Regulatory Direction and Key Challenges for Sri Lanka’s Financial Sector April 23, 2015 Vikas Tandon

Regulatory Direction Key Challenges Agenda

Regulatory Direction Financial Action Task Force (FATF) membership Evolving regulatory guidelines Standardizing AML monitoring process Inclusion of all financial sectors Increasing reporting requirements Expanding coverage and staffing of FIU-SL 3

Key Challenges Establishing training and certification programs Expanding AML monitoring framework across the financial sector Enhancement of existing technology solutions and increasing compliance budget Adoption of transaction alert management tools Meeting the FATF standards Remediation of data gaps for legacy accounts 4

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