Wednesday Dec 11, 2024
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Sri Lanka’s regulator for Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT), the FIU said yesterday it collected penalties worth Rs. 2.7 million from May to October 2024 to enforce compliance on Institutions.
The money collected as penalties was credited to the Consolidated Fund.
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), 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 Institutions.
The details of the action is as follows:
MCB Bank Ltd.
Date of imposition: 26 July 2024
Amount: Rs. 1,000,000.00
Date of payment: 08 August 2024
Reason for the imposition of the penalty:
The administrative penalty was imposed for the failure of the Bank to adhere to the FTRA, and rules, regulations and directives issued thereunder as follows;
Bank of China Ltd.
Date of imposition: 10 September 2024
Amount: Rs. 1,000,000.00
Date of payment: 20 September 2024
Reason for the imposition of the penalty:
The administrative penalty was imposed for the failure of the Bank to adhere to the FTRA, and rules, regulations and directives issued thereunder as follows;
Vogue Jewellers Ltd.
Date of imposition: 02 October 2024
Amount: Rs. 750,000.00
Date of payment: 10 October 2024
Reason for the imposition of the penalty:
The administrative penalty was imposed for the failure of the Company to adhere to the FTRA, and rules, regulations and directives issued thereunder as follows;
nFurther, the Company had failed to maintain and retain records of identification documents of customers as required by the Section 4(1) (b) of the FTRA and Rule 38(1) of the CDD Rules.