Central Bank continues to be flexible on online banking | Daily News


Central Bank continues to be flexible on online banking

The Central Bank of Sri Lanka by circular dated 31 August continued to support the ease of use directives on digital banking brought about by the COVID-19 pandemic. Accordingly, banks can continue to register customers digitally and waive off registration and initial annual fees for internet banking.

Banking applications using wallets can continue to use digital means of verification for opening. The Know Your Customer (KYC) details as laid out by the Financial Intelligence Unit of the Central Bank will be required to be verified within 30 days of opening.

The directive was signed by M R Wijewardena, the additional director for payments and settlements. The directive prevents fund deposits from digital wallets by over the counter methods. Under the Electronics Transaction Act Every ministry, department, institution, public corporation, or other similar body may accept or issue any document in the form of the data message, electronic record, electronic document, or other communication in electronic form.

The Central Bank is working on creating a shared KYC database to be accessible across the financial system and other parts of the economy. The Credit Information Bureau of Sri Lanka is also working on wider adoption of its credit score system.

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