Title: New Circulars and Guidelines Issued by Sri Lanka’s Financial Intelligence Unit for AML/CFT Compliance

Summary of Key Circulars and Guidelines Issued by the Financial Intelligence Unit (FIU) of Sri Lanka (2023-2024)

In an ongoing effort to strengthen Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) measures in Sri Lanka, the Financial Intelligence Unit (FIU) of the Central Bank of Sri Lanka has issued new circulars and guidelines. Below is a summary of the key circulars and guidelines issued during the years 2023 and 2024:

Guidelines for Attorneys at Law and Notaries (Guidelines 02/2023)

This guideline focused on enhancing AML & CFT compliance for Attorneys at Law and Notaries, with the objective of strengthening their role in the fight against money laundering and terrorist financing.

Necessity of Updating Risk Assessment Reports (Guideline – Not Mentioned in Original Text)

Instructions were provided to reporting entities on the need to review and update their risk assessment reports regularly.

Circulars Issued in 2023

Circular 03/2023

A reminder to reporting entities to adhere to previously issued guidelines and reporting formats under the Financial Transactions Reporting Act (FTRA) No. 06 of 2006.

Circular 02/2023

Institutional compliance of the real estate sector under the FTRA, emphasizing the need for due diligence and vigilance.

Circular 01/2023

This circular called for reporting entities to rectify compliance lapses and ensure strict adherence to the FTRA guidelines.

Circular 01/2024

To ensure effective monitoring and reporting under the FTRA, the FIU issued this circular, providing clarity and instructions on adhering to necessary reporting procedures.

These guidelines and circulars illustrate the FIU’s commitment to enhancing AML/CFT compliance measures in Sri Lanka and maintaining an effective financial system free from illicit activities. The mentioned documents are available for download on the FIU’s official website for public access and implementation by reporting entities.