29.
| (1) The Minister may make regulations under this Act for any matter authorized or required to be made under this Act, or for the purpose of carrying out or giving effect to the principles and provisions of this Act. |
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| (2) Without prejudice to the generality of the provisions of subsection (1) regulations may be made in respect of all or any of the following maters :-
| | (a) the identification of appropriate risk management systems in keeping with the recommendations of the Financial Action Task Force ; | | |
| | (b) the manner in which ongoing monitoring of business relationships is to be carried out by Institutions ; and | | |
| | (c) specifying for the purpose of the application of the Financial Action Task Force recommendations relating to risk management-
| | | (i) the procedure to be followed and the guidelines that will be applicable in the categorization of customers for the purposes of risk management; |
| (ii) the manner in which senior management approval is to be obtained prior to establishing business relationships with customers categorized as high risk customers ; |
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| (3) Every regulation made by the Minister shall be published in the Gazette and shall come into operation on the date of such publication or on such later date as may be specified in the regulation. |
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| (4) Every regulation made by the Minister shall as soon as convenient after its publication in the Gazette be brought before Parliament for its approval. Any regulation, which is not so approved, shall be deemed to be resinded as from the date of disapproval but without prejudice to anything previously done thereunder. |
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| (5) Notification of the date on which a regulation is deemed to be rescinded shall be published in the Gazette,. |
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Sri Lanka Consolidated Acts