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Masterplan for Consolidation of Non-Bank Financial Institutions being fast-tracked - Adaderana Biz English bizenglish.adaderana.lk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bizenglish.adaderana.lk Daily Mail and Mail on Sunday newspapers.
The Non-Bank Financial Institutions sector has witnessed a significant improvement in compliance with regulatory capital requirements and has recorded the lowest non-compliance levels during recent times, Sri Lanka's Central Bank said.
According to the Central Bank, the following 9 companies have ....
Nine finance companies in Sri Lanka have raised 12.6 billion rupees to shore up capital and have also proposed consolidation plans, the central bank said. ....
Tuesday, 12 January 2021 - 15:48 The Central Bank of Sri Lanka stated that by the virtue of the powers vested under Section 19 (1) read together with section 19 (2) of the Financial Transactions Reporting Act, No. 06 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 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 amounting to Rs. 2.3 million in total for the period from 01 June 2020 to 31 December 2020 to enforce compliance on Financial Institutions. 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 i ....
January, 11, 2021 The Central Bank s Financial Intelligence Unit (FIU) has fined three finance companies mainly for violating Financial Institutions (Customer Due Diligence) Rules, No. 1 of 2016 in relation to sanctions screening. By virtue of the powers vested under Section 19 (1) read together with section 19 (2) of the Financial Transactions Reporting Act, No. 06 of 2006 (FTRA), financial penalties are imposed on Institutions for non-compliances 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 amounting to Rs.2.3 million in total for the period from 01.06.2020 to 31.12.2020 to enforce compliance on Financial Institutions. ....