The Central Bank of Sri Lanka has issued a special announcement regarding the Finance Business Act, strongly advising the public.
According to sub-section 10(2) of the Finance Business Act No. 42 of 2011, the Central Bank of Sri Lanka states in its announcement that, except for a finance company or an institution specified in sub-section 10(6) of the Act, no other person shall use the words ‘finance,’ ‘financing,’ or ‘financial,’ either alone or in conjunction with other words, or any word derived therefrom or any transliteration thereof, or a word equivalent thereto in any other language, as part of that person’s name, description, or business name without obtaining prior written approval from the Central Bank of Sri Lanka.
“The Central Bank issues a strong warning to the public”
Furthermore, the Central Bank of Sri Lanka states that any person who violates the above provision or fails to comply with it shall be guilty of an offense under the Act, as per sub-section 56(4) of the Act.
Therefore, the Central Bank of Sri Lanka strongly advises the public to adhere to the aforementioned legal requirement
