Sri Lanka Central Bank establishes legal and compliance Dept

Central Bank of Sri Lanka Logo

June 12, 2015 (LBO) – The Central Bank of Sri Lanka said that it has established a ‘legal and compliance department’ to entrust the discharge of duties under several legislative enactments which provide powers relating to the supervision and control of banking institutions, non-bank financial institutions and leasing companies.

Accordingly, this department is expected to deal with a wide array of issues that will help the bank to have a ‘compliance culture’, the bank said.

The staff of the department will be trained and qualified in the legal field along with the knowledge of the economic and financial subjects.

The department will work together to advise the several departments of the CBSL on legal issues and to represent the bank in courts and in other legal fora.