The Central Bank of Sri Lanka (CBSL) and the National Gem and Jewellery Authority (NGJA) have called on gem dealers to appoint compliance officers to help curb money laundering in the sector.
Under the country’s Anti-Money Laundering (AML) laws, all gem and jewellery dealers are legally required to designate a compliance officer for their business operations.
The CBSL said that proper customer identification and verification during transactions are key measures in preventing money laundering and terrorist financing.
It warned that non-compliance could result in penalties imposed by its Financial Intelligence Unit (FIU).