https://www.sundaytimes.lk/online/news-online/Two-banks-three-jewellers-and-a-real-estate-firm-penalised-for-violating-SLs-money-laundering-rules/2-1152100

Two banks, three jewellers and several others companies have been penalised by the Central Bank for violations under the Financial Transactions Reporting Act, No. 6 of 2006 (FTRA) which cover money laundering and customer identity rules.

A total sum of Rs. 14.6 million has been imposed as penalties by the Financial Intelligence Unit (FIU), the banking regulator said in a statement on Monday.

Cargills Bank was imposed a penalty of Rs. 2 million after it failed to report 18 Electronic Fund Transfer (EFT) transactions where the amount of such transfers exceeded Rs. 1 million or equivalent in any foreign currency, while Indian Overseas Bank was penalised Rs. 1 million for failing to report 13 transactions

Swarnamahal Jewellers Ltd and Colombo .Jewellery Stores (Pvt) Ltd were imposed penalties of Rs, 2 million and Rs. 500,000 respectively for failing to follow due diligence of customers. Another jeweller - Zay’s (Pvt) Ltd was filed Rs. 100,000.

Harbour Village (Pvt) Ltd was filed Rs. 1 million. The real estate company is involved in property development, particularly the Marina Square Uptown Colombo project.

LB Finance PLC, LOLC Securities Ld, Janashakthi Finance PLC, Citizens Development Business Finance PLC and Sanasa Life Insurance Company PLC were imposed fines ranging from Rs.1 million to Rs. 3 million for offences under the same law.