The Financial Intelligence Unit (FIU) of Sri Lanka has imposed administrative penalties amounting to Rs. 3 million on financial institutions for non-compliance with the Financial Transactions Reporting Act, No. 6 of 2006 (FTRA) during the period from November to December 2024.
As the regulator for Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT), the FIU enforces compliance measures to strengthen financial integrity in the country. The penalties were imposed under Section 19 (1) and Section 19 (2) of the FTRA, taking into account the nature and severity of violations.
Among the penalized institutions, Indian Bank was fined LKR 2,000,000 (Rupees Two Million) on December 18, 2024, for failing to comply with the provisions of the FTRA. The collected penalties have been credited to the Consolidated Fund of Sri Lanka.
The FIU continues to monitor financial institutions to ensure adherence to AML/CFT regulations and urges all reporting entities to strengthen their compliance frameworks to avoid such penalties in the future.
For further details, stakeholders are encouraged to visit the official website of the FIU or contact relevant authorities.
