Modern Slavery Act Statement 2025
Bank of Ceylon (UK) Limited
Bank of Ceylon (UK) Limited is registered in England and Wales: Company number: 06736473
This statement is made pursuant to section 54 of the Modern Slavery Act 2015 (“the Act”) and constitutes Bank of Ceylon (UK) Limited’s modern slavery and human trafficking statement.
Bank of Ceylon (UK) Limited is fully compliant with its obligations under the Modern Slavery Act 2015 and takes a zero-tolerance approach to slavery and human trafficking.
Corporate Structure
Bank of Ceylon (UK) Limited (BOCUK) is a wholly owned subsidiary of Bank of Ceylon, Sri Lanka (BOC) and has a single office in the UK. BOCUK’s business operated as a branch of BOC for 60 years until it was converted into a subsidiary in 2010 and is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA).
This statement is made on behalf of the UK subsidiary, has been approved by BOCUK’s Board of directors, and its effectiveness is reviewed annually.
The Banks Business Model
The bank’s business model focuses on providing wholesale banking, trade finance, correspondent banking services, and granting commercial and buy-to-let loans
The Banks Supply Chain
BOCUK considers that within its business model the following relationship types are suppliers:
- Credit intermediaries/credit brokers
- Employees
- Providers of housekeeping/office maintenance services
- Suppliers of IT infrastructure, hardware, technical support, and software
- Professional services providers
Steps taken by the Bank to address modern slavery risks
- During its business, BOCUK prohibits forced compulsory labour, slavery, servitude, and human trafficking. The term includes sexual exploitation, the securing of services by force, threats, or deception, and the securing of services from children and vulnerable individuals.
- BOCUK has a zero-tolerance approach towards such practices and is committed to taking all necessary steps to ensure that such practices do not occur.
- It operates a risk-based due diligence system to identify and prevent any instances of forced labour, slavery, servitude, and human trafficking.
- Employees are provided with a whistleblowing process through which concerns may be raised and escalated as necessary.
- The Bank will not support or engage suppliers where it is aware of slavery or human trafficking in such suppliers’ business or supply chains.
- All staff complete training programs to identify modern slavery as part of a wider compliance regime to make staff aware of the legal implications of modern slavery and how the bank seeks to prevent it within its business and across its supply chains.
