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Two finance companies have been slapped with administrative penalties amounting to Rs.1.5 million all through the remaining quarter of 2021 for the violation of the provisions of Financial Transactions Reporting Act, No. 6 of 2006 (FTRA).
A penalty of Rs. 1 million was imposed on Orient Finance PLC and a wonderful of Rs. 500,000 was slapped onLanka Credit history and Business Finance Restricted.
The penalties gathered by the Fiscal Intelligence Unit (FIU) of the Central Bank— Sri Lanka’s regulator for Anti-Income Laundering and Countering the Funding of Terrorism (AML/CFT)—have been credited to the Consolidated Fund.
FIU said Orient Finance PLC and Lanka Credit score and Business Finance Confined had failed to put into practice methods and techniques to retain the entire list of selected folks and entities beneath relevant United Nations Protection Council Resolutions (UNSCRs).
The companies had also failed to screen their prospective buyers at the time of onboarding as essential by the customer thanks diligence rules and to display the current purchaser base or existing business interactions when any of the pertinent UNSCR lists have been up-to-date in get to assure that no business marriage was held by or joined to any of the entities or people today provided in the updated designated lists.
The FIU observed that however lapses in units and procedures were noticed, occasions of business associations with selected persons or entities by Orient Finance PLC and Lanka Credit score and Business Finance Limited were not exposed during the on-site examination.
The FIU said since then, Orient Finance PLC and Lanka Credit score and Business Finance Limited have taken motion to rectify the discovered deficiencies and considerable advancement has been created on the implementation of a sanctions screening method in the firms.


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