Central Bank of Sri Lanka Expands Prohibited List to 26 Unauthorised Companies and Apps

The Central Bank of Sri Lanka (CBSL) has moved to protect the public from unauthorised financial operators by updating its official prohibited list, which now names 26 companies and mobile applications found to be engaged in illegal financial activities.

TM App Among Entities Under Scrutiny

Among the newly flagged entities is the "TM App," which the CBSL has determined to have engaged in, conducted, and actively promoted financial activities without the necessary regulatory authorisation. The inclusion of the app on the prohibited list serves as a formal warning to members of the public against dealing with or investing through such platforms.

Public Urged to Exercise Caution

The Central Bank has consistently reminded Sri Lankan consumers to verify whether any financial institution, application, or investment scheme holds a valid licence or approval from the CBSL before conducting any transactions. Dealing with unauthorised entities carries significant financial risk, including the potential loss of deposits and investments with little to no legal recourse.

Crackdown on Unauthorised Financial Activity

The expansion of the prohibited list reflects the CBSL's ongoing efforts to clamp down on unlicensed financial operators, including digital platforms and mobile applications that have proliferated in recent years. Authorities have noted a rise in such schemes targeting ordinary citizens, often through social media and online channels.

• A total of 26 companies and applications are now listed as prohibited entities by the CBSL.
• The TM App has been specifically identified for engaging in and promoting unauthorised financial operations.
• Members of the public are strongly advised to avoid transactions with any entity appearing on the prohibited list.

The Central Bank has urged anyone with information about unauthorised financial activity to report it to the relevant authorities without delay. Those who have already engaged with any of the listed entities are encouraged to seek legal and financial advice as soon as possible.

The Central Bank of Sri Lanka remains committed to safeguarding the integrity of the financial system and protecting consumers from fraudulent and unauthorised financial operators.

The full updated prohibited list is available through official CBSL communication channels, and the public is advised to consult it regularly as further entities may be added in the course of ongoing regulatory investigations.

Related Video