Full Range Of Legal Services For Leading Banking Institution In Cambodia.
Legal News & Analysis - Asia Pacific - Cambodia - Regulatory & Compliance - Banking & Finance
7 January 2021
Tilleke & Gibbins’ team in Phnom Penh is retained by a leading banking institution in Cambodia to assist in a wide range of matters related to their local product offerings. Notably, our client is one of the fasting growing and most innovative banks in Cambodia. Among other things, our advice for the client has covered:
Facility Report: Provided a legal opinion in support of a USD 10,000,000 L/C confirmation facility issued by the Export-Import Bank of Korea for the purpose of supporting ABA’s issuance of letters of credit to Korea exporters to facilitate trade with Cambodia.
Merchant Agreement for Payment Gateway: Prepared the agreement between the client and merchants in Cambodia on the use of the client’s payment gateway service that allows online merchants to accept various payment methods. In addition to outlining merchants’ rights and obligations in using the payment portal to monitor, create and manage online transactions, and process payments and refunds, the agreement also requires merchants to respect data protection and other consumer protection obligations.
KYC Requirements: Advised on KYC requirements under the local regulatory framework in Cambodia.
Single Beneficiaries: Advised on a complex relationship between several individuals and companies whether they should be treated as single beneficiary from Cambodia’s banking law perspective. The purpose of the advice for our client to decide whether a particular loan is permissible since Cambodia laws does not allow a bank to provide a loan to one single beneficiary, which may include related several persons or entities, more than 20 percent of their overall exposure resulting from its operations.
Data breaches: Advised on legal obligations and strategies for minimizing potential liabilities in event of a data breach.
For further information, please contact:
Jay Cohen, Director, Tilleke & Gibbins