Compliance Symposium 2018 on 13 November

The Association of Compliance officers of Banks Sri Lanka (ACOB) will host its first Compliance Symposium themed ‘The Big Compliance Convention in Sri Lanka’ on 13 November. 

It will be held under the patronage of Central Bank Governor Dr. Indrajit Coomaraswamy who will deliver the keynote address.  It will also feature a distinguished line up of speakers and panellists.

The ACOB is the apex compliance body for banks and financial institutions in Sri Lanka. Having commenced its initial activities in 2005 it was subsequently formalised as an association in 2010. It continues to expand its scope to cover all aspects of compliance including anti-money laundering and regulatory compliance, in order to face the emerging challenges faced by banks and financial institutions in Sri Lanka. 

Financial institutions have experienced substantial changes in the regulatory landscape within the last two years including the introduction of new legislative and policy framework for foreign exchange operations under the Foreign Exchange Act, No. 12 of 2017 and enhancing the minimum capital requirement of licensed banks and licensed finance companies (on a staggered basis).

In addition, in the payments and settlements space guidelines on minimum compliance standards for payment related mobile applications was issued to set minimum compliance standards for mobile applications used by financial institutions to provide payment services

In the area of anti-money laundering regulation, the Financial Intelligence Unit of the Central Bank of Sri Lanka has taken a number of measures to enhance AML/CFT compliance by issuing many regulations and guidelines on customer due diligence, beneficial ownership, transactions reporting etc. 

In the light of these rapid and vital changes in the regulatory environment, the ACOB has felt the need of an event at which all stake holders of compliance will meet up for a dialogue. 

The symposium will therefore facilitate sharing of experiences and knowledge between all stakeholders in the financial industry which would help to improve and develop the effectiveness of the compliance function in financial institutions to support the betterment of the industry and the objectives of the regulators, in line with rapid changes in technological and other advancement in the financial sector, while creating a platform for professional networking amongst the participants and speakers at the event.

The symposium this year brings together an eminent panel of speakers comprising of the directors of the key departments of the Central Bank of Sri Lanka namely – Bank Supervision, Foreign Exchange, Payments and Settlements, Supervision of Non-Bank Financial Institutions and the Financial Intelligence Unit. Those who attend will have the opportunity to hear first-hand from CBSL regulators and policy makers and participants will have the opportunity to understand the key objectives and expectations of the regulators.

There will be three key speakers at the event who will address the participants on matters which are considered top of mind to the compliance professionals of today namely;

Rajendra Theagarajah, MD/CEO of Cargills Bank, who will speak on evolution of compliance over the last decade together with an overview of the CEO’s role in driving an organisational compliance culture.

Dr. William Scott Grob, an industry veteran, will talk on how to structure and manage an effective compliance function.

Jodie Arthur of Standard Chartered Bank will focus her speech on transaction monitoring principles and scenarios which is of vital importance for AML compliance. There will be two other panels of speakers who will discuss on the topics of ‘Compliance; A Challenge, Burden or Benefit’ and ‘Compliance for Sustainable Growth’.

The panels will comprise the following eminent persons in the industry: Cargills Bank Managing Director/Chief Executive Officer Rajendra Theagarajah, Hatton National Bank Chief Operating Officer D.P.N. Rodrigo, National Development Bank Senior Vice President – Personal Banking and Branch Network Management Sanjaya Perera, Nations Trust Bank Chief Information Officer Nisala Kodippili, Central Bank of Sri Lanka Senior Assistant Director – Legal and Compliance Department Pavithri Vithanage, Sampath Bank Board Integrated Risk Management Committee Chairman Sanjeewa Senananyaka, Ernst & Young Senior Partner Manil Jayasinghe and DFCC Bank Vice President – Compliance/Compliance Officer Chaya Gunarathne.