FIU imposes penalties to finance companies for violation of customer due diligence rules

Jan 11, 2021 (LBO) – Financial Intelligence Unit (FIU) as the regulator for Anti-Money Laundering and Countering the Financing of Terrorism in the country, has imposed penalties amounting to Rs. 2.3 million in total for the period from 01.

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06.2020 to 31.12.2020 to enforce compliance on financial institutions.
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The Monetary Board of the Central Bank has decided to publish the penalties imposed on the financial institutions in order to improve the AML/CFT compliance level in the country.

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Penalties were imposed mainly on the violations of Financial Institutions (Customer Due Diligence) Rules, No. 1 of 2016 in relation to sanctions screening.

Details of the penalties imposed by the FIU from 01.06.2020 to 31.12.2020 are as follows:

Date of ImpositionInstitutionAmount (LKR)
15.10.2020Richard Pieris Finance Ltd300,000.00
04.11.2020Softlogic Finance PLC1,000,000.00
25.11.2020Siyapatha Finance PLC1,000,000.00
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