Agreement on Excess Transfer Transactions
超额转账交易协议
ຂໍ້ຕົກລົງວ່າດ້ວຍ ທຸລະກຳໂອນເງິນທີ່ມີມູນຄ່າເກີນກຳນົດ
Summary
This regulation requires reporting entities engaged in money transfers to collect information on the sender and beneficiary for transactions exceeding the limit, and to fulfill anti-money laundering obligations such as verification, reporting, and record-keeping.
Articles
Article ມາດຕາ 1
Article 1. Purpose
This agreement is issued to elaborate on the law on anti-money laundering and counter-financing of terrorism regarding money transfer transactions that exceed the prescribed value.
Article ມາດຕາ 2
Article 2. High-Value Money Transfer Transactions
Money transfer transactions refer to the provision of domestic and international money transfer services by reporting entities to customers, using payment methods with numbers or reference codes, and payment methods with reference documents.
High-value money transfer transactions refer to the execution of money transfer transactions with a value of twenty-five million (25,000,000) kip or equivalent or more per transaction.
Article ມາດຕາ 3
**Article 3. Definition of Terms**
The terms used in this agreement have the following meanings:
1. **Reporting Entity** means commercial banks, deposit-taking microfinance institutions, non-deposit-taking microfinance institutions, and other payment service providers that offer domestic and international money transfer services. This includes the ordering reporting entity, the beneficiary reporting entity, and the intermediary reporting entity.
2. **Domestic Money Transfer** means a money transfer that occurs between an ordering reporting entity and a beneficiary reporting entity within the Lao PDR.
3. **International Money Transfer** means a money transfer that occurs between an ordering reporting entity and a beneficiary reporting entity, and/or through an intermediary reporting entity, in different countries.
4. **Ordering Reporting Entity** means a reporting entity that initiates a money transfer or transfers money upon receiving a request for a transfer from the orderer.
5. **Beneficiary Reporting Entity** means a reporting entity that receives the money transfer from the ordering reporting entity, directly or through an intermediary reporting entity, to deliver the funds to the beneficiary.
6. **Intermediary Reporting Entity** means one or more reporting entities that facilitate the transfer of funds on behalf of the ordering reporting entity and/or the beneficiary reporting entity.
7. **Payment with Reference Code** means a payment that includes a transfer message and a payment instruction from the ordering reporting entity to the beneficiary reporting entity, directly or through one or more intermediary reporting entities.
8. **Payment with Reference Documents** means a payment that includes a transfer message, a payment instruction, and attached documents from the ordering reporting entity to the beneficiary reporting entity, directly or through one or more intermediary reporting entities.
9. **Transaction Reference Number** means a combination of numbers, letters, or symbols in a messaging system designated by the reporting entity to serve as a reference for confirming payment to the beneficiary.
10. **Batch Money Transfer** means a money transfer by the ordering reporting entity, at the request of the orderer, from a single account to multiple accounts simultaneously.
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