Amendment to Regional Development Banks (Pawning) Directions 1998

# MONETARY BOARD
## CENTRAL BANK OF SRI LANKA

**22 March 2017**  
**BANKING ACT DIRECTIONS**  
**No. 03 of 2017**

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## 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.

2. 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 15<sup>th</sup> 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.

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**Dr. Indrajit Coomaraswamy**  
Chairman of the Monetary Board and  
Governor of the Central Bank of Sri Lanka