Wednesday, 19 May 2021 23:11

  Two Financial institutions fined for non-compliance with FTRA Featured

Two Sri Lankan Financial institutions Kanrich Finance Ltd and the Commercial Bank have been fined by the Central Bank for its failure to comply with the stipulated reporting on financial transactions.

A sum of Rs.1 million has been imposed as a penalty on Kanrich Finance Ltd for the period of 1 January 2021 to 31 March 2021 on January 20 while Commercial bank has been fined a sum of Rs.3 on 18 February 2021 .

The Financial Intelligence Unit (FIU)has imposed penalties on these two financial institutions this year for failing to comply with the Financial Transactions Reporting Act (FRTA) as a measure to enforce compliance.

According to the Central Bank, by virtue of the powers vested under Section 19 (1) read together with section 19 (2) of the 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 relevant non- compliance of the Financial Institution or the Designated Non-Finance Business.

Accordingly, as the regulator for Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) in the country, the FIU imposed penalties, totalling to Rs. 4.0 million for the period from 1 January 2021 to 31 March 2021 to enforce compliance on Financial Institutions.

Latest Business News

There are 32615 listings and 1001 categories in our website