EY Sri Lanka spearheads groundbreaking AML and CFT conference for banking leaders

Tuesday, 5 November 2024 00:07 - - {{hitsCtrl.values.hits}}

From left: EY Sri Lanka and Maldives Partner and Head of Assurance Gayathri Manatunga, EY Singapore Partner and Financial Services Risk Consulting Leader Radish Singh, Financial Intelligence Unit of Sri Lanka Director Dr. Subhani Keerthiratne and EY Sri Lanka Partner and Financial Services Risk Management Leader Rajith Perera

In a landmark event for the financial sector, EY Sri Lanka hosted the “Navigating New Norms in AML and CFT for Banking Sector in Sri Lanka” conference on 18 October, at the Shangri-La Hotel in Colombo.

The forum addressed the importance of updated Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) strategies amidst the economic challenges and international scrutiny facing the nation.

The conference brought together the top echelons of the banking industry, including CEOs and Chief Compliance Officers (CCOs) of licensed commercial banks in Sri Lanka. EY Sri Lanka Head of Assurance Gayathri Manatunga welcomed the esteemed speakers and delegates.

The session featured a keynote by, Ernst & Young Singapore distinguished Partner and Financial Services Risk Consulting Leader Radish Singh. Singh delved into critical topics such as the latest AML/CFT trends, regulatory developments, and the pivotal role of technology in strengthening AML/CFT frameworks. Her experience in the Asia Pacific AML/CFT landscape provided attendees with actionable insights, practical examples, and case studies, empowering local banks to integrate regional and global best practices.

Complementing the discourse, EY Sri Lanka Financial Accounting Advisory Services Partner and Financial Services Risk Management Leader Rajith Perera presented key findings from a regulator-led Transaction Monitoring System review, conducted across several Sri Lankan banks. His emphasis on the lessons learnt and best practices offered a valuable perspective for banks to consider in enhancing their compliance operations.

The event culminated in a dynamic panel discussion featuring Financial Intelligence Unit of Sri Lanka Director Dr. Subhani Keerthiratne, Radish Singh, Gayathri Manatunga and Rajith Perera (moderator). The panellists engaged in a robust dialogue on pressing issues in the AML/CFT arena, spurred by recent developments in the country. They also touched upon the upcoming third mutual evaluation by the Asia Pacific Group on Money Laundering (APG), set to begin in March 2026, underscoring its significance for Sri Lanka’s financial integrity.

EY Sri Lanka said its initiative in organising this conference underscored its commitment to fostering a resilient and compliant banking sector capable of navigating the complexities of the modern financial landscape. The event has set a precedent for future discourse and collaboration in the fight against financial crime in Sri Lanka.