With the long-term vision to “Be the bank that customers trust for best service, best technology and best staff”, and the missions for developing and upgrading to integrate with the international banking system, Lao Development Bank Co., LTD (LDB) has upgraded the implementation of AML/CFT and FATCA framework from the AML Compliance and International Relations Unit into the AML Compliance and International Relations Department and enhancing the framework in a more comprehensive manner for managing regulatory compliance as well as the international standard and relationships. The Department plays the roles in bringing strategic plans, policies, procedures and international standard related to the Anti-money laundering and terrorist financing as well as the Foreign Account Tax Compliance Act (FATCA) and international relationships perspective, into compliance with relevant regulations, laws and standard both domestically and internationally.

     LDB implemented an efficiency AML/CFT program which include clear policy, procedure and the standard automated system named Tonbeller Compliance Solution. This system is used to monitor and control risks in associated with AML/CFT perspective. We have qualified personnel who has knowledge and skills on the AML field and also gain the ACAMS certificate that is widely accepted at the international level. We conduct AML/CFT training courses for our staffs on regular basis, and send staff to participate in short-term and long-term training sessions both domestically and abroad to upgrade the staff's professionalism in AML/CFT work. In addition, we have an annual inspection on the implementation of AML/CFT work.

     AML Compliance and International Relations Department serves as the second line of defense for LDB. Its roles include but not limited to identifying, assessing, monitoring, controlling of the first line of defense; reviewing KYC/CDD against customers and correspondent banks; responding to the subpoena and search warrant from the regulator; analyzing and reporting suspicious transactions to the FIU. In addition, it is also accountable for monitoring all transactions conducted through the bank to ensure that all prohibited transaction such as blacklists or sanction lists are not conducted via LDB’s system. Furthermore, it is the contact point for international relations between LDB and other parties around the globe.

     For more information regarding the AML/CFT, FATCA and international relationships, please contact the person below: