Regulatory Alerts2024-12-03 | Circular No. 3 of 2024Guidelines for the Establishment of Mobile Banking Units of Licensed Commercial Banks
The Central Bank of Sri Lanka mandates licensed commercial banks to establish standardized Mobile Banking Units (MBUs) operating through vehicles, barefoot services, fixed multi-day locations, or ad-hoc public outlets. Each unit must operate under a board-approved governance framework that defines activity scope, transaction limits, internal controls, and real-time general ledger integration. Banks are required to secure quarterly prior approval by submitting completed applications 15 working days before each operational quarter, ensuring compliance with customer due diligence and clear branch identification.
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