CBSL imposes penalties on BoC and People’s Bank

The Financial Intelligence Unit (FIU) of the Central Bank of Sri Lanka (CBSL) has collected penalties amounting to Rs. 14 million in total from three financial institutions.

According to a CBSL press release, the FIU collected these penalties from Sep. 27 – Dec. 31 2023 from MMBL Money Transfer (Pvt) Ltd as well as from state owned banks – Bank of Ceylon and People’s Bank.

     

The CBSL said by the powers vested under Section 19 (1) read together with Section 19 (2) of the Financial Transactions Reporting Act, No. 6 of 2006 (FTRA), financial penalties are imposed on Institutions for non-compliance with the provisions of the FTRA.  The penalty may be prescribed taking into consideration the nature and gravity of the relevant non-compliance, it added.

Accordingly, as Sri Lanka’s regulator for Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT), the FIU collected the penalties has credited it to the Consolidated Fund.