Decision on Dormant Accounts (Bank of the Lao PDR, No. 1190/BOL)
关于无动账户的决定（老挝人民民主共和国国家银行，第1190/老银号）
ຂໍ້ຕົກລົງ ວ່າດ້ວຍ ບັນຊີທີບໍ່ມີການເຄື່ອນໄຫວ (ທະນາຄານແຫ່ງ ສປປ ລາວ, ເລກທີ 1190/ທຫລ)
Summary
This Decision stipulates rules for handling inactive deposit accounts by commercial banks, including classification, contacting depositors, freezing, closing accounts, and transferring funds to the management of the Bank of the Lao PDR, to protect the legitimate rights and interests of depositors and enhance trust in the banking system.
Articles
Article 1
Purpose. This Decision stipulates the principles, regulations, and measures for handling dormant bank accounts, providing a basis for banks to process such accounts, aiming to protect the rights and interests of users and enhance trust in the banking system.
Article 2
Interpretation of Terms. The terms used in this Decision have the following meanings: 1. BOL (ທຫລ) refers to the Bank of the Lao People's Democratic Republic. 2. Bank refers to commercial banks and branches of foreign commercial banks established under the laws of the Lao People's Democratic Republic. 3. Account refers to various types of deposit accounts opened by customers with a bank. 4. Transaction refers to transactions conducted through a deposit account, such as deposits, withdrawals, currency exchange or transfers via a deposit account, whether in the form of cash, checks, transfers, or other instruments; but does not include transactions carried out by the bank, such as crediting interest or charging maintenance fees for the account. 5. "Transaction conducted by the account holder" refers to a transaction made by the account holder themselves on their deposit account opened with a bank, or by a person authorized in writing to conduct the transaction on their behalf. 6. "Dormant account" refers to a deposit account that has had no transaction conducted by the account holder and no contact with the bank (such as checking the account balance, requesting an account statement from the bank, or via electronic systems or other tools) for a continuous period of one full year, with the period commencing from the following points in time: (1) For demand deposit accounts and savings deposit accounts, from the date of the account holder's last transaction through the account; or (2) For fixed-term deposit accounts, from the date of contract maturity.
Article 3
General Principles. When managing customer accounts, banks must comply with the following general principles: 1. Develop a detailed and rigorous deposit management manual, which shall specify regulations and remedial measures concerning dormant accounts, and must comply with this Decision, relevant laws of the Lao People's Democratic Republic, and other regulations; 2. Respect the legitimate rights and interests of customers; 3. Maintain customer confidentiality, except where the Bank of the Lao PDR or other departments as stipulated by relevant laws legally access such information; 4. Provide customers with sufficient information and clear explanations to enable them to understand the characteristics, responsibilities, and all conditions of opening and using the account, as well as the regulations for handling dormant accounts, and require customers to fill in and sign in writing on the account opening contract to confirm their understanding of all the above conditions when applying to open any account; 5. Require customers applying to open an account to provide the names and contact information of at least two relatives or close relatives, unless the customer refuses to provide such information; 6. For accounts opened in the name of an institution, collect information on the institution's responsible persons, persons authorized to sign on behalf of the institution, and other persons as stipulated by relevant regulations; 7. Shall not stipulate in the contract between the bank and the customer that the customer waives any rights.
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