Regulatory Alerts2024-04-30 | Regulations No. 01 of 2024Money or Value Transfer Service Providers Regulations No. 1 of 2024
The Minister of Finance of Sri Lanka issued these regulations under the Payment and Settlement Systems Act to establish the Central Bank of Sri Lanka as the sole regulatory authority for Money or Value Transfer Service Providers. The rules mandate that all providers must obtain a Certificate of Registration, maintain minimum unimpaired capital, and adhere to strict operational, reporting, and anti-money laundering standards. The regulations further define the scope of permitted activities, enforcement powers including license cancellation, and the transition period for existing unlicensed operators to comply by June 2024.
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