The Central Bank of Sri Lanka (CBSL) has imposed fines totaling Rs. 9.5 million on seven institutions for failing to comply with the Financial Transactions Reporting Act (FTRA).
The penalties were levied on two non-bank finance companies, two banks, a casino, a jewellery firm, and a telecom company. The fines were imposed by the Financial Intelligence Unit (FIU) under AML/CFT regulations and credited to the Consolidated Fund.
The institutions fined include LOLC Finance, Fintrex Finance, Pan Asia Bank, National Development Bank, Rank Entertainment (Casino Marina), Bullion Exchange Jewellers, and Mobitel. The violations involved failures in reporting large transactions, customer screening against UN sanctions lists, and maintaining required AML/CFT controls.
CBSL said that although system and procedural weaknesses were identified, **no business relationships with designated individuals or entities were found during the inspections.
