Regulatory Alerts2019-12-19 | Banking Act Directions No. 8 of 2019Assessment of Fitness and Propriety of Directors of Licensed Banks in Sri Lanka
The Monetary Board of the Central Bank of Sri Lanka issued Banking Act Directions No. 08 of 2019 to standardize the fitness and propriety assessment for directors of licensed banks. The Directions require proposed directors to submit a Company Secretary-attested Affidavit to the Director of Bank Supervision 15 working days prior to appointment, while continuing directors must file annual affidavits and report material subsequent events within 15 days. The Director of Bank Supervision evaluates these submissions against statutory criteria to approve or decline appointments, replacing prior circulars under a framework effective from 1 January 2020.
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