The Central Bank of Sri Lanka (CBSL) has issued a warning against the use of the word ‘Finance’ in business names, stating that it violates the Finance Business Act, No. 42 of 2011.
According to Section 10(2) of the Act, only licensed finance companies and specified institutions under Section 10(6) are permitted to use the terms ‘finance,’ ‘financing,’ or ‘financial’—whether alone, in combination with other words, or in any language—without prior written approval from the CBSL.
The CBSL further cautioned that violating this regulation constitutes an offence under Section 56(4) of the Act.
The public is strongly advised to comply with these legal provisions to avoid penalties.
