Softlogic Finance clarifies on CB’s punitive action

Wednesday, 13 January 2021 00:00 - - {{hitsCtrl.values.hits}}

The Central Bank of Sri Lanka recently issued a statement on penalties imposed against several financial institutions, including Softlogic Finance PLC for non-compliance with regulatory requirements during the second half of 2020.

Softlogic Finance in a statement yesterday said it wishes to clarify that the fine imposed by the Financial Intelligence Unit (FIU) of the Central Bank was due to a shortcoming in the core operating system of the company in relation to screening the United Nations Sanctions List. This procedural shortcoming was met by Softlogic Finance in October 2020, and the system updated according to the directives stipulated by the Central Bank.

“Softlogic Finance PLC is committed to upholding effective anti-money laundering standards, and as a responsible corporate entity, has established an Anti-Money Laundering Policy to ensure the identification and mitigation of money laundering risks. The company further reiterates its continued commitment to fully comply with all regulatory directives by the Central Bank of Sri Lanka,” the statement by the company added.