Act 2006
Financial Transactions Reporting Act, No. 6 of 2006
Issued by Financial Intelligence Unit of Sri Lanka
Plain-English summary
The core AML/CFT statute for reporting institutions. It covers customer identification (ss. 2 and 5), record keeping (s. 4), reporting of cash and electronic transfers above prescribed sums (s. 6), suspicious transaction reports (s. 7), compliance officers and internal programmes (s. 14) and administrative penalties collected by the FIU (s. 19). Amended by Act No. 17 of 2026.
Who it applies to
Banking · NBFC / Non-bank Lending · Insurance · Capital Markets · DNFBPs (Lawyers, Accountants, Dealers)
Topics
AML / CFT / Sanctions
Obligations arising from this law or regulation
| Obligation | Timing | Regulator | Source | Detail |
|---|---|---|---|---|
| AML record retention | Retention period 6 years | FIU | official | |
Section 4(1) requires transaction records, correspondence and reports to the FIU to be kept for six years from their date, and identity records for six years from closure of the account or end of the business relationship. The FIU may direct a longer period. |
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| Customer due diligence (KYC/CDD) | At onboarding + ongoing | FIU | official | |
Section 2 bars accounts whose holder cannot be identified and requires identification and verification when a continuing business relationship begins, for one-off and electronic fund transfer transactions and where unlawful activity is suspected. Section 5 requires ongoing due diligence and transaction monitoring. Detailed requirements are in the Financial Institutions (Customer Due Diligence) Rules, No. 1 of 2016. |
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| No obligations match these filters. | ||||
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