Notice to General Public - Pyramid Type Prohibites Schemes

In relation to the examination conducted under Section 83C of the Banking Act, No. 30 of 1988, the Central Bank of Sri Lanka has determined that the entities mentioned in the notice and Directors, Founders and Promoters of the said entities conduct and/or have conducted prohibited schemes in contravention to the provisions of Section 83C of the said Act.

Countering Trade Based Money Laundering Masterclass for Licensed Banks, Law Enforcement Agencies and Regulators in Sri Lanka - January 25-26, 2023

The Asian Development Bank’s Trade and Supply Chain Finance Programme, in collaboration with the Financial Intelligence Unit of Sri Lanka (FIU), organized a two-day workshop for Licensed Banks (LBs), Law Enforcement Agencies (LEAs) and Regulators on countering Trade Based Money Laundering (TBML) during January 25-26, 2023 at the Centre for Banking Studies. Over 100 participants attended the workshop. Officers from LBs together with officers from the Sri Lanka Police, Sri Lanka Customs and FIU participated the first day of the workshop while the second day was dedicated to LEAs and FIU.

The programme was inaugurated with welcome remarks by Mrs. Enoka Mohotty, Director/FIU. Introductory remarks on the ADB’s Trade and Supply Chain Finance Programme and the TBML Pilot Initiative were made by Ms. Neha Noronha, the Relationship Manager for ADB's Trade and Supply Chain Finance Programme in South Asia and Mr. Alexander R Malaket, Executive Consultant of ADB’s Trade and Supply Chain Finance Programme and the President, OPUS Advisory Services International Inc.

Mr. Gavin Coles, an internationally experienced risk and compliance professional with a financial crime focus, and Mr. Nathan Lynch, an experienced trainer, educator, speaker and writer in the fields of money laundering and financial intelligence conducted the workshop and it was assisted by Ms. Catherine D Estrade, AML/CFT Consultant, Private Sector Operations Department of the ADB.

Workshop was successfully concluded with the closing remarks delivered by Mrs. Mohotty, Director/FIU who graciously acknowledged of the role played by resource persons and of the assistance rendered by ADB to address a national concern in combating TBML.

Countering Trade-Based Money Laundering (TBML) MASTERCLASS

A training session on Countering Trade-Based Money Laundering (TBML) will be conducted by the ADB on January 25-26, 2023 with the participation of Banks, Regulators and Law Enforcement Agencies.

How to Protect Your Money from Scams? - January 5, 2023

A public awareness session on "How to Protect Your Money from Scams?" will be broadcasted live on Independent Television Network (ITN) on January 5, 2023 at 7.00 AM.

Click Here to See the Full Video

ML/TF Risk Assessment Workshop for Financial Institutions in Sri Lanka - December 1-2, 2022

The ADB Trade and Supply Chain Finance Programme, in collaboration with the Financial Intelligence Unit of Sri Lanka (FIU), organized a workshop for financial institutions in conducting Money Laundering and Terrorist Financing Risk Assessment for Compliance Officers and representatives of compliance divisions of financial institutions. This training was conducted on December 1, 2022, for licensed banks in Sri Lanka and December 2, 2022, for licensed finance companies, insurance companies, and money or value transfer service providers (MVTS) at the Centre for Banking Studies.

The programme was graced by Dr. Chen Chen, Country Director of Asian Development Bank Resident Mission and Mrs. Nelumani Daulagala, Deputy Governor of the Central Bank of Sri Lanka. Dr. Chen Chen delivered the introductory remarks while Mrs. Nelumani Daulagala emphasized that Compliance Officers together with the Board of Directors need to establish a strong AML/CFT framework within financial institutions.

The key resource person for this training was Mrs. Elizabeth Kelly McCann who has over 15 years of consulting experience specializing in risk management and regulatory risk. She has provided guidance on the development of methodology, implementation and evaluation of risk assessments and risk management. Closing remarks were delivered by Mrs. Enoka Mohotty, the Director of FIU, reemphasizing the importance of adopting the Risk Based Approach within financial institutions.

The two-day training was attended by over 160 participants representing the financial Sector.

High-Level Web Conference for Board of Directors and Senior Management of Licensed Banks, Licensed Finance Companies and Money Value Transfer Service Providers - November 30, 2022

Aimed at discussing growing importance of compliance obligations and responsibilities of the Board of Directors (BOD) and senior management in relation to Anti-Money Laundering & Countering the Financing of Terrorism (AML/CFT), the Financial Intelligence Unit (FIU) conducted a high-level web conference for Board of Directors (BOD) and senior management personnel of Licensed Banks, Licensed Finance Companies and Money Value Transfer Services. This web conference was conducted virtually on November 30, 2022, from 2.00 p.m. to 3.30 p.m

Mrs. Nelumani Daulagala, Deputy Governor of the Central Bank of Sri Lanka in her welcome remarks emphasized the BOD’s responsibility to establish systems and procedures ensuring the financial institutions are not used as conduit for money laundering and terrorist financing. In addition, the key resource persons of the web conference were Ms. Farahnaz Ibrahim, Deputy Director of Supervision, Bank Negara Malaysia and Dr. Mrs. Subhani Keerthiratne, Addl. Director of the FIU.

Mrs. Farahnaz Ibrahim delivered her presentation on the importance of AML/CFT compliance for financial institutions - Malaysian experience, recent trends and success factors while Dr. Mrs. Subhani Keerthiratne in her presentation shared the preliminary findings of the National Risk assessment on ML/TF of Sri Lanka

Closing remarks were delivered by Mrs. Enoka Mohotty, Director of the FIU. The web conference was attended by over 450 participants representing Licensed Banks, Licensed Finance Companies and Money Value Transfer Services.

High-Level Web Conference for Insurance Sector on “Responsibility of Creating a Compliance Culture” - November 4, 2022

Aimed at discussing growing importance of compliance obligations and responsibilities of the Board of Directors and senior management in relation to Anti-Money Laundering & Countering the Financing of Terrorism (AML/CFT), the Financial Intelligence Unit (FIU) in collaboration with the Insurance Regulatory Commission of Sri Lanka (IRCSL) conducted a high-level web conference on the theme of “Responsibility of Creating a Compliance Culture” – November 4, 2022, for Chief Executive Officers (CEOs), Board of Directors (BOD) and senior management personnel of the Insurance Companies. This web conference was conducted virtually on zoom platform November 4, 2022, from 2.00 pm to 4.00 pm.

Mrs. Enoka Mohotty, the Director of FIU, in her Keynote speech, emphasized that the BOD’s responsibility of ensuring the systems and procedures are established to ensure the insurance companies are not used as conduit to money laundering and terrorist financing.

The key resource persons for this web conference were Mr. Rajan Nirubasingham, Director Legal of IRCSL, Mrs. Chamarie Ekanayake, Director Supervision of IRCSL and Dr. Ayesh Ariyasinghe, Deputy Director of the FIU. Mr. Rajan Nirubasingham delivered his presentation on the legal and regulatory requirements of the Insurance Sector while Mrs. Chamarie Ekanayaka delivered an update on the supervisory activities undertaken by the IRCSL. Dr. Ayesh Ariyasinghe emphasized the responsibility of maintaining compliance vigilance by the Insurance Sector. The web conference was attended by over 120 participants representing the Insurance Sector.

Awareness Session for the Members of the Gem and Jewellery Sector on “Obligation to Comply with AML/CFT Requirements for Strengthening Economic Development of the Country” – October 17, 2022

An awareness session on “Obligation to Comply with AML/CFT Requirements for Strengthening Economic Development of the Country” was conducted for the members of Gem and Jewellery Sector on October 17, 2022 from 01.30 pm to 4.00 pm at the Centre for Banking Studies (CBS), Rajagiriya. The objective of the session was to enhance awareness on the implementation of the AML/CFT compliance obligations among the Gem and Jewellery Institutions.

The introductory remarks were made by Mrs. Enoka Mohotty, Director of the Financial Intelligence Unit (FIU), who emphasized the importance of an effective AML/CFT framework for both the country and the gem and jewellry sector.

Next, Mr. P U K Thenuwara, Director General from National Gem and Jewellery Authority (NGJA) delivered a speech on new developments in relation to NGJA and Gem and Jewellery sector.

After that, a presentation on “Obligation of AML/CFT Requirements in Preventing Money Laundering, Terrorist Financing, Proliferation Financing Risks” was conducted by Mr. Chandima Bandara, Senior Assistant Director, Head of the DNFBP Supervision Division, FIU.

Further, Mr. Priyantha Senanayake, Additional Director General of Sri Lanka Customs, Mr. J P K S Liyanage – Assistant Superintendent and officer in charge of Gem Unit from Sri Lanka Customs were present at the session and Mr. P D A L P Saparamadu, Director of Sri Lanka Customs delivered a speech on "Potential Misuse of the Gem and Jewellery Sector for Money Laundering and Examples from the Real World."

During the discussion, Mrs. Enoka Mohotty, Director, FIU and Mr. Chandima Bandara, Senior Assistant Director addressed the concerns raised by the participants. Furthermore, the FIU assured the sector participants continuous AML/CFT awareness for the sector would be carried out in the future with the National Gem and Jewellery Authority’s assistance. Further, Dr. Ayesh Ariyasinghe, Mrs. T D S Pathberiya, Deputy Directors, FIU, Mrs. R T Kotugoda, Mrs. W M T S Lakmali and Mrs. R M M P Rathnayake Assistant Directors of the FIU also attended the session.

Awareness Session for the Members of the Real Estate Sector on “AML/CFT Developments relating to Real Estate Business and Construction Sector” –September 30, 2022

An awareness session on “AML/CFT Developments relating to Real Estate Business and Construction Sector” was conducted for the members of the real estate sector on September 30, 2022 from 12.00 pm to 4.00 pm at the Centre for Banking Studies (CBS), Rajagiriya. The objective of the session was to enhance awareness on the implementation of the AML/CFT compliance obligations within the Real Estate Institutions.

Mrs. Enoka Mohotty, Director, Financial Intelligence Unit (FIU) delivered the opening remarks on the importance of an effective AML/CFT regime for a country as well as for the real estate sector. The presentation on “Implementing AML/CFT Compliance Obligations” was conducted by Mr. Chandima Bandara, Senior Assistant Director, Head of the DNFBP Supervision Division, FIU. In addition, following officials from the Construction Industry Development Authority (CIDA) and SL Police attended the session as guest speakers.

  1. Ms. Muditha Priyanwada Silva, Deputy Director, Construction Industry Development Authority (CIDA)
  2. Mrs. Nalani Dissanayake, Women Chief Inspector of Police, Criminal Investigations Department, SL Police

In addition, Dr. Ayesh Ariyasinghe, Deputy Director, FIU addressed the issues raised by the audience. Furthermore, the FIU noted the concerns raised by the sector participants on the deteriorating macroeconomic conditions adversely affecting the sector, and on implementing AML/CFT compliance obligations. Further, Mrs. S H T Krishani, Assistant Director, CIDA, Mrs. R T Kotugoda, Mrs. W M T S Lakmali and Mrs. R M M P Rathnayake Assistant Directors of the FIU also attended the session.

First Session of the Anti-Money Laundering Webinar Organized by Sri Lanka Institute of Internal Auditors– February 28, 2022

At the invitation of the Sri Lanka Institute of Internal Auditors (IIA), Mrs. D R Karunaratne, Director of the FIU, delivered the keynote address at the first virtual session of a two-seasoned webinar on "Anti Money Laundering”on February 28, 2022.

The main session was conducted by Mr. A W U C N Bandara, Senior Assistant Director of the FIU, on the theme of "Anti Money Laundering and Countering the Financing of Terrorism (AML/CFT)" which focused on raising awareness about money laundering, do's and don'ts, legislative framework on AML, individual and financial institution responsibility for AML, and the role and responsibility of internal auditors relating the AML.

Following the keynote address and the main session a Q and A session was held and it was focused on current and emerging AML concerns and compliance requirements of the professionals. IIA's efforts to raise awareness on AML are commendable and vital for strengthening the country's AML/CFT framework.

Awareness Session for the Officials of ROC on "ML/TF Risk, AML/CFT Framework of the Country and the Role of FIU"- 8th and 9th of February, 2022

An awareness session on “ML/TF Risk, AML/CFT Framework of the Country and the Role of FIU" was conducted for the officials of the Department of Registrar of Companies (ROC) on 8th and 9th of February, 2022 at ROC to enhance awareness on Money Laundering and Terrorist Financing (ML/TF) Risk, Anti Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework and role of the FIU.

Mr. Sanjeewa Dissanayake, Registrar General of Companies chaired the session and delivered the opening remarks on the importance of an AML/CFT regime for a country. The presentation on “Introduction to ML/TF, AML/CFT framework in Sri Lanka and Role of the FIU” was conducted by Mr. Chandima Bandara, Senior Assistant Director, FIU and the presentations on “Financial Transactions Reporting Act, No. 6 of 2006 and Customer Due Diligence Rules” and “Guidelines issued by FIU for Trust or Company Service Providers and Beneficial Ownership” were jointly conducted by Ms. Malsha Rathnayake and Ms. Thilini Lakmali, Assistant Directors of the FIU, respectively. Mr. Ayesh Ariyasinghe, Deputy Director, FIU highlighted the need to have a good understanding of the concept of ultimate beneficial owners of legal persons and shared his experience with the participants.