RegAlertRule · CBSL · 22 Mar 2017 · Banking Act Directions No. 03 of 2017
Amendment to Regional Development Banks (Pawning) Directions 1998
The Monetary Board of the Central Bank of Sri Lanka issued Banking Act Direction No. 03 of 2017 to amend the Regional Development Banks (Pawning) Directions 1998. The amendment mandates that pawned article purchasers report monthly purchases valued at Rs. 500,000 or above to the Director of Bank Supervision and report suspected collusion in gold purchases. Additionally, it requires the identification and reporting of suspicious gold transactions to the Financial Intelligence Unit in compliance with the Financial Transactions Reporting Act No. 6 of 2006.
MONETARY BOARD
CENTRAL BANK OF SRI LANKA
22 March 2017
BANKING ACT DIRECTIONS
No. 03 of 2017
AMENDMENT TO REGIONAL DEVELOPMENT BANKS
(PAWNING) DIRECTIONS 1998
In the exercise of the powers conferred by Section 76J(1) of the Banking Act, No. 30 of 1988 (as amended), the Monetary Board hereby issues the following amendment to the Regional Development Banks (Pawning) Directions issued to Regional Development Banks (now amalgamated and established as Pradeshiya Sanwardana Bank) dated 07 September 1998.
- The following new Directions shall be included immediately after Direction 15(8) of the Regional Development Banks (Pawning) Directions dated 07 September 1998.
Sale of Pledges
15. (9) A Pawnee shall report details of purchases of articles where total value is Rs.500,000 or above at auctions of pawned articles, each month to the Director of Bank Supervision on or before the 15th day of the following month in the format set out in Schedule 8 annexed hereto.
15. (10) A Pawnee shall report if there is reason to suspect that there is collusion between two or more parties with a view to buying large quantities of gold.
15. (11) A Pawnee shall identify and report any purchases of suspicious transactions arising from purchases of gold articles from auctions of pawned articles to the Director Financial Intelligence Unit (FIU) through the Compliance Officer of the bank designated under the Financial Transactions Reporting Act No. 6 of 2006. A suspicious transaction shall have the same meaning as in Sections 6 and 7 of the Financial Transactions Reporting Act No. 6 of 2006 and the Circular 03/12 dated 22 March 2012 issued by the Director of FIU.
Dr. Indrajit Coomaraswamy
Chairman of the Monetary Board and
Governor of the Central Bank of Sri Lanka
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The links and the sentences they come from (2)
- Amends
- Directive dated 1998-09-07Not in RegAlert
“amendment to the Regional Development Banks (Pawning) Directions issued to Regional Development Banks (now amalgamated and established as Pradeshiya Sanwardana Bank) dated 07 September 1998.”
- Issued under
- Banking Act, No. 30 of 19881988 · LK-LAW
“In the exercise of the powers conferred by Section 76J(1) of the Banking Act, No. 30 of 1988 (as amended)”
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