Pursuant to Instruction No.666/PSD dated 24 August 2021 on Providing Electronic Money Services ("Instruction"), the Payment Systems Department of Bank of Lao PDR ("BOL") issued on 8 February 2022 Notice No.133/PSD on Adding an Account Number Associated with Providing Electronic Money Services ("Notice"). The Notice, which replaces Notice No.537/PSD dated 16 July 2020, applies to the commercial banks that allow customers to open guarantee accounts for electronic money services ("Trust Account"), and provide electronic money services from such deposit accounts. The Notice requires these commercial banks to add a designated account number associated with the provision of electronic money services to the account number of specific types of accounts. Affected commercial banks were given until 15 February 2022 to comply with the Notice.
The account numbers that must be added are set out as follows:
a. 2131160 – for Trust Accounts
- Used for non-bank electronic money providers required to open a Trust Account with a commercial bank
- Used as savings accounts, where deposits and withdrawals can be made at any time and the interest rate is set out by the bank
b. 2201800 – for Advance Receipts Accounts from customers who use electronic money services
- Used for electronic money providers that are commercial banks
- Accounts to track and store money received in advance from users of electronic services; no interest is earned from these accounts
c. 2137161 – for overdue interest on deposits guaranteeing electronic money services
- Used as an account to track accrued interest arising from a deposit account to guarantee electronic money services
d. 4102160 – for interest expense on deposits that guarantee electronic money services
- Used as an account to track interest expenses incurred from a deposit account to provide electronic money services (2131160).
Upon completion of the addition of the designated account numbers as specified in the Notice, banks were to report their compliance to BOL in writing within five working days. Non-bank financial service providers must open Trust Accounts pursuant to Notice No.134/PSD on Opening a Guarantee Account for Electronic Money Services and report their compliance to BOL within five working days. (Please refer to the write-up below titled "Notice on Opening a Trust Account" for more information on this requirement.)
