Agreement on Products and Services of Commercial Banks (Bank of the Lao People's Democratic Republic, April 2021)
关于商业银行产品服务的协议（老挝人民民主共和国国家银行，2021年4月）
ຂໍ້ຕົກລົງ ວ່າດ້ວຍການໃຫ້ບໍລິການຜະລິດຕະພັນຂອງທະນາຄານທຸລະກິດ (ທະນາຄານແຫ່ງ ສປປ ລາວ, ເລກທີ /ທຫລ, ລົງວັນທີ ເມສາ 2021)
Summary
The Bank of the Lao PDR establishes principles, regulations, and measures for commercial banks' provision of products and services, covering service application approval, product risk management, pricing, reporting and inspection, and penalties for violations, to promote fair competition, protect financial consumers, and maintain the stability of the banking system.
Articles
Article 1
Purpose. This Agreement stipulates the principles, regulations, and measures concerning commercial bank product services, with the aim of promoting efficiency and transparency in the provision and risk management of commercial bank products, ensuring fair competition, protecting the legitimate rights and interests of consumers, and fostering the sustained and stable development of the monetary and financial institution system as well as the national economy and society.
Article 2
Commercial Bank Products and Services. Commercial bank products and services refer to the products, services, and financial services that commercial banks introduce and provide to consumers, including other banking activities; but excluding products related to clearing and settlement systems, such as bank card products and clearing and settlement products conducted through electronic systems, which are separately governed by relevant regulations.
Article 3
Principles of Product Services. The provision of product services must adhere to the following principles: 1. Comply with the conditions stipulated in this Agreement and comply with other relevant laws and regulations of the Lao People’s Democratic Republic; 2. Conduct rigorous, prudent risk management for such products that keeps pace with technological development, adopting international good practices; 3. Take into account the legitimate rights and interests of consumers, safeguard consumer voluntariness, confidentiality, and security, as well as the overall interests of society. Section 2. Application for Permission for Product Services.
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