Agreement on Gold Banking Activities
关于黄金银行业务活动的协议
ຂໍ້ຕົກລົງ ວ່າດ້ວຍການເຄື່ອນໄຫວທຸລະກິດຂອງທະນາຄານຄຳ
Summary
This agreement governs gold banking business in Laos, stipulating that product pricing must protect consumer rights, prohibit fraud and overstepping business scope, and specify penalties and supervisory duties.
Articles
Article ມາດຕາ 1
Article 19 Determination of Product Prices and Fees
Commercial banks must determine product prices and fees based on the following principles:
1. Consider the legitimate rights and interests of consumers;
2. Have a clear structure, including methods for calculating costs and profits, as well as assessing consumers' ability to pay;
3. Ensure that contractual obligations do not exceed consumers' ability to pay;
4. Comply with relevant regulations, such as: products related to interest rates must follow the regulations on the determination of interest rates and fees issued by the Bank of the Lao PDR from time to time.
The Commercial Bank Supervision Department may issue an order to stop, and require the refund of, fees deemed unfair to consumers.
Commercial banks must inform consumers of product prices and fees before signing a contract for the use of the product with the commercial bank, and may provide additional notification through various channels as appropriate.
Article ມາດຕາ 2
Article 2 Consumer Protection
Commercial banks must implement consumer protection work as stipulated in the Decree on Consumer Protection of Financial Services, No. 225/CP, dated April 6, 2020, and relevant regulations.
Article ມາດຕາ 3
Article 21 Prohibitions
Gold banks, including their managers and employees, are prohibited from engaging in the following conduct:
1. Operating and conducting business beyond the scope permitted by the Bank of the Lao PDR;
2. Requiring or imposing conditions that are not in accordance with the law on users in receiving their services or within a group;
3. Providing or disclosing information that is not true and accurate;
4. Disclosing customer information without authorization;
5. Conducting transactions in customer accounts without complying with regulations or without authorization;
6. Creating obstacles to the performance of relevant officials and employees in monitoring and inspecting the gold bank's business operations;
7. Delivering counterfeit, poor-quality, or substandard gold;
8. Forging documents and concealing factual information;
9. Other conduct that violates laws and relevant regulations.
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