ECONOMYNEXT – Sri Lanka’s Financial Intelligence Unit, which operates under the central bank has fined three finance companies 2.3 million rupees under the countries, anit-money laundering (AML) and counter terror finance (CFT) laws.
In the past six months, Siyapatha Finance had been fined one million rupees, Softlogic Finance one million and Richard Pieris Finance 300,000 rupees.
“The Monetary Board of the Central Bank of Sri Lanka decided to publish the penalties imposed on the Financial Institutions by the FIU in order to improve the AML/CFT compliance level in the country,” a statement said.
The firms were mostly for not doing sufficient customer due diligence, under rules set in 2016, the FIU said. (Colombo/Jan11/2021)