Decision on Supplementary Information Provision by Financial Institutions
关于金融机构补充提供信息的决定
ຂໍ້ຕົກລົງ ວ່າດ້ວຍ ການສະໜອງຂໍ້ມູນເພີ່ມເຕີມ ຂອງ ສະຖາບັນການເງິນ
Summary
The decision issued by the Bank of the Lao PDR stipulates the principles, measures, and procedures for financial institutions to supplementarily declare information on sources of funds, shareholder structure, and beneficial owners when applying for operating licenses, ensuring that the sources of funds are legal and verifiable. It applies to individuals, legal entities, or organizations applying for and being granted licenses to operate various types of financial institutions (including microfinance institutions, credit and savings cooperatives, leasing companies, pawnshops, cross-border fast remittance companies, etc.) both domestically and internationally.
Articles
Article 1
Purpose. This Decision stipulates the principles, measures, and procedures regarding the declaration of sources of funds, shareholder structure, and the declaration of beneficial owners as individuals, legal entities, or organizations (domestic and foreign), applicable to entities specifically applying to operate financial institution businesses, as well as financial institutions already licensed by the Bank of the Lao People's Democratic Republic to operate businesses, in order to ensure that fund introduction, source of funds declaration, and beneficial owner information comply with regulations, are accurate, and are verifiable.
Article 2
Scope of Application. This Decision applies to domestic and foreign individuals, legal entities, or organizations that apply to operate businesses for specific purposes and have obtained permission from the Bank of the Lao People's Democratic Republic to operate businesses in the following forms: deposit-taking microfinance institutions, non-deposit-taking microfinance institutions, credit and savings cooperatives, microfinance projects, credit leasing companies, pawnshops, and international money transfer companies.
Article 3
Application for business operation license. Domestic and foreign individuals, legal persons, or organizations intending to apply for the purpose of operating financial institution business must possess and submit the relevant conditions and documents that comply with the "Conditions and Required Documents for Business Operation Licenses" stipulated in the Ministry of Industry and Commerce Decrees No. 154-159 (February 17, 2012) and No. 1038 (July 24, 2014). In addition, the following documents must be submitted supplementarily: 1. Detailed evidentiary documents regarding the source of registered capital and the composition of shareholders, covering domestic and foreign individuals, legal persons, or organizations; for foreign investors, a certificate issued by the relevant competent authority of that country permitting the transfer of funds abroad is required; 2. If the applicant for business operation is a legal person, a resolution of the general meeting of shareholders appointing the person representing the shareholders is required; 3. Sufficient documents and evidence declaring the ownership of the beneficial owner (shareholder); 4. Appropriate evidentiary information declaring the beneficial owner (shareholder) and senior management, which must show a clean background and no prior criminal record; any details related to any crime (domestic or foreign), and any harm confirmed by the competent authority, must be declared; 5. Changes in the management personnel of the financial institution require permission from the Bank of the Lao People's Democratic Republic and must meet the same conditions and submit the same documents as for management personnel; 6. Other information stipulated by the Bank of the Lao People's Democratic Republic must be detailed and clear.
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