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Supporting Avtivities PDF Print E-mail
Written by Administrator   
Wednesday, 03 April 2019 09:26

Supporting Activities provided by the Condominium Management Authority in implementing

AML/CFT requirements applicable for Condominium Developers

Actions already initiated by the Condominium Management Authority (CMA)

  • On April 03, 2018 Financial Intelligence Unit of Sri Lanka (FIU-SL) has made a formal request for seeking assistance from CMA in recognizing market participants of real estate transactions as per the obligations on Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) under the Financial Transactions Reporting Act No, 06 of 2006 (FTRA). Accordingly, a meeting was held at the CMA premises on 09 April, 2018 to discuss the above matter.

 

  • At the meeting held on 09 April, 2018 Chairman of the CMA has agreed to include the legal requirement of appointing a AML/CFT compliance officer by the Condominium Developers (CDs), in to the ‘preliminary planning clearance certificate’ which is issued to all development projects. Accordingly, CMA included the following clause in to their ‘preliminary planning clearance certificate’ on 11 April, 2018;

“An Anti-Money Laundering/ Countering the Financing of Terrorism (AML/CFT) Compliance Officer should be appointed as per the provisions of the Section 14 (1) of the Financial Transactions Reporting Act No, 06 of 2006 and, such appointment should be duly informed to the Financial Intelligence Unit of Sri Lanka using the ‘Compliance Officer Registration Form’.”

 

  • Further, on 09 April, 2018 CMA has agreed to distribute ‘Compliance Officer Registration Forms’ (blue forms) and an awareness notice to the CDs along with the ‘preliminary planning clearance certificate’. Time to time, the list of CDs to whom the blue forms had been issued, was sent to FIU-SL by CMA for the follow-up actions.

 

  • Upon the request of the FIU-SL, Mr. J D N C Dissanayake, Deputy General Manager (Regulatory) of the CMA has been appointed as a dedicated officer for the Working Group formed by the FIU-SL to ensure smooth and efficient coordination towards implementing AML/CFT policies, procedures and controls within the Designated Non-Finance Businesses and Professions (DNFBPs) sector.


  • CMA provides continuous support to educate the CDs on complying with the AML/CFT obligations applicable to them. Accordingly, an awareness session was conducted on 25 March, 2019 at the CMA premises with the participation of CMA officials, FIU-SL officials, and major CDs in Sri Lanka.

 

  • CMA has agreed to publish an awareness notice on AML/CFT compliance obligations for the CDs on their official web-site. Moreover, CMA has agreed to publish the relevant notices issued by the FIU-SL time to time, and information/photographs on any event conducted by CMA or the FIU-SL relating to AML/CFT, in the web-site of the CMA.

Way forward

  • CMA is considering on including the AML/CFT obligations applicable for CDs in Sri Lanka into the proposed amendments of the Apartment Ownership (Amendment) Act No. 39 of 2003.
  • Memorandum of Understanding (MoU) between the FIU-SL and CMA in order to formalize sharing of information between two institutions and all the other AML/CFT matters related to CDs, is also in the draft stage.

         


NOTICES

 

01. Important notice to the Condominium Developers from the Financial Inllegence Unit (  FIU ) of Sri Lanka

02. Are you in Real State or Gem and Jewellery Businness ?

       Sinhala Tamil English 

03. Notice to the Customers of the following Businesses and Professions

       Sinhala Tamil English

 

Last Updated on Sunday, 10 May 2020 06:24
 
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