By virtue of the powers vested under Section 19 (1) read together with section 19 (2) of the Financial Transactions Reporting Act, No. 6 of 2006 (FTRA), financial penalties are imposed on institutions for non-compliance with the provisions of the FTRA.
The penalty may be prescribed by taking into consideration the nature and gravity of relevant non-compliance of the institutions.
As Sri Lanka’s regulator for Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT), the FIU collected penalties amounting to Rs. 3 million from November to December 2024 to enforce compliance on institutions. The money collected as penalties was credited to the Consolidated Fund.
The administrative penalty of Rs. 2 Million was imposed on Indian Bank for the failure of the Bank to adhere to the FTRA, and rules, regulations and directives.
The administrative penalty of Rs. 1 Million was imposed on Amana Takaful Life PLC for the failure of the Company to adhere to the FTRA, and rules, regulations and directives.
