)