Regulatory Alerts2024-02-13 | Finance Business Act Directions No.01 of 2024Periodic Reporting Requirements
The Central Bank of Sri Lanka issued Direction No. 01 of 2024 to mandate Licensed Finance Companies to submit accurate, consistent, and complete periodic returns through the FinNet reporting system by stipulated deadlines. The directive requires each company to designate a Key Responsible Person within three months to oversee compliance and promptly report any personnel changes. Furthermore, the Central Bank reserves the right to enforce regulatory actions against non-compliant entities and designated officers while amending and revoking several prior reporting directions on liquid assets, capital adequacy, interest rates, and credit facilities.
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