The penalty will be prescribed by taking into consideration the nature and gravity of relevant non-compliances of the Institutions.

Accordingly, as Sri Lanka's regulator for Anti-Money Laundering and Countering the
Financing of Terrorism (AML/CFT), the FIU collected penalties amounting to Six Million and Five Hundred Thousand Rupees (Rs. 6,500,000) in total from January to June 2025 to enforce compliance on the institutions.

The money collected as penalties was credited to the Consolidated Fund.

The National Savings Bank had failed to report several cash transactions and Electronic Fund Transfer (EFT) transactions, where the amount of such transactions exceeded Rupees One Million (Rs. 1,000,000) or its equivalent in any foreign currency, to the FIU, within the specified period of 31 days.

The Bank had also failed to comply with the suspension orders issued by the FIU and subsequently extended by the High Court of the Western Province, holden in Colombo, by conducting debit transactions through several suspended accounts.

Meanwhile, Bally's had failed to take adequate Customer Due Diligence (CDD) measures for the purpose of identifying, assessing and managing Money Laundering and Terrorist Financing (ML/TF) risk, based on the risk-based approach.

The Company had also failed to obtain a copy of the identification document from the customers who have established business relationships through the online platforms.

The post Fines imposed on Bellagio, Bally's and National Savings Bank appeared first on Colombo Gazette .

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