CBSL Chief urges banks to tighten controls amidst critical AML/CFT review
- CNL Reporter
- February 27, 2025
- Banking and Financial
- CBSL Chief urges banks to tighten controls amidst critical AML/CFT review
- 0 Comments
Central Bank of Sri Lanka (CBSL) Governor Dr. Nandalal Weerasinghe urged the banking sector to prepare for Sri Lanka’s third Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) framework evaluation, warning that a negative listing in the assessment could severely undermine the country’s economic progress.
The evaluation, coordinated by the Asia/Pacific Group on Money Laundering (APG), is set to commence in the country in March 2026.
Given Sri Lanka’s active role in the APG, Dr. Weerasinghe stressed that a ‘Grey Listing’ by the regional intergovernmental organisation could have serious financial repercussions for the country.
These include negative impacts on the country’s correspondent banking relationships, increased global scrutiny on Sri Lankan customers, higher borrowing costs, and severe reputational damage.
