The Case Study - Seylan Bank

Seylan Bank PLC Annual Report 2009 97E. Management ReportSubject & Ref. Disclosure RemarksManagement ReportD.1.4Should include a ‘ManagementDiscussion and Analysis Report’discussing at least the following issues:• industry structure and developments;• opportunities and threats;• risks and concerns;• internal control systems and theiradequacy;• social and environmental protectionactivities carried out by the Company;• financial performance;• material developments in humanresources/industrial relations; and• prospects for the futureCompliedPlease refer pages 57 to 62of the Annual Report.F. Corporate Governance ReportSubject & Ref. Disclosure RemarksCorporate Governance Should disclose the manner and extentReportto which the Company has complied withD.5.1the principles and provisions of the Code.CompliedG. Audit Committee ReportSubject & Ref. Disclosure RemarksAudit CommitteeReportD.3.3.Should set out the work carried out bythe Committee.CompliedPlease refer page 100 to 101 of the AnnualReport for the Audit Committee Report.other mattersComplianceThe Bank’s Compliance Department is responsiblefor ensuring the Bank’s compliance with bankingregulations and the compliance requirements underspecific statutes namely, the Prevention of MoneyLaundering Act, No. 5 of 2006, the Convention onthe Suppression of Terrorist Financing Act, No. 25of 2005 and the Financial Transactions ReportingAct, No. 6 of 2006. The Bank has fully implementedthe additional requirements in terms of CentralBank’s regulations on Know Your Customer (KYC)and Customer Due Diligence (CDD). Internalguidelines were formulated and circulated on KYCand CDD. External training and periodic extensiveinternal training programmes have been organisedto educate and update the staff.Monthly, quarterly and half yearly compliancereports are forwarded to the Central Bankconfirming the Bank’s compliance with theregulations under Banking Act and its amendments.The board is apprised of the status of complianceby the Bank on a regular basis whilst a detailedcompliance report is submitted on a monthly basis.