Regulatory Alerts2017-03-22 | Banking Act Directions No. 03 of 2017Amendment 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.
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