Person: Kulathunga, Anoma
South Asia Global Practice for Finance and Markets, The World Bank
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International finance, Development economics
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South Asia Global Practice for Finance and Markets, The World Bank
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Last updated: January 31, 2023
Biography
Anoma Kulathunga is Senior Financial Sector Specialist, in the Finance and Markets Global Practice, South Asia Region. She has worked with the World Bank for 12 years as a senior financial sector consultant both with the South Asia Region and also with the Global Solutions Teams. Her country experience in the World Bank covers all South Asian countries, Middle East & North Africa, Indonesia, Vietnam and Uganda. Prior to joining the World Bank, she had 11 years’ experience working as a regulator with the Central Bank of Sri Lanka and brings extensive central banking regulatory and supervisory experience. She also worked as an Assistant Professor of Finance at the George Washington University Business School in Washington, DC.
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Now showing 1 - 5 of 5
Publication Bringing E-Money to the Poor: Successes and Failures(Washington, DC: World Bank, 2017-08-22) Riley, Thyra A.; Kulathunga, AnomaMoving toward universal access to financial services is within reach, thanks to new technologies, transformative business models, and ambitious reforms. Instruments such as e-money accounts and mobile accounts, along with debit cards and low-cost traditional bank accounts, can significantly increase financial access for those who are excluded. Bringing e-Money to the Poor: Successes and Failures examines the lessons of success from four country case studies of “gazelles”―Kenya, South Africa, Sri Lanka, and Thailand―that leapt from limitation to innovation by successfully enabling the deployment of e-money technology. These countries have thereby transformed the landscape of financial access to their poor. In addition, two country case studies (Maldives and the Philippines) yield lessons learned from constraints that stalled e-money deployments. Because technology is not a silver bullet, the case studies also explore other strategic elements that need to be in place for a country to expand access to financial services through digital technology.Publication Making Remittances Work : Balancing Financial Integrity and Inclusion(Washington, DC: World Bank, 2014-05-29) Todoroki, Emiko; Noor, Wameek; Celik, Kuntay; Kulathunga, AnomaThe September 11, 2001, terrorist attacks on the United States exposed the use of remittance channels for financing terrorism. Acting on this, the international community, through the financial action task force (FATF), issued first international standard to require the licensing or registration of money transfer businesses (MTBs) and to make them subject to anti-money laundering and combating the financing of terrorism (AML and CFT) requirements. This study aims to assess current practices, draw lessons learned, and assist policy makers in designing an effective regulatory and supervisory framework governing remittances that not only meets AML and CFT international standards, but also supports a country's overall financial inclusion objectives. The study's assessments and recommendations are based on extensive research and analysis, including primary survey data received from 26 remittance sending and receiving countries. The report follows on the 15 bilateral remittance corridor analyses (BRCAs) undertaken during 2004-10 by the financial market integrity (FMI) unit of the World Bank and three BRCAs undertaken by the Government of the Netherlands using the methodology developed by the FMI unit of the World Bank. The study is organized as follows: chapter one analyzes the various business models for remittance services currently in existence, and the various types of agent networks of MTBs available for the distribution of remittances. Chapter two elaborates on AML and CFT risks related to products, market structure, regulation, and supervision; discusses how innovative products and services for remittance transfers such as mobile money and internet-based money transfer may pose new threats and risks; and includes a discussion on the appropriate risk mitigation techniques so as not to constrain the remittance market from developing and innovating. Chapter three describes the various regulatory frameworks that MTBs encounter around the world, including different types of laws and regulations affecting them, sheds light on how AML and CFT requirements can be implemented, and provides a comprehensive analysis of customer due diligence (CDD) requirements as a crucial element to effectively fight money laundering and the financing of terrorism. Chapter four discusses licensing and registration regimes for, and appropriate regulatory approaches toward, MTBs; examines the conditions that must be fulfilled in order to apply for licensing or registration. Chapter five discusses the various AML and CFT supervisory models and identifies potential strengths and weaknesses in each of these models; elaborates on the supervisory practices of competent authorities, along with the challenges faced by MTBs in implementing relevant supervisory requirements; and discusses the risk-based approach (RBA) to supervision of MTBs. Finally, chapter six focuses on establishing an effective AML and CFT regime while supporting broader financial inclusion and highlights key policy recommendations underlined by a RBA that encourages flexible implementation of the AML and CFT framework.Publication Uganda's Remittance Corridors from United Kingdom, United States, and South Africa : Challenges to Linking Remittances to the Use of Formal Services(World Bank, 2011) Endo, Isaku; Namaaji, Jane; Kulathunga, AnomaThe purpose of this study is to gather a broad spectrum of remittance data related to Uganda and the three remittance corridors and compile such information in a comprehensive report with a view to sharing knowledge and expertise. In addition to knowledge sharing, it is expected that the information and findings in this report will assist the authorities in developing the Ugandan remittance market and mitigating related risks. Being the first Bilateral Remittance Corridor Analysis (BRCA) report to be conducted with the partnership of a local authority adds to the significance of the endeavor. This report comprises five chapters with supporting annexes. The first chapter is a introductory chapter continues with data showing remittance trends from a global perspective and in Sub-Saharan Africa and their comparison with those of Uganda. Chapter two analyzes and compares the three remittance-sending countries in terms of remittance flows, remittance mechanisms and related costs, and regulations. Chapter three focuses onUganda as a remittance-receiving country, describing the remittance flows, market players, distribution network, access. Chapter four summarizes the main findings and observations. This report presents policy recommendations for Uganda as well as for remittance-sending countries in the final chapter.Publication Getting Finance in South Asia 2010(World Bank, 2010-08-01) Sophastienphong, Kiatchai; Kulathunga, AnomaThe recent global financial meltdown was a revelation in one sense. Before the crisis there had been a belief that banks could never fail, a belief that encouraged overleveraging and excessive risk taking. The complexity of financial instruments, opaqueness of transactions, and sophistication of modeling techniques used by developed country financial institutions all combined to conceal the hollowness of their success. Many financial institutions largely ignored regulatory requirements or preempted them through the use of complex instruments and methods, while risk taking caused profits to rocket to unimaginable levels. Regulatory arbitrage became rampant in this environment. While financial institutions were in a mode of overexpansion, regulators visibly failed to enforce regulations, and the financial institutions took advantage of the regulatory anarchy. All this was an eye-opener for regulators in South Asia, as regulatory lapses and lack of enforcement can lead to potential instability in financial systems. The report evaluates key prudential guidelines issued by the regulatory authority of each country to assess the comparability of data as well as to shed light on the country's level of regulatory development. It also expands the group of benchmark economies to allow comparison with diverse economies in Asia as well as the Western hemisphere. And it includes a special write-up on how South Asian countries and commercial banking sectors are managing the impact of the global financial crisis and economic slowdown.Publication Getting Finance in South Asia 2009(Washington, DC : World Bank, 2008) Sophastienphong, Kiatchai; Kulathunga, AnomaThis report, getting finance in South Asia 2009, published annually by the unit, reaffirms the World Bank's commitment to working with developing member countries to promote financial sector development and create financial systems that are sound, stable, supportive of growth, and responsive to people's needs. This program has enabled the Bank to initiate a dialogue with the supervisory authorities in South Asia to improve their data collection efforts, which will in turn strengthen their off-site supervision work. It also provides the impetus for the Bank to expand its monitoring and evaluation work. The getting finance indicators, and the country rankings that are based on them, are expected to become an increasingly important reference tool for the Bank in monitoring and evaluating development objectives and outcomes in its financial sector operations. These indicators should also prove to be a valuable tool for financial sector supervisory agencies in South Asia. The updated indicators, country rankings, and benchmarks should better equip these agencies to monitor the health of their respective country's banking system and to assess its robustness and sustainability relative to others in South Asia and in more developed economies.