Financial Crime World

Regulation on Credit Information Utilization and Protection in Cambodia

Overview of Prakas

The National Bank of Cambodia has issued a regulation known as the Prakas, which governs the use and sharing of credit information among banks and other financial institutions. This document outlines the annexes related to the Prakas, providing a framework for the sharing of credit information.

Annex 1: Application for Participant of the CIS

  • Template Overview: The first annex is a template used by a bank or financial institution to apply to join the Credit Information Sharing (CIS) system, established by the Asian Development Bank.
  • Application Requirements: The application includes information about the applicant’s understanding of the Prakas and their request to participate in the CIS.
  • Template Overview: This annex is a template used to obtain consent from a borrower for the sharing of their credit information with the Centralized Credit Information Agency (NBC) or other third parties.
  • Information Shared: The form includes information about the types of credit information that will be shared, such as identification and negative credit history.

Annex 3: Request for Correction

  • Template Overview: This annex is a template used by a borrower or financial institution to request corrections to inaccurate credit information in the CIS system.
  • Correction Process: The form includes space for the borrower to specify the errors and provide correct information.

Annex 4: Notification to Borrower Form

  • Template Overview: This annex is a template used by a bank or financial institution to notify a borrower that they will be reported as delinquent (or defaulting) to the Credit Information System unless they make full repayment within a specified timeframe.
  • Credit Information Reporting: The form includes information about the credit information to be reported and contact details for the credit information officer.

Conclusion

The annexes outlined in this document provide a framework for the sharing of credit information among banks and financial institutions in Cambodia, as well as procedures for borrowers to access their own credit information and request corrections to inaccuracies.