Financial Intelligence Unit of Sri Lanka

Reporting Institutions >> Financial Institutions

Financial Institutions

Financial Institution (FI)	Description
Licensed Commercial Banks (LCBs)	LCBs registered under Banking Act No. 30 of 1988 in order to carry out banking business of receiving funds from the public through the acceptance of money deposits, payable upon demand by cheque, draft, order or otherwise, and the use of such funds for advances, investments or any other operation authorized by law, are coming under this.
Licensed Specialized Banks (LSBs)	LSBs registered under Banking Act No. 30 of 1988, are coming under this. These banks are authorized to engage in funding industrial activities, agricultural activities, real estate activities or other economic activities other than accepting and maintaining time and savings deposits.
Licensed Finance Companies (LFCs)	LFCs registered under Finance Business Act No. 42 of 2011 to carry out business of acceptance of deposits and lending of money and/or investment of money are fallen into this category.
Stock Brokers(SBs)	Stock Brokering Companies listed under Securities and Exchange Commission of Sri Lanka Act, No. 36, participating in securities issues on behalf of a client and the provision of financial services related to such issues are included here.
Insurance Companies (ICs)	Insurance Companies registered with the Insurance Regulatory Commission of Sri Lanka are pertaining to this category.
Money or Value Transfer Service (MVTS) Providers	MVTS Providers who involve in transfer of money or value are coming under this category.
Restricted Dealers (RDs) (formerly Authorized Money Changing Companies)	Companies authorized to buy and exchange foreign currency notes, encash Traveler’s Cheques, and/or sale foreign currency notes in terms of the provisions of the Foreign Exchange Act, No. 12 of 2017 are included in this category.

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Rules & Directions

Year	Description	Applicability
2020	Direction No; 01/2020 - Contacting compliance officials during weekends/ Public and Bank holidays	LCB, LSB
2019	Insurers (Customer Due Diligence) Rules, No. 1 of 2019 - Extraordinary Gazette No. 2123/14, May 13 of 2019 Sinhala Tamil English	IC
2018	Amendments to the Rules for Financial Institutions (Customer Due Diligence) Rules, No. 1 of 2016 - Extraordinary Gazette No 2092/02, October 08 of 2018 Sinhala Tamil English	All FIs
2016	Rules for Financial Institutions (Customer Due Diligence) Rules, No. 1 of 2016 - Extraordinary Gazette No 1951/13, January 27 of 2016 Sinhala Tamil English	All FIs
2007	KYC/ CDD Rules for the Insurance Industry	IC

Circulars

Year	Description	Applicability
2022	Circular 01/2022 – Amendment to the Guidelines for Financial Institutions on CCTV Operations for AML/CFT Purposes, No. 2 of 2021	All FIs
2021	Circular 04/2021 – Deposits made under the Finance Act, No. 18 of 2021	LCB, LSB
2021	Circular 03/2021 – Additional measures to mitigate the emerging Money Laundering/ Terrorist Financing risks during the third wave of the COVID-19 Pandemic	All FIs
2021	Circular 02/2021 – Trends in Foreign Currency Outflows via ATMs: Cash withdrawals in Overseas	All FIs
2021	Circular 01/2021 – Implementation of AMI/CFT measures on parties involved with online payment platforms	All FIs
2020	Circular 03/20 - Financial Institutions are advised to be vigilant to emerging Money Laundering/ Terrorist Financing risks	LCB, LSB, LFC
2020	Circular 02/20 - Extraordinary Measures of Extending the Deadline for Submission of Threshold Reports - Second Extension	All FIs
2020	Circular 01/20 - Extraordinary Measures of Extending the Deadline for Submission of Threshold Reports	All FIs
2019	Circular 02/19 - Debiting Withholding Taxes from Suspended Accounts	LCB, LSB, LFC
2019	Conducting Enhance Due Diligence with respect of the Non-Governmental Organizations, Not-for-Profit Organizations or Charities under Financial Institutions (Customer Due Diligence) Rules, No. 1 of 2016	LCB, LSB
2018	Procedure of Conducting Risk Based Onsite Examinations, Circular No. 01 of 2018	LCB, LSB, LFC
2017	Re-establishment of Link between Banks of Iran and Sri Lanka	All FIs
2016	Definitions/ Clarifications for the Financial Institutions (Customer Due Diligence) Rules No. 01 of 2016	All FIs
2015	Reporting of Foreign Inward Remittances	LCB, LSB
2014	Prevention and Suppression of Terrorism and Terrorist Financing Obligations of Reporting Institutions - Authorized Money Changers	RD
2014	Prevention and Suppression of Terrorism and Terrorist Financing Obligations of Reporting Institutions (UNSCR 1373) - Licensed Banks and Licensed Finance Companies	LCB, LSB, LFC
2014	Prevention and Suppression of Terrorism and Terrorist Financing (UNSCR 1373) - Obligations of Stock Brokers	SBs
2014	Prevention and Suppression of Terrorism and Terrorist Financing (UNSCR 1373) - Obligations of Insurance Companies	IC
2013	Public Statement by the Financial Action Task Force (FATF) - Licensed Banks, Licensed Finance Companies, Insurance Companies & Stock Brokers	LCB, LSB, LFC, IC, SBs
2013	Prevention and Suppression of Terrorism and Terrorist Financing Obligation of Reporting Institutions - All Licensed Banks & Licensed Finance Companies	LCB, LSB, LFC
2013	Prevention and Suppression of Terrorism and Terrorist Financing Obligation of Reporting Institutions - Insurance Companies	IC
2013	Prevention and Suppression of Terrorism and Terrorist Financing Obligation of Reporting Institutions - Stock Brokering Companies	SBs
2012	Revisions to 40+9 Recommendations of the FATF - Licensed Banks, Licensed Finance Companies, Insurance Companies & Stock Brokers	LCB, LSB, LFC, IC, SBs
2012	Notification from the FIU of the St. Vincent and the Grenadines - Licensed Banks	LCB, LSB
2012	Compliance with the Reporting Requirements under the FTRA (STR) - Stock Brokers	SBs
2012	Compliance with the Reporting Requirements under the FTRA (STR) - Insurance Companies	IC
2012	Compliance with the Reporting Requirements under the FTRA (STR) - Licensed Finance Companies	LFC
2012	Compliance with the Reporting Requirements under the FTRA (STR) - Licensed Banks	LCB, LSB
2011	Auditors declaration on establishment of Audit Functions - Licensed Banks, Licensed Finance Companies, Insurance Companies & Stock Brokers	LCB, LSB, LFC, IC, SBs
2011	Compliance with the reporting requirement under Section 7 of the FTRA - Licensed Finance Companies	LFC
2011	Revisions to Extraordinary Gazette Notification No. 1699/10 - KYC/CDD Rules No. 01 of 2011 - Licensed Banks	LCB, LSB
2010	Web based information reporting system for the Insurance Companies	IC
2010	Web based information reporting system for the Stock Brokers	SBs
2009	Compliance with the Section 2 of the FTRA - (for LBs)	LCB, LSB
2009	Compliance with the Section 2 of the FTRA - (for RFCs)	LFC
2009	Inclusion of the Tamil Foundation among the list of Terrorist Organizations in US - Licensed Banks	LCB, LSB
2009	AML/CFT Compliance Functions of the Insurance Industry	IC
2009	Web Based Reporting System for LCBs & LSBs	LCB, LSB
2009	Web Based Reporting System RFCs	LFC
2008	Compliance with rules on CDD for Financial Institutions - Licensed Banks	LCB, LSB
2008	Compliance with Reporting Requirement (Amended) - Licensed Banks & Licensed Finance Companies	LCB, LSB, LFC
2008	Inclusion of the World Tamil Movement among the list of Terrorist Organizations in Canada - Licensed Banks	LCB, LSB
2008	Use of Banking System by Institutions and Persons not authorised to accept deposits - Licensed Banks	LCB, LSB
2008	Compliance with reporting requirement of FTRA-Securities Industry	SBs
2008	Compliance with reporting requirement of FTRA-Insurance Industry	IC
2007	Compliance with KYC/CDD Rules for New Customers and existing Customers - Licensed Banks & Licensed Finance Companies	LCB, LSB, LFC
2007	Compliance with the reporting requirements under the FTRA - Licensed Banks & Licensed Finance Companies	LCB, LSB, LFC
2007	Light a million candles campaign-Offences against Children - Licensed Commercial Banks	LCB
2007	Mandatory Reporting Requirements-Electronic Fund Transfers - Licensed Commercial Banks	LCB
2006	Compliance with the reporting requirement under the FTRA No 6 of 2006 - Licensed Banks & Licensed Finance Companies	LCB, LSB, LFC
2006	Section 312 & Section 319 of the Patriot Act. - Licensed Banks	LCB, LSB
2006	FTRA No. 06 of 2006 Submission of Data - Licensed Banks	LCB, LSB
2006	Financial Transactions Reporting Act (FTRA) No. 06 of 2006 - Licensed Banks	LCB, LSB
2006	CDD for Inward Remittance - Licensed Banks	LCB, LSB

Guidelines

Year	Description	Applicability
2021	Guidelines for Financial Institutions on CCTV Operations for AML/CFT Purposes, No. 2 of 2021	All FIs
2020	Guidelines for Non Face-to-Face Customer Identification and Verification Using Electronic Interface Provided by the Department for Registration of Persons, No. 03 of 2020 Revised Guidelines for Non Face-to-Face Customer Identification and Verification Using Electronic Interface Provided by the Department for Registration of Persons, No. 03 of 2020 Repealed	All FIs
2020	Scenario based LankaFIN Reporting Guideline for LFCs, ICs and SBs, No. 01 of 2020	LFC, IC, SBs
2019	Guidelines on Identification of Politically Exposed Persons, No. 03 of 2019	All FIs
2018	Guidelines, No. 7 of 2018 on Implementing United Nations (Sanctions in relation to Iran) Regulations No. 1 of 2018	All FIs
2018	Guidelines for Financial Institutions on Suspicious Transactions Reporting, No. 06 of 2018	All FIs
2018	Guideline, No. 5 of 2018 on Implementing United Nations (Sanctions in relation to Democratic People’s Republic of Korea) Regulations of 2017	All FIs
2018	Guidelines for Financial Institutions on Identification of Beneficial Ownership, No. 04 of 2018	All FIs
2018	Guidelines on ML & TF Risk Management for Financial Institutions, No. 01 of 2018	All FIs
2017	Guidelines on AML / CFT Compliance Obligations for Money or Value Transfer Service Providers, No. 01 of 2017	MVTS