Regulatory Alerts2017-03-22 | Banking Act Determination No. 01 of 2017Amendment to Pawning Conditions Issued to Licensed Commercial Banks
The Monetary Board of the Central Bank of Sri Lanka amended the Pawning Conditions for licensed commercial banks by adding three mandatory reporting obligations under Section 83A of the Banking Act. Licensed banks must now submit monthly auction purchase reports for articles valued at Rs. 500,000 or above to the Director of Bank Supervision by the fifteenth day of each following month. Furthermore, institutions are required to report suspected collusion in large gold acquisitions and identify suspicious gold transactions to the Financial Intelligence Unit through designated compliance officers.
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