Six banks slapped with penalties worth Rs.5.5mn

Administrative penalties worth Rs.5.5 have been imposed by the Financial Intelligence Unit (FIU) on six Sri Lankan banks for non-compliance with the provision of the Financial Transactions Reporting Act (FTRA), No.6 of 2006 for the period November 17, 2022 to March 31, 2023.

Accordingly, a Rs.5000, 000 penalty was imposed on Pradeshiya Sanwardhana Bank, and Rs.1 million administrative penalty each on HDFC Bank of Sri Lanka, Seylan Bank PLC, Sampath Bank PLC, Hatton National Bank PLC and People’s Bank.

FIU is Sri Lanka’s regulator for anti -money laundering and countering of terrorism financing (AML/CFT).
The money collected as penalties was credited to the Consolidated Fund, FIU said.