Two financial institutions fined Rs. 3 mn

Penalties have been imposed on the Indian Bank and Amana Takaful Life PLC for non-compliance with the provisions of the FTRA (Financial Transactions Reporting Act, No. 6 of 2006).

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The Central Bank of Sri Lanka (CBSL) announced the action taken in respect of the two institutions on the basis of investigations conducted by the Financial Intelligence Unit (FIU) during November to December 2024 period.. The penalty may be prescribed by taking into consideration the nature and gravity of relevant non-compliance of the Institutions, the CBSL declared, adding that regulator for Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT), the FIU collected penalties amounting to Rs. 3 million in total from November to December 2024. The money collected as penalties has been credited to the Consolidated Fund.

Indian Bank has been fined Rs 2 mn for the failure of the Bank to adhere to the FTRA, and rules, regulations and directives issued thereunder as follows; i. The Bank had failed to report several Electronic Fund Transfer (EFT) transactions as of the examination date, where the amount of such transfers exceeded Rupees One Million (Rs.