Financial Crime World

Warning Issued to Cambodian Businesses: Consequences of Non-Compliance

Phnom Penh, Cambodia - A Warning from Rajah & Tann Asia’s Affiliate

R&T Sok & Heng Law Office, the Cambodian affiliate of Rajah & Tann Asia, has issued a stern warning to businesses operating in the country about the severe consequences they may face if they fail to comply with laws and regulations.

Know Your Customer Principles and Customer Privacy Policies: A Must-Comply

Applicants who do not observe Know Your Customer principles and customer privacy policies, or those who engage in illegal or deceitful sales practices, will be subject to withdrawal of their Financial Regulatory Services (FRS) permit. This is a serious consequence that businesses must take into consideration.

Other Consequences of Non-Compliance

Violators of anti-money laundering and combating financing of terrorism laws, intellectual property laws, and those who pose risks to financial stability may face severe penalties. Additionally, other measures may also be enforced against non-compliant businesses, including:

  • Encouragement of illegal or deceitful sales practices
  • Sale of products or services based on misleading advice
  • Failure to observe anti-money laundering and combating financing of terrorism laws

Take Immediate Action: Ensure Compliance with Relevant Laws and Regulations

R&T Sok & Heng Law Office urges businesses to take immediate action to ensure compliance with relevant laws and regulations. The law firm’s managing partner, HENG Chhay, emphasizes the importance of adhering to legal requirements, stating that non-compliance can have severe consequences for businesses operating in Cambodia.

Seeking Guidance on Compliance Matters?

Businesses seeking guidance on compliance matters are encouraged to contact R&T Sok & Heng Law Office’s team members, who will be happy to assist. The law firm has a regional presence across Asia and is part of the global network Rajah & Tann Asia.

Contact Information:

Note: This article is intended to provide general information and should not be treated as a substitute for specific professional advice. Businesses are advised to seek legal counsel for their specific situation.