The Financial Intelligence Unit (FIU) of the Central Bank of Sri Lanka (CBSL) issued a press release recently stating that the Unit imposed penalties on a couple of banks/finance companies including Kanrich Finance Ltd., for non-compliance of provisions in the Financial Transactions Reporting Act No. 6 of 2006 (FTRA) inter-alia related updating of United Nations Security Council Resolutions (UNSCR) Sanction lists and Financial Institutions (Customer Due Diligence) Rules as per the FIU rules, regulations and directives.
While acknowledging the regulatory violation, the Company wishes to clarify that this penalty was imposed inter-alia mainly due to a delay in updating and screening the United Nations Security Council Resolutions (UNSCR) Sanction lists. Subsequently, these procedural shortcomings were fully rectified by properly updating the system to comply with the relevant provisions in the FTRA and related FIU directives.
Kanrich Finance Ltd is fully committed to abide by all policies, directions, guidelines and rules set out by the regulatory authorities including the Central Bank of Sri Lanka (CBSL)/Financial Intelligence Unit (FIU) and will ensure complete compliance since this promotes good corporate governance and best ethical practices.
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