As the regulator for Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) in Sri Lanka, the Financial Intelligence Unit (FIU) has imposed penalties, totaling to Rs. 4.0 million for the period from 1 January 2021 to 31 March 2021 to enforce compliance on Financial Institutions.
Penalties have been imposed mainly on the violations of Financial Institutions (Customer Due Diligence) Rules, No. 1 of 2016 in relation to the United Nations sanctions screening, customer identification and verification, Suspicious Transactions Reporting and implementation of proper risk controls and mitigation measures.
Details of the penalties imposed by the FIU from 1 January 2021 to 31 March 2021 are as follows.
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