Agreement on Measures Against Violations by Commercial Banks
关于对商业银行违规行为采取措施的协议
ຂໍ້ຕົກລົງ ວ່າດ້ວຍມາດຕະການຕໍ່ການລະເມີດຂອງທະນາຄານທຸລະກິດ
Summary
The Bank of the Lao PDR stipulates measures including warnings, fines, up to revocation of licenses, and legal liability for commercial banks and their shareholders, managers, and employees who violate the Law on Commercial Banks and regulations of the Bank of the Lao PDR.
Articles
Article 1
Purpose. This Agreement prescribes measures for violations of the Law on Commercial Banks and the regulations issued by the Bank of the Lao PDR, aiming at education, training, and raising awareness of compliance with laws and regulations, to ensure growth, stability, safety, and soundness of commercial banks.
Article 2
Scope of application. This agreement applies to commercial banks, major shareholders, management personnel, and staff of commercial banks that violate the Law on Commercial Banks and the regulations issued by the Bank of the Lao PDR. Commercial banks as referred to in this agreement include commercial banks and branches of foreign commercial banks established within the territory of the Lao People's Democratic Republic.
Article 3
Violations. Violations under this Agreement include: 1. Violations of regulations concerning establishment and use of licenses; 2. Violations of prohibitions in business operations (pursuant to Article 43 of the Law on Commercial Banks); 3. Violations of measures for maintaining stability (pursuant to Article 44 of the Law on Commercial Banks); 4. Violations of regulations on reporting to the Bank of the Lao PDR (pursuant to Article 85 of the Law on Commercial Banks); 5. Violations of regulations on the use of registered capital and investment funds; 6. Failure to cooperate or implement recommendations of inspectors or external auditors of the Bank of the Lao PDR; 7. Failure to implement orders, guidelines, or various notices of the Bank of the Lao PDR.
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