Financial Crime World

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Anti-Money Laundering Law of Laos: Key Requirements for Reporting Entities

Data Record-Keeping

As a reporting entity under the Anti-Money Laundering Law of Laos, it is essential to maintain accurate records for at least 10 years.

  • Customer Information: Keep records of customer information, including documents on business ties, for at least 10 years.
  • Transaction Data: Maintain data on transactions for at least 5 years from the date they are achieved.
  • Duplicate Certificates: Duplicate customer certificates and beneficiaries from transactions to ensure accurate record-keeping.

Reporting

Reporting entities must report suspicious transactions, cash transaction reports, wire transfer reports, or other stipulated transactions to the AMLIO within a specified timeframe.

  • Suspicious Transactions: Report any suspicion of customer involvement in a transaction related to money laundering or financing of terrorism within 3 days.
  • Cash Transaction Reports: Submit cash transaction reports when exceeding the value set by the Bank of Lao PDR.
  • Wire Transfer Reports: Report wire transfers that exceed the specified value.

Confidentiality

Reporting entities must maintain the confidentiality of customers and their transactions.

  • Executive and Staff Obligations: Executives and staff of reporting entities must keep secret the reporting of suspicious transactions.
  • Customer Confidentiality: Reporting entities are required to maintain customers’ confidentiality as defined in their statute or agreement.

Obligations on Declaring Cash, Valuable Goods, and Bearer Negotiable Instruments

Natural persons taking cash, valuable materials goods, and bearer negotiable instruments into or out of the Lao PDR must declare them at border checkpoints if exceeding the limit set by the Bank of Lao PDR.

  • Customs Declaration: Declare cash, valuable goods, and bearer negotiable instruments to customs officers at border checkpoints.
  • Seizure of Non-Declared Items: Customs authorities are responsible for checking declarations and seizing non-declared or underreported items related to money laundering and financing of terrorism.