Sri Lanka’s regulator for Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT), the Financial Intelligence Unit (FIU) collected penalties amounting to Rs. 1.7 million in total from four financial institutions from April 1 to September 26, 2023 to enforce compliance on Financial Institutions. By virtue of 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 relevant non-compliance of the Financial Institution.
The money collected from as penalties were credited to the Consolidated Fund. The administrative penalties were imposed for failure to adhere to FTRA in relation to reporting of financial transactions.
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