INSUBCONTINENT EXCLUSIVE:
The Central Bank of Sri Lanka (CBSL) announced that it functions as the regulatory and supervisory authority of Money or Value Transfer
such as banks and nonbank financial institutions, are regulated by the Central Bank of Sri Lanka (CBSL) or other relevant authorities to
ensure financial system stability
However, some entities providing similar services operate outside the formal system, potentially disrupting the money transfer system and
statement.To address this, the Minister of Finance, Economic Stabilization, and National Policies issued the Money or Value Transfer Service
(MVTS) Providers Regulations, No
1 of 2024 dated April 20, 2024, under the provisions of the Payment and Settlement Systems Act, No
28 of 2005, it added.Accordingly, effective from June 3, 2024, these regulations require all MVTS providers to be registered and be
monitored, offering unregistered or unlicensed MVTS providers the opportunity to formalize their operations and engage in the money transfer
cash, cheques, other monetary instruments or other stores of value and the payment of a corresponding sum in cash or other forms to a
transactions may involve one or more intermediaries and a final payment to a third party, and may be from place to place, within, to or from
an MVTS Provider only under the authority and in accordance with the terms and conditions of a Certificate of Registration issued by
other licence, permit or authorization issued by CBSL, or any other Regulator or Government entity is exempted from the aforementioned
or any other Regulator or Government entity shall apply for a Certificate of Registration from CBSL, within one year from the effective date
of these Regulations, June 3, 2024, according to the CBSL.
