Anti Money Laundering

MBSLanka's Anti Money Laundering Policy

What is money laundering ?

Accepting money as a deposit, earned or received through illegal sources such as crime, prostitution, pilfering by persons with authority, fraud, robbery or terrorism is considered anti-social and probably viewed as helping or encouraging those culprits to continue such activity in the future as well. Knowingly or unknowingly aiding and abating to launder dirty money and mix them with money in circulation is a punishable offense. Tipping off or advising a money launderer to take away dirty money and hide from the law is also a criminal and punishable offense.

How to MBSLanka work against money laundering ?

MBSLanka is firmly committed to effective prevention of Money Laundering and terrorist financing. The basis for prevention of money laundering and terrorist financing is knowledge of the customers, based on satisfactory evidence of the identity of customers; therefore we have established, documented and maintained a customer identification procedure within our business.

Central Bank of Srilanka Foreign Money exchange control act 31.December.2000 have following condition

Chapter 2 Rule 3

"Before approving any transactions, authorized dealers are required to satisfy themselves
about the bona fides of the applicant and the genuineness of the transaction by verifying the
necessary documents."

As follow above rule we're working following

As part of our procedure, we require one ID proof, Business Proof and one Address proof.

Accepted forms of ID proof are;

A Valid Passport
National Identity Card (NIC)
Photo Card Driving Licenses

Accepted forms of Address proof are;

Bank / Credit Card Statement less than 3 months old (Internet statements are not acceptable)
Urban Council tax receipt
Utility Bill - Gas / Electricity / Phone less than 3 months old
Driving License - New Style
National Identity Card
Bank's passbook front page

We may also ask for evidence of the source of funds, if a need arise based on the volume and pattern of your money transfers.

Accepted forms of Source of Funds are;

Bank Statement
Loan / Property Sale documents
Withdrawal Receipts from the Bank
Other documentation that proves where the funds originating from

Customers must comply with these requirements. MBSLanka retains the right to refuse to accept a customer instruction and is under no obligation to enter into a transaction should it choose not to do so.