CB enforces December 31 deadline to update unique ID for depositors

The licensed banks and financial institutions have time until December 31, 2024, to update the unique identification numbers of their existing depositors, according to the Central Bank.

Accordingly, the depositors are required to use the mandatory unique identification numbers when opening or maintaining the deposit accounts with the licensed banks and finance companies.

“All entities, including clubs, associations societies, etc. that have not yet obtained a registration under the relevant authorities, are urged to do so and update the identification number with the respective licensed bank or licensed finance company,” the Central Bank said in a notice.

It cautioned that failure to record the specified unique identification number or the use of alternative identification numbers would cause delays and inconvenience for the depositors when seeking compensation under the Sri Lanka Deposit Insurance Scheme, if and when the licence of a bank or a finance company is cancelled. 

Therefore, all depositors, both individuals and non-personal depositors, are advised to notify their unique identification numbers to the applicable licensed banks and licensed finance companies promptly, if they have not already done so.

The Central Bank mandated all licensed banks and licensed finance companies to record unique identification numbers for all depositors when opening or maintaining deposit accounts from October 1, 2022 and to update the unique identification numbers of the existing depositors. 

In May 2024, the Central Bank issued new Operating Instructions under Banking (Special Provisions) Act No. 17 of 2023, for recording depositors’ unique identification numbers, replacing the previous directions issued in this regard.