Regulatory Alerts2024-06-28 | Banking Act Direction No. 03 of 2024Amendments to Banking Act Directions No. 08 of 2019 on Assessment of Fitness and Propriety for Licensed Bank Directors in Sri Lanka
The Central Bank of Sri Lanka has amended Directions 2.1 and 2.3 of the Banking Act Directions No. 08 of 2019 to mandate licensed banks to submit a standardized Affidavit and Schedule II for assessing the fitness and propriety of proposed and continuing directors. The updated framework requires comprehensive disclosure of academic and professional qualifications, relevant industry experience, regulatory findings, insolvency status, shareholdings, and material business transactions with close relations. Company secretaries must forward these completed documents to the Central Bank prior to director appointments, elections, or nominations to ensure accurate regulatory evaluation.
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