Regulatory Alerts2018-05-24 | Banking Act Directions No. 2 of 2018Appointment of Agents of Licensed Banks
The Monetary Board of the Central Bank of Sri Lanka issued Banking Act Directions No. 02 of 2018 to regulate the appointment and operational oversight of agents by licensed commercial and specialised banks. The Directions mandate prior Central Bank approval for agent engagements, define permitted services including deposits and fund transfers, and require licensed banks to implement robust risk management, consumer protection, and complaint resolution frameworks. Licensed banks must ensure agents comply with anti-money laundering standards, maintain fee-free customer agreements, and submit quarterly performance reports within a six-month implementation window.
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