Regulatory Alerts2007-06-12 | Regulation No. 01 of 2007Money, Payment, Clearing and Settlement Service Providers Regulations No. 01 of 2007
The Minister of Finance and Planning of Sri Lanka issued these regulations under the Payment and Settlement Systems Act to establish the Central Bank of Sri Lanka as the sole supervisory authority for money, payment, clearing, and settlement service providers. The Central Bank is authorized to issue binding directives, rules, and guidelines covering licensing, prudential requirements, corporate governance, and customer protection standards for all regulated entities. These regulations mandate that any person intending to operate as a service provider must furnish necessary documentation to the Central Bank and comply with its ongoing supervision and monitoring requirements.
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