Regulatory Alerts2024-06-28 | Banking Act Determination No. 02 of 2024Amendments to Banking Act Determination No. 01 of 2019 on Fitness and Propriety Assessments for Bank Executives
The Central Bank of Sri Lanka issued Banking Act Determination No. 02 of 2024 to amend the fitness and propriety assessment framework for licensed banks. The determination replaces sections 3.1 and 3.3, mandating that proposed Chief Executive Officers and Officers Performing Executive Functions submit a prescribed Affidavit alongside supporting schedules from the Company Secretary and Chairperson prior to appointment. It establishes detailed procedural guidance requiring comprehensive disclosures on academic qualifications, professional experience, financial standing, close relations, and business transactions to ensure regulatory compliance.
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