BANKING AND FINANCE
MANAGEMENT OF PAYMENT SERVICES PROVIDERS
Prakas № B14-017-161 PK of the National Bank of Cambodia, dated 14 June 2017
The purpose of this Prakas is to regulate and determine procedures for license applications of any legal persons who intend to provide payment services in Cambodia. This Prakas aims to ensure the safety and reliability of payment services, promote fair competition and innovation, and foster public confidence in payment services. Its scope covers any legal persons who intend to provide payment services along with banking and financial institutions (“BFIs”) operating under the supervision of the National Bank of Cambodia (“NBC”).
The payment services covered under this Prakas include but are not limited to: (a) services that enable depositing and withdrawal of money in payment accounts and enabling any transaction to be operated through such payment accounts; (b) services to carry out payment transactions, including the transfer of funds from one payment account to another, whether they are held by the same payment service provider or different ones; (c) the issuing of payment instruments, including the issuing of electronic money and/or accepting payment transactions; (d) domestic and overseas transfers; and (e) other payment services as defined by the NBC. In addition to these transactions, payment services providers may carry out other activities upon obtaining authorization from the NBC.
According to this Prakas, any legal persons who wish to conduct payment services in Cambodia must apply for a license from the NBC. In order to obtain this, applicants must meet certain requirements set out in this Prakas.
FACTORY OPERATIONS COMPLIANCE
MANAGEMENT OF TECHNICAL AND INDUSTRIAL SAFETY EQUIPMENT AND MACHINES
Prakas of No. 152, 17 May 2017, issued by Ministry of Industry and Handicraft
Before commencing use equipment and machines, factory owners are required to apply for a certificate of technical and industrial safety from the Ministry of Industry and Handicrafts. The certificate is valid for one year and subject to renewal at least 30 days before the expiry date of the certificate.
The objective of this Prakas is to ensure a safe work environment and to establish rules to manage equipment and machines in accordance with the Law on Management of Industry and Handicraft.
CORPORATE COMPLIANCE – COMPANY RE-REGISTRATION
EXTENSION OF ONLINE RE-REGISTRATION DEADLINE TO 31 DECEMBER 2017
Notification № 2729, 31 May 2017, issued by the Ministry of Commerce
This notification extends the deadline for mandatory online re-registration to companies, branches and representative offices until the end of 2017. Business entities must provide their Annual Declaration of Commercial Enterprise for 2015 (“ADCE 2015”) to the Ministry of Commerce as part of the online re-registration application documents. Failure to file the ADCE 2015, will render such entities liable to pay the ADCE fee along with a penalty set out in Joint Prakas 1643 dated 16 December 2014 between the Ministry of Commerce and the Ministry of Finance and Economy.
FOREIGN ACCOUNT REPORTING – FATCA COMPLIANCE
Announcement No. 8619 GDT, issued by the Ministry of Economy and Finance, the General Department of Taxation, dated 25 May 2017
The General Department of Taxation issued this announcement informing all banks, financial institutions and insurance enterprises to submit information on reportable accounts under the United States Foreign Account Tax Compliance Act (“FATCA”) for the years 2014 to 2016 to the General Department of Taxation by 30 June 2017. This compliance obligation is in accordance with an agreement between the Royal Government of Cambodia and the Government of the United States. Penalties may be imposed for late submission. Information about FATCA is available at www.fatca.gov.kh.
NATIONAL SOCIAL SECURITY FUND
MATERNITY LEAVE ENTITLEMENTS
Guideline № 668/17, dated 12 June 2017, issued by the National Social Security Fund
This Guideline aims to provide information to all female employees duly registered with the National Social Security Fund (“NSSF”) about their maternity leave entitlements. A female employee, who has contributed to the health care insurance scheme for at least nine consecutive months and who gave birth at a health care facility with no agreement entered into with the NSSF, must undergo a health check after giving birth at a health care facility that does have an agreement with the NSSF, in order to claim a daily maternity allowance from the NSSF.
TRANSITIONAL MONETARY PUNISHMENT FOR VIOLATION ON LAWS AND REGULATIONS RELATED TO TOURISM
Joint Prakas № 262, 10 March 2017, issued by the Ministry of Economy and Finance and Ministry of Tourism
This Prakas aims to enforce fines on any tourism business activities which violate any laws and regulations related to tourism.
The Ministry of Tourism (“MOT”) is granted with the authority to collect fines levied on any persons who violate the applicable laws and regulations related to tourism business activities. The level of the fine charged is subject to each type of violation stated in the annex attached to this joint Prakas. In the event that a violator fails to pay the fines or does not file a complaint within thirty days from receiving a fine notice from the MOT, this fine will be doubled. Furthermore, the MOT may file a case against the violator with the court for failing to pay the fines within 90 days, from the date of receiving the MOT’s fine notice.
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*The information provided is for information purposes only, and is not intended to constitute legal advice. Legal advice should be obtained from qualified legal counsel for all specific situation.