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.
• Reviewing Terms and Conditions for Online Banking: Provided a compliance review for the general terms and conditions applicable to online banking services made available to all customers. The online banking services include internet banking for businesses and personal use, mobile applications, online payment gateways, automated deposit machines (ADMs), and ATMs. The terms and conditions cover matters related to instructions from customers, customer and bank obligations and liabilities, cybersecurity, privacy policy, money laundering, intellectual property and more.
• 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.