Regulatory Alerts2020-05-31 | Instructions to CEOs of LCBs, LSBs and FCsExtension of Deadlines for Online Banking Services and Digital Wallet Account Opening
The Central Bank of Sri Lanka extends the compliance deadlines for licensed banks and finance companies to 31 August 2020 regarding the provision of online banking services and the opening of digital wallets. Financial institutions are required to waive registration fees, adopt secure digital identification methods, and ensure all Know-Your-Customer verifications are completed within the stipulated 30-day or specific June 2020 windows. The regulator warns that necessary enforcement actions will be taken against any institution failing to meet these anti-money laundering and customer identification requirements.
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