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In Cambodia, the Banking and Finance sector is governed by a system of laws set out and regulated by the National Bank of Cambodia (NBC) and Securities and Exchange Commission of Cambodia (SECC). These laws and regulations help in structuring and controlling all forms of financial activities such as banking, insurance, microfinance, leasing, and securities. The legal framework in place is being continuously updated to provide a conducive environment for businesses and investors while protecting the rights of consumers.
Navigating the complexities of the Banking and Finance law can be daunting especially in a dynamic regulatory environment like Cambodia. Reasons you may need a lawyer include drafting and negotiating contracts, resolving disputes with banks or financial institutions, compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements, setting up a new banking or financial institution, and dealing with bankruptcy or insolvency matters. Also, businesses and individuals may need legal help to understand the tax implications, property rights and laws applicable in case of investment or cross-border transactions.
The primary laws governing Banking & Finance in Cambodia are the Law on Banking and Financial Institutions (1999), the Law on Commercial Enterprises (2005), the Law on Insolvency (2007), and the Law on Anti-Money Laundering and Combating the Financing of Terrorism (2007). Other relevant laws include the Law on Microfinance Institutions (2007), the Law on Foreign Exchange (2007), and the recent Law on Payment Services (2019). All these laws ensure the transparency, competitiveness, and overall stability of Cambodia's financial sectors.
The National Bank of Cambodia is the central bank in the country, providing monetary policy and regulation, managing the country's foreign reserves, and licensing, regulating, and supervising all banks and financial institutions in Cambodia.
Yes, foreign financiers and investors are welcomed and even encouraged under Cambodian law, subject to meeting licensing requirements and approval from the National Bank of Cambodia.
The Law on Anti-Money Laundering and Combating the Financing of Terrorism (2007) is the primary law that deals with these issues.
Yes, Article 58 of the Law on Banking and Financial Institutions provides strict confidentiality provisions for customer information held by banks or financial institutions.
The NBC has issued various prakas (regulations) that provide measures and penalties against fraudulent practices such as the Prakas on Banking Services Fees (2009).
The NBC directs the ceiling and floor interest rates, as per the prevailing regulatory and economic conditions.
Setting up a banking or financial institution requires approval and licensing from the NBC, with a stringent review of the business plan, financial soundness, management qualifications, and other aspects.
The Law on Insolvency and other supplementary regulations govern insolvency and rehabilitation procedures for businesses facing financial difficulties.
The Law on the Issuance and Trading of Non-Government Securities (2007) and its accompanying regulations govern securities trading in Cambodia and is under the supervision of the Securities and Exchange Commission of Cambodia.
While the Cambodian constitution limits land ownership to Cambodian nationals, foreign investors can obtain control of land through long-term leases, economic land concessions, or via Cambodian registered companies subject to statutory restrictions on share capital.
The National Bank of Cambodia (NBC) and the Securities and Exchange Commission of Cambodia (SECC) are the primary government regulatory bodies for the banking and finance sector. Other resources include local and international law firms specializing in Cambodian Banking & Finance law, industry associations like the Association of Banks in Cambodia, and the Cambodia Investment Board for information on investment laws.
If you require legal assistance in the sector of Banking & Finance in Cambodia, it is advisable to consult a lawyer or a law firm specializing in Cambodian financial law for advice and representation. They will guide you on the necessary compliance and regulatory requirements, help you deal with contracts or disputes, and advise you on issues of investment, banking, or finance.
