Supplementary Guidelines on Withdrawal of Foreign Currency Cash
关于提取外币现金的补充指引
ຄຳແນະນຳເພີ່ມເຕີມ ກ່ຽວກັບການຖອນເງິນສົດ ເງິນຕາຕ່າງປະເທດ
Summary
A supplementary guideline issued by the Bank of the Lao PDR (central bank) on foreign currency cash withdrawal services by commercial banks, clarifying that commercial banks may approve withdrawals exceeding USD 10,000 (or equivalent foreign currency) on their own, and specifying reporting requirements for abnormal or suspicious transactions.
Articles
Article 1
Instruct all commercial banks to continue implementing Guideline No. 01/Central Bank, dated February 5, 2004, in accordance with Article 3, Paragraph 3 of that guideline, authorizing commercial banks to independently approve customer withdrawals of cash exceeding USD 10,000 or equivalent in foreign currency, subject to the "Know Your Customer" (KYC) principle. When reporting to the Bank of the Lao People’s Democratic Republic (Central Bank), it is not necessary to report each transaction individually; only special reports on abnormal and suspicious withdrawal transactions shall be made.
Article 2
The Governor of the Commercial Bank is tasked with issuing guiding notices on practical operational methods to its branches nationwide, in accordance with the spirit and content of Article 1 above.
Article 3
The Office, the Monetary Policy Department, the Commercial Banks and Financial Institutions Supervision Department, and relevant individuals and legal entities are assigned to acknowledge and strictly comply with this guideline.
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