Decree on the Management of Remittance Service Business
关于汇款服务业务管理的议定书
ຂໍຕົກລົງ ວ່າດ້ວຍ ການຄຸ້ມຄອງທຸລະກິດການໃຫ້ບໍລິການໂອນເງິນ
Summary
This protocol, issued by the Governor of the Bank of the Lao PDR, stipulates principles, regulations, and measures for the establishment, operation, and management of remittance service businesses, covering establishment conditions, application and approval, registered capital, agents, rights and obligations of parties, anti-money laundering, annual fees, prohibited acts, supervisory reporting, and measures against violators.
Articles
Article 1
Purpose. This Protocol stipulates principles, regulations, and measures concerning the establishment, operation, and management of remittance service businesses, aiming to ensure efficient, safe, and transparent domestic and cross-border remittance services, maintain social order, reduce risks arising from payment and settlement, and enhance the stability of the financial system.
Article 2
Remittance Service Business. Remittance service business refers to the financial service business operation conducted through a remittance service provider, involving domestic and cross-border remittance transactions.
Article 3
Interpretation of Terms. The terms used in this Protocol have the following meanings: 1. Remittance service means a financial service involving the receipt of cash, financial instruments, or debits from deposit accounts, processed via electronic transfer through the banking system or other means, such as communication, SMS, transfers, or through a clearing and settlement network that is part of the remittance service provided by a remittance service provider; 2. Remittance service provider means a legal entity or organization authorized by the Bank of the Lao PDR to provide money or monetary value remittance services within the territory of the Lao People's Democratic Republic in accordance with this Protocol; 3. Agent means an individual, legal entity, or organization authorized by a remittance service provider and approved by the Bank of the Lao PDR to directly contact and provide services to users; 4. User means an individual, legal entity, or organization using remittance services.
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