Central Bank to function as regulatory authority of money or value transfer service providers

Central Bank of Sri Lanka will function as the regulatory and supervisory authority of Registered Money or Value Transfer Service (MVTS) providers.

Accordingly, CBSL may carry out supervision of any Registered MVTS Provider and issue requirements on any one or more Registered MVTS Providers regarding the manner in which any aspect of their business is to be conducted.

Any potential or existing MVTS Provider that falls within these new requirements is requested to take necessary action to comply with the same on a timely basis.

For the purpose of these Regulations, MVTS is defined as “financial services that involve the acceptance of cash, cheques, other monetary instruments or other stores of value and the payment of a corresponding sum in cash or other forms to a beneficiary by means of communication, message, transfer, or through a clearing network to which the registered MVTS Provider belongs. Such transactions may involve one or more intermediaries and a final payment to a third party, and may be from place to place, within, to or from Sri Lanka or any other country”.

MVTSPressRelease-e

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