Compliance Symposium 2025 unites LFC sector around stronger, smarter compliance future

Moderator: Singer Finance CEO Thushan Amarasuriya, CBSL - Supervision of Non-Bank Financial Institutions Director R.M.C.H.K. Jayasinghe, CBSL Bank Supervision Department Director Rukshana Jayatillake, People’s Leasing and Finance Director Sathananthan Sudarshan and CDB Finance Director Roshan Abeygoonewardena at the Panel

Moderator: LOLC Finance Head of Compliance Jithendra Gunatilake, CBSL Financial Intelligence Unit Director Dr. Subhani Keerthiratne, CBSL Financial Intelligence Unit Additional Director Dr. Ayesh Arlyasinghe and  Siyapatha Finance Director Jayanath Gunawardena at the Panel

Moderator: Daily FT Editor and CEO Nisthar Cassim, Nestle Lanka Asst. Director - Legal and Regulatory Keerthi Pathiraja, Enprivacy Founder and CEO Ranuk Mendis, Dialog Axiata Head of Contracts and Regulatory Shenuka Jayalath amd Sri Lanka CERT Legal Committee DPA Chair  Jayantha Fernnado at the Panel

Central Bank Governor Dr. Nandalal Weerasinghe 

FHA Chairman Arjuna Gunawardana

The Compliance Forum of the Finance Houses Association of Sri Lanka (FHA) successfully hosted the Compliance Symposium 2025 on 17 June at the Ballroom of the Galadari Hotel, Colombo. 

Under the theme “Compliance for a Better Tomorrow,” the symposium brought together over 250 professionals representing all 32 Licensed Finance Companies (LFCs) — a powerful demonstration of unity, shared vision, and the sector’s commitment to ongoing professional development.

The event was graced by Central Bank Governor Dr. Nandalal Weerasinghe, who delivered an impactful keynote address. 

Dr. Weerasinghe emphasised that regulatory compliance is not merely a supervisory expectation, but a cornerstone of institutional resilience and financial sector stability. He highlighted the importance of empowering compliance functions as independent, authoritative pillars within organisations — capable of challenging decisions, influencing governance, and steering institutions towards ethical and sustainable operations.

He further noted that the true strength of a compliance culture lies not in external enforcement alone, but in internal ownership — where financial institutions embrace compliance as a leadership responsibility rather than a regulatory burden. “Everything does not need to come from the regulator,” he remarked, urging institutions to proactively adopt ethical standards and best practices, even in the absence of formal mandates.

Dr. Weerasinghe commended the Compliance Forum for its leadership and foresight, stating that initiatives like the Compliance Symposium help lay the foundation for a stronger, smarter, and more forward-looking financial industry — where integrity, accountability, and professionalism are not only values, but operational imperatives.

The symposium was further honoured by the presence of Deputy Governor Dr. J. P. R. Karunaratne and Assistant Governor C. P. S. Bandara, reflecting the Central Bank’s continued support for capacity building and sectoral excellence.

Hosted by the Compliance Forum — which held its inaugural symposium in 2018 — this year’s event marked a significant milestone in the LFC sector’s compliance journey. 

Compliance Forum Chairperson and People’s Leasing and Finance PLC Chief Compliance Officer Zairaa Kaleel, who also led the 2018 initiative, opened the event with a powerful address. She highlighted the evolution of the compliance function, emphasising that the Forum’s initiatives are grounded in collaboration, capacity building, and proactive leadership. From conducting nationwide training programs with regulatory bodies, introducing a biannual newsletter, and launching the sector’s first-ever Compliance Quiz, to supporting the development of a tailored Certificate Program in Compliance through IBSL, the Forum has consistently worked to uplift industry standards. A landmark achievement was the formal release of the AML/CFT Code of Conduct — making the LFC sector the first among all FIU-reporting institutions to adopt such a code. 

Kaleel also announced the launch of a consolidated Handbook for Compliance Officers, designed to simplify regulatory referencing. Acknowledging the contribution of fellow founding members and the resurgence of the committee with renewed purpose, she remarked, “Compliance is not just about ticking regulatory boxes — it’s about building trust, embedding ethical leadership, and future-proofing our institutions,” echoing the symposium’s timely theme: Compliance for a Better Tomorrow.

FHA Chairman and Central Finance PLC CEO/MD Arjuna Gunawardana, addressed the gathering with a firm message: “Compliance must no longer be viewed as a mere obligation. It demands a mindset shift — one that places integrity and long-term sustainability at the core of every decision.”

A notable highlight of the event was the official unveiling of the Handbook for Compliance Officers, a consolidated reference guide developed by the Compliance Forum to assist professionals in navigating regulatory requirements with clarity and confidence. This comprehensive resource compiles key directions and guidelines issued by the Department of Supervision of Non-Bank Financial Institutions, the Financial Intelligence Unit, the Deposit Insurance and Resolution Department, the Financial Consumer Relations Department, and the Payments and Settlements Department. The unveiling was carried out by CBSL Governor Dr. Nandalal Weerasinghe together with FHA Council Member in charge of the Compliance Forum and CDB Finance PLC Executive Director Roshan Abeygunawardena, Compliance Forum Chairperson Zairaa Kaleel, Treasurer and CDB Finance PLC Deputy General Manager Dharshana Amerasinghe. The launch of this handbook reflects the Forum’s dedication to strengthening compliance capabilities across the sector through practical tools and shared knowledge.

Throughout the day, participants engaged in three dynamic panel discussions, and listened to expert speakers who addressed some of the most critical issues facing the financial sector today:

•  The evolving role of compliance officers in modern governance (The Role of Compliance Officers in an Evolving Regulatory Landscape)

Speaker: Central Bank of Sri Lanka Director, Department of Supervision of Non-Bank Financial Institutions R.M.C.H.K. Jayasinghe 

• Strategic approaches to AML/CFT (Anti-Money Laundering Strategies for Financial Institutions)

Speaker: Central Bank of Sri Lanka Director, Financial Intelligence Unit (FIU) Dr. Subhani Keerthiratne  

• Data protection imperatives (Data Protection and Privacy in the Financial Sector)

Speaker: Enprivacy Founder / CEO Ranuk Mendis  

• Technology integration within regulatory frameworks (Technology and Compliance – Navigating Innovation and Regulation)

Speaker: LB Finance PLC Independent Non-Executive Director and BDO Partners Deputy Managing Partner Ashane Jayasekara

The symposium also included robust panel discussions exploring practical challenges and regulatory expectations around:

The evolving role of compliance officers in modern governance (The Role of Compliance Officers in an Evolving Regulatory Landscape) Panellist and Moderator: 

1. Central Bank of Sri Lanka Director, Department of Supervision of Non-Bank Financial Institutions R.M.C.H.K.Jayasinghe  

2. Central Bank of Sri Lanka Director, Bank Supervision Department Rukshana Jayatillake  

3.CDB Finance PLC Executive Director Roshan Abeygoonewardena 

4. People’s Leasing and Finance PLC Independent Non-Executive Director Sathananthan Sudarshan 

Moderator: Singer Finance (Lanka) PLC CEO Thushan Amarasuriya  

Strategic approaches to AML/CFT(Data Protection and Privacy in the Financial Sector)

Panellist and Moderator: 

1. Central Bank of Sri Lanka Director, Financial Intelligence Unit Dr. Subhani Keerthiratne  

2. Central Bank of Sri Lanka Additional Director, Financial Intelligence Unit Dr. Ayesh Ariyasinghe  

3. Siyapatha Finance PLC Independent Non-Executive Director Jayanath Gunawardena  

4. Fintelekt Advisory Services Ltd. Managing Director Shirish Pathak 

Moderator: LOLC Finance PLC Head of Compliance Jithendra Gunatilake  

Data protection imperatives (Data Protection and Privacy in the Financial Sector)

Panellist and Moderator: 

1. Enprivacy Founder/ CEO Ranuk Mendis 

2. Sri Lanka Computer Emergency Readiness Team Chair, Legal Committee Data Protection Authority/ Director Jayantha Fernando  

3. Dialog Axiata PLC Head Contracts and Regulatory - Group Legal and Regulatory Shenuka Jayalath  

4. Nestle Lanka Ltd. Assistant Director, Legal and Regulatory/Company Secretary Keerthi Pathiraja  

Moderator: Daily FT Senior Journalist/CEO Nisthar Cassim  

Participants praised the event for its depth, relevance, and real-world applicability, as well as for the inclusive, sector-wide participation it fostered. It also provided a platform for key stakeholders — regulators, practitioners, and policy influencers — to deliberate on aligning compliance functions with strategic goals.

The forum proudly showcased several of its recent achievements, including the development of a dedicated Code of Conduct on AML/CFT — a first among all FIU-supervised reporting institutions. This was formally handed over to the Director of the FIU, further reinforcing the sector’s proactive approach to setting regulatory benchmarks.

In addition, the forum’s biannual newsletter, the launch of the first-ever sector-wide Compliance Quiz, and contributions to the Certificate Program in Compliance developed by the Institute of Bankers of Sri Lanka (IBSL) were highlighted as key initiatives aimed at strengthening industry knowledge and engagement.

As the curtains closed on a successful day, the message was clear: compliance is no longer a reactive function — it is the driver of trust, stability, and sustainable growth.

Pix by Upul Abayasekara