Named after Hans E. Lau - Danish astronomer (1879-1918).
The curved ridges observed on the crater floor are believed to be eskers, which form when streams run under a glacier. These eskers would indicate a large, thick sheet of ice once covered this region. (wikipedia entry)
A crater is a circular depression likely created by an impact event. On Mars large craters are named after deceased scientists, writers and others who have contributed to the lore of Mars. Small creaters (less than 60km) are named after small towns and villages.