Awareness Programme on Customer Due Diligence (CDD) New Rules
Financial intelligence Unit of Sri Lanka conducted awareness programme on Customer Due Diligence (CDD) New Rules at the Central Bank’s conference hall for the Compliance Officers of reporting institutions and the relevant officers of Regulatory Authorities such as Bank Supervision Department, Department of Supervision of Non-Bank Financial Institutions and the Securities and Exchange Commission of Sri Lanka during April 26, 28 and 29, 2016. 191 delegates actively participated the three sessions conducted on this programme.
Eighth Meeting of BIMSTEC Sub Group on Combating the Financing of Terrorism
The Eighth Meeting of the BIMSTEC Sub-Group on Combating the Financing of Terrorism was held at the Galle Face Hotel, Colombo from 16-17 March 2016. The meeting was hosted by the Financial Intelligence Unit of Sri Lanka in coordination with Ministry of External Affairs. Mr. Arjuna Mahendran, Governor of the Central Bank of Sri Lanka delivered the key note address of the meeting. The meeting was attended by about 31 delegates from seven member countries and chaired by Mr. H Amaratunga, Director, FIU-Sri Lanka.
Video Watch the Inaugural Session
A Recent Incident of Attempted Wire Transfer Fraud Highlighted the Importance of Undertaking Proper KYC/CDD
As per the Section 2(2) of the Financial Transactions Reporting Act No 6 2006 (FTRA), all financial institutions have to identify and verify the identity of all their customers based on the Know Your Customer/ Customer Due Diligence Rules (KYC/CDD) issued by the Financial Intelligence Unit (FIU) Sri Lanka.
Further, as per the Section 7 of the FTRA, every financial institution is required to file a suspicious transactions report with the FIU promptly if it identifies any transaction which is unusual/suspicious.
FIU Sri Lanka Signs MOU with FIU Panama
The FIU-Sri Lanka signed a Memorandum of Understanding (MOU) with Financial Analysis Unit of Panama (Financial Intelligence Unit of Panama) on February 02 2016, on the sidelines of the Egmont Group of Financial Intelligence Units’ Meetings held in Monte Carlo, Monaco. This MOU was signed in terms of the provisions of the Financial Transactions Reporting Act No 6 of 2006 to share financial intelligence to counter Money Laundering and Financing of Terrorism. The FIU-Sri Lanka has signed MOUs with 29 FIUs so far.
AML/CFT Symposium for Financial Sector, December 2015
The Financial Intelligence Unit – Sri Lanka in collaboration with the Association of Compliance Officers of Licensed Banks – Sri Lanka (ACOB) conducted the AML/CFT Symposium for Financial Sector at the auditorium of People’s Bank, Colombo 01 on December 11, 2015. Mr. P Samarasiri, Deputy Governor delivered the key note address. Resource persons from the World Bank and senior officers of Attorney General’s Department made the presentations on various topics followed by panel discussions. More than 190 participants from Financial Institutions attended the sessions.
Simplification of Customer Due Diligence Measures, December 2015
A workshop on Customer Due Diligence (CDD) measures organized by the Financial Intelligence Unit – Sri Lanka was held at the Centre for Banking Studies (CBS) - Central Bank of Sri Lanka (CBSL), Colombo during December, 08 - 10 2015. The resource persons from the World Bank conducted the workshop. Participants were consisted of the private sector, regulators, officers of Attorney General’s department and Legal Draftsman’s Department. The workshop was mainly to discuss the new Risk-Based CDD rules for the Financial Sector.
Report on National Risk Assessment on ML/TF
The stakeholders can download the sanitized version of the report on first National Risk Assessment (NRA) on Money Laundering (ML) and Terrorist Financing (TF) conducted with the assistance of the World Bank by the working groups of eighty members representing various organizations such as Law Enforcement Agencies, Regulatory Authorities of financial sector and non-financial sector, and the private sector.
2nd Mutual Evaluation of Sri Lanka on ML/TF
The second Mutual Evaluation (ME) on Sri Lanka was conducted in 2014 by the APG with the intention of assessing the Sri Lanka’s AML/CFT framework vis-à-vis the new FATF standards of 2012 on AML/CFT. Sri Lanka’s AML/CFT legal and institutional framework as well as the effectiveness of its implementation was assessed by a panel of 8 experts representing APG member countries and the APG Secretariat. The report was adopted at the APG Plenary held in Auckland, New Zealand in July, 2015.
Keynote Address: The Changing Regulatory Landscape of AML Compliance
Fintelekt (pvt) Ltd. (India) hosted the annual Anti-Money Laundering Summit at Taj Samudra, Colombo on April 23, 2015. The keynote address of this event was delivered by Mr. H Amaratunga, Director Financial Intelligence Unit of Sri Lanka. This forum provided an opportunity for the participants to discuss on various aspects of AML and CFT related to the banking and financial services industry in Sri Lanka.
The Financial Intelligence Unit (FIU) of Sri Lanka was established in March 2006 as an autonomous body under the Ministry of Finance and Planning. The FIU was reorganized as a Department in the Central Bank of Sri Lanka in February 2007 and then functions as an independent institution within the Central Bank’s framework and administrative structure.
To be the trusted and respected single agency with commitment to excellence in establishing the framework for Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) in Sri Lanka.
To administer, effectively, the provisions of the Financial Transactions Reporting Act by facilitating the prevention, detection, investigation and prosecution of the offences related to money laundering and the terrorist financing.