FIU Penalizes Three Firms for Breaching Money Laundering Laws
- CNL Reporter
- August 7, 2025
- News, Political
- Money Laundering Laws
- 0 Comments
The Financial Intelligence Unit (FIU) of the Central Bank of Sri Lanka has imposed penalties totaling Rs. 6.5 million on three institutions, including two casino operators, for violating Anti-Money Laundering (AML) and Counter-Terrorism Financing laws during the first half of 2025.
The largest fine, Rs. 3.5 million, was levied on the state-owned National Savings Bank (NSB) in April for multiple compliance failures. These included not reporting high-value cash and fund transfers over Rs. 1 million within the stipulated 31-day window, failure to maintain updated UN sanctions lists, and permitting transactions on frozen accounts in defiance of court orders. However, the FIU confirmed there was no evidence linking NSB to any banned individuals or groups.
Casino operators Bally’s Limited and Bellagio Limited were each fined Rs. 1.5 million in March for similar violations. Both lacked robust systems for customer verification, risk assessment, and transaction monitoring, particularly on digital platforms. They also failed to maintain proper records and screen clients against global watchlists.
The fines collected have been credited to the government’s Consolidated Fund. The FIU reiterated the importance of rigorous AML and due diligence practices to safeguard the financial system.
