ACOB’s “The Compliance Symposium 2025” tomorrow

• ACOB: A common platform for the compliance community in Sri Lanka

The Association of Compliance Officers of Banks in Sri Lanka (ACOB) tomorrow will hold “The Compliance Symposium 2025” under the theme “Leading the Way in Compliance Excellence” at the Cinnamon Grand, Colombo, from 8:30 a.m. to 5 p.m. 

Building on the success of previous symposiums and quizzes, this event promises to be a valuable platform for knowledge exchange, skill enhancement, and networking among compliance professionals.

The symposium will feature speeches by the Governor of the Central Bank of Sri Lanka, principal officers from CBSL, and subject matter experts from both domestic and international arenas. Key topics include the upcoming mutual evaluation, emerging financial crime and AML threats, SEC regulations, changes in the regulatory framework, new regulations on FDI and Port City, and the role of AI in AML. Panel discussions will provide attendees with the opportunity to seek clarifications from regulators and experts, deepening their understanding of critical compliance issues.

Expected to be attended by bank CEOs, compliance professionals from across the nation, and representatives from registered finance companies, the symposium underscores the significant impact of these discussions on the broader financial sector.

ACOB is confident that this event will empower compliance professionals to adopt a proactive, adaptable approach in an ever-changing regulatory environment, ensuring they are well-equipped to interpret new regulations, integrate emerging technologies, and employ innovative compliance tools.

“The Compliance Symposium 2025” represents another milestone in ACOB’s ongoing commitment to advancing compliance standards and practices within Sri Lanka’s banking sector.

ACOB was established in 2010 to support compliance professionals within the Sri Lankan banking sector. ACOB serves as a dedicated platform for sharing knowledge, exchanging experiences, and collectively addressing challenges to improve compliance practices and standards across the industry.

Founded by visionary banking professionals such as R.M.P. Rathnayake of HNB, Stanley Fernando from Commercial Bank, Ruwani De Silva of NDB, Prasanna Kannangara from DFCC, and Summaiya Macan Markar from People’s Bank, among others, ACOB was created in response to the growing importance of robust compliance within the banking industry.

ACOB’s membership spans the entire banking ecosystem, including compliance professionals from state-owned licensed commercial banks, licensed private commercial banks, locally operating international banks, and licensed specialised banks. By facilitating the exchange of best practices, offering targeted training, and fostering collaborative relationships among industry peers and regulators, ACOB strengthens the banking sector’s ability to meet regulatory requirements. Its primary goal is to promote a robust compliance culture, thereby reinforcing the integrity of the Sri Lankan financial system.

Regular training programs, seminars, workshops, and discussions with industry experts ensure that ACOB members remain up-to-date on the latest compliance developments and regulatory changes. This proactive approach empowers compliance officers to enhance their expertise, effectively navigate a dynamic regulatory landscape, and uphold high standards of ethical and operational excellence within their organisations.

The compliance function in the banking sector

Sri Lanka’s banking sector is under ongoing scrutiny due to its critical role in maintaining economic stability and integrity. As economic conditions shift, technology advances, and global finance evolves, banking regulations are continuously updated to address emerging challenges. In this context, the compliance function is pivotal in ensuring that banks adhere to laws and guidelines that promote transparency, accountability, and fairness in financial operations.

Compliance in banking extends beyond rule-following; it is about fostering a culture of transparency and accountability. It ensures that banks operate within legal boundaries, maintain high ethical standards, and safeguard both customer interests and the overall integrity of the financial system. In today’s fast-changing environment, technology and compliance are inextricably linked. Each new technological breakthrough introduces fresh compliance challenges, creating a dynamic interplay where innovation and regulatory oversight continuously influence one another.

With oversight from the Central Bank and the adoption of international best practices, Sri Lankan banks have made significant progress in mitigating risks associated with money laundering, terrorist financing, bribery, and corruption. Nonetheless, the evolving regulatory framework, technological challenges, and the complexities of global finance necessitate ongoing vigilance and adaptation. Robust compliance frameworks are essential for the continued success and global credibility of Sri Lanka’s banking sector.

The Compliance Symposium: “Leading the way in compliance excellence”

As Sri Lanka’s financial landscape evolves, the compliance community must adapt to meet increasingly complex regulatory demands, technological innovations, and heightened customer expectations. Continuous learning and adaptation are essential, as compliance professionals must stay abreast of legal developments, emerging compliance technologies, and advanced reporting methods.