THE STATE BANK OF VIETNAM ---------	THE SOCIALIST REPUBLIC OF VIETNAM Independence – Freedom – Happiness ---------------
No.: 14/VBHN-NHNN	Hanoi, June 22, 2023

DECREE

PENALTIES FOR ADMINISTRATIVE VIOLATIONS IN MONETARY AND BANKING SECTOR

The Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from December 31, 2019, is amended by:

1. The Government’s Decree No. 143/2021/ND-CP dated December 31, 2021 providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.2. The Government’s Decree No. 23/2023/ND-CP dated May 12, 2023 providing amendments to the Government’s Decree No. 89/2016/ND-CP dated July 01, 2016 on eligibility requirements to be satisfied by business entities for acting as foreign exchange agents or providing foreign currency receipt and payment services, and Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 on penalties for administrative violations in monetary and banking sector, coming into force from July 01, 2023.

Pursuant to the Law on Organization of the Government dated June 19, 2015;

Pursuant to the Law on penalties for administrative violations dated June 20, 2012;

Pursuant to the Law on State Bank of Vietnam dated June 16, 2010;

Pursuant to the Law on Credit Institutions dated June 16, 2010, and the Law on amendments to the Law on Credit Institutions dated November 20, 2017;

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Pursuant to the Law on Anti-money Laundering dated June 18, 2012;

Pursuant to the Law on Anti-terrorism dated June 12, 2013;

Pursuant to the Law on Negotiable Instruments dated November 29, 2005;

Pursuant to the Ordinance on Foreign Exchange dated December 13, 2005 and the Ordinance on amendments to the Ordinance on Foreign eXchange dated March 18, 2013;

At the request of the Governor of the State Bank of Vietnam (“SBV”);

The Government promulgates a Decree prescribing penalties for administrative violations in monetary and banking sector[1]^,[2].

Chapter I

GENERAL PROVISIONS

Article 1. Scope

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2. Administrative violations in monetary and banking sector include:

a) Violations against regulations on management and use of licenses;

b) Violations against regulations on organization and management;

c) Violations against regulations on shares, share certificates and stakes;

d) Violations against regulations on capital mobilization and service charges;

dd) Violations against regulations on credit extension, offer and acceptance of trusteeship, and interbank operations;

e) Violations against regulations on provision of credit information services;

g) Violations against regulations on foreign exchange operations and gold trading;

h) Violations against regulations on payment, cash and vault management;

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k) Violations against regulations on guarantee of safe operation of credit institutions and FBBs;

l) Violations against regulations on deposit insurance;

m) [3] Violations against regulations on anti-money laundering; anti-terrorism financing; counter to financing of proliferation of weapons of mass destruction;

n) Violations against regulations on provision of information and reporting;

o) Violations against regulations on obstruction of inspection and failure to comply with request of competent officials;

p) Violations against regulations on debt trading and settlement;

q) Violations against regulations on information system security for banking operations.

Article 2. Entities incurring administrative penalties

1. This Decree applies to any organizations or individuals that commit administrative violations in the monetary and banking sector.

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a) Credit institutions and their affiliates (including domestic branches, transaction offices, representative offices and administrative units, overseas branches and representative offices, and their wholly owned banks in foreign countries), FBBs, representative offices of foreign credit institutions and other foreign organizations performing banking operations;

b) Enterprises and their affiliates (including branches and representative offices);

c) Co-operatives, cooperative unions, and their affiliates (including branches and representative offices);

d) Other organizations duly established and operating in Vietnam.

Article 2a. Repeated administrative violations [4]

Any organization or individual that repeatedly commits an administrative violation shall incur penalties for each violation, except repeated administrative violations which are considered as aggravating circumstances as prescribed in Article 5; Article 9; Article 10; Article 11; Article 12; Article 13; Article 14; Article 14a; Article 15; Article 16; Article 17; Article 18; Article 19; Article 20; Article 21; Article 22; Clauses 1, 3, 4, 5, 6, 7, 8 Article 23; Clauses 1, 3, 4, 5, 6, 7, 8 Article 24; Article 25; Article 26; Article 27; Article 28; Article 28a; Article 29; Article 30; Article 31; Article 32; Article 33; Clause 1 Article 34; Article 35; Article 36; Article 37; Article 38; Article 39; Article 40; Article 41; Article 42; Article 43; Article 44; Article 44a; Article 45; Article 45a; Article 46; Article 47; Article 50; Article 51 of this Decree.

Article 2b. Time of completion of administrative violations [5]

Ending dates of some violations in Chapter II hereof, which are used for determining the running of prescriptive periods of such violations, shall be determined as follows:

1. Regarding administrative violations against regulations on receipt of deposit, credit extension, offer and acceptance of trusteeship, purchase of corporate bonds or interbank operations specified in Point a Clause 2 Article 12; Point a Clause 3, Points a, b, dd, g Clause 5, Point b Clause 6, Clause 8 Article 14; Point a Clause 1 Article 15; Clause 3, Points a, d, dd Clause 4 Article 16; Clause 5, Clause 6 Article 17 of this Decree, the ending date of the violation shall be the date on which relevant parties complete their obligations under an agreement or contract involving that violation.

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3. Regarding administrative violations against regulations on registration, notification, following of administrative procedures, submission and promulgation of internal regulations, rules and plans specified in Article 7; Point b Clause 2 Article 8; Clause d, dd, e, g Clause 3 Article 23; Point a Clause 2 Article 28; Point a, b, c Clause 3 Article 30; Point a Clause 1 Article 40 of this Decree, the ending date of the violation shall be the date of registration, notification, following of administrative procedures, submission, promulgation or modification of such internal regulations, rules or plans.

4. Regarding administrative violations against regulations on prudential ratios, classification of assets, off-balance-sheet (OBS) items, creation and use of provisions for losses specified in Article 35; Points a, b, c Clause 1 Article 36 of this Decree, the ending date of the violation shall be the date on which regulations on prudential ratios, classification of assets, off-balance-sheet (OBS) items, creation and use of provisions for losses are strictly observed.

5. Regarding violations against regulations on changes requiring written approval from SBV specified in Article 5 of this Decree, the ending date of the violation shall be the date on which the written approval is given by SBV.

Article 3. Penalties, fines, power to impose penalties and remedial measures

1. Primary penalties:

a) Warnings;

b) Fines.

2. Additional penalties:

a) [6] Suspension of licenses for a fixed period. To be specific: the certificate of registration of foreign exchange agent or the certificate of registration of agent for exchange of bordering countries’ currencies shall be suspended for 01 – 03 months; the license for foreign currency receipt and payment and other foreign currency transactions in the business of providing prize-winning electronic games for foreigners and in the casino business shall be suspended for 03 – 06 months; the license for gold bullion trading shall be suspended for 06 – 09 months;

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c) Confiscation of the exhibits and instrumentalities used for committing administrative violations[7], confiscation of foreign currencies, Vietnamese Dong and gold.

3. Fines and power to impose fines:

a) The maximum fine for an administrative violation in the monetary and banking sector imposed on an organization is VND 2.000.000.000 and that imposed on an individual is VND 1.000.000.000;

b) The fine for every administrative violation prescribed in Chapter II hereof is imposed on an individual. The fine imposed on an organization is twice as much as the one imposed on an individual for committing the same administrative violation;

c) The fine imposed for an administrative violation committed by a person working at a people’s credit fund or a microfinance institution shall be 10% of the corresponding fine prescribed in Chapter II hereof; The fine imposed on the people’s credit fund or the microfinance institution or their affiliate shall be twice as much as the fine imposed on the person working there;

d) The fines imposed by each competent person prescribed in Chapter III hereof are incurred by individuals. The fine that such a competent person may impose upon an organization is twice as much as the one he/she imposes upon an individual.

4. Remedial measures:

Depending on the nature and severity of each administrative violation in the monetary and banking sector, the violating entity may be liable to one or some of the following remedial measures as prescribed in Chapter II hereof:

a) [8] Enforced transfer of profits illegally obtained from the administrative violation to state budget; enforced return of fees improperly collected to payers; enforced return of appropriated amounts to customers; enforced debt recovery; enforced recovery of improperly used funds; enforced recovery of the amount of credit extended in excess of the credit limit; enforced return of erased or altered licenses;

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c) Enforced establishment of funds in accordance with law regulations; enforced maintenance of prudential ratios within a maximum period of 06 months; enforced classification of assets and creation of provisions for losses; enforced reversal of the improperly used provision, and recording of debts settled with provisions for losses on the balance sheet as prescribed; enforced validation of internal regulations which are issued inconsistently with law regulations; enforced compliance with law regulations on information system security for banking operations; enforced maintenance of the fulfillment of requirements to be issued with the certificate of eligibility to provide credit information services;

d) Enforced return/recovery of trust assets for trustors; enforced reimbursement of collected insurance premiums, and recovery of delivered insurance payouts; enforced reversal of the sale of debts;

dd) Enforced correction of false information; enforced submission of adequate and accurate reports; enforced full payment of insurance premiums;

e) Enforced sealing and punching of counterfeit money;

g) Enforced destruction of the exhibits and instrumentalities used for committing administrative violations;

h) Enforced maintenance of prescribed ratios of the value of fixed assets directly used to serve operations to sum of the charter capital or assigned capital and the fund for charter capital increase or the fund for assigned capital increase in accordance with regulations;

i) Enforced posting of the copy of certificate of deposit insurance; enforced completion of procedures for approval for listing of shares on a foreign securities market or suspension of the listing of shares on a foreign securities market;

k) Prohibition of expansion of operating scope, scale and regions until remedial measures agaisnt the violation have been successfully implemented;

l) Suspension of division of dividends;

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n) [10] Proposed revocation of license; certificate of registration of foreign exchange agent; certificate of registration of agent for exchange of bordering countries’ currencies; license to open and use an offshore foreign-currency account; license for gold bullion trading; written approval for provision of payment services without customers’ checking accounts; license for provision of intermediary payment services; proposed suspension, dismissal or prohibition of violating entities and/or persons responsible for the violation from holding management and supervision positions at credit institutions or foreign bank branches (FBBs); proposed dismissal and implementation of other appropriate measures by credit institutions or FBBs against violating individuals under their competence;

o) Replacement or proposed dismissal of elected or appointed persons who commit administrative violations.

p) [11] Enforced termination of operations of paying agents; enforced use of separate checking accounts for operations of paying agents;

q) [12] Enforced implementation of regulations on identification, updating, and verification of identification information of customers; enforced issuance of internal regulations in accordance with the law; enforced implementation of regulations of the law on correspondent banking relationship, transactions related to new technologies, special supervision of some transactions, and assessment of risks.

Article 3a. Implementation of remedial measures[13]

The implementation of certain remedial measures against violations in monetary and banking sector is subject to the following provisions:

1. [14] Regarding the remedial measure that is proposed revocation of license, certificate of registration of foreign exchange agent, certificate of registration of agent for exchange of bordering countries’ currencies, license to open and use an offshore foreign-currency account, license for gold bullion trading, written approval for provision of payment services without customers’ checking accounts, or license for provision of intermediary payment services.

Within 03 working days from the issue date of the penalty imposition decision, the person issuing that decision shall send a written request to a competent authority for application of this remedial measure.

2. Regarding the remedial measure that is proposed suspension, dismissal or prohibition of violating entities and/or persons responsible for the violation from holding management and supervision positions at credit institutions or FBBs

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3. Regarding the remedial measure that is enforced return of erased or altered license: pursuant to the penalty imposition decision, the violating entity shall return the erased or altered license to the licensing authority.

Chapter II

ADMINISTRATIVE VIOLATIONS, PENALTIES AND FINES

Section 1. VIOLATIONS AGAINST REGULATIONS ON MANAGEMENT AND USE OF LICENSES

Article 4. Violations against regulations on licenses granted by SBV

1. A fine ranging from VND 20.000.000 to VND 40.000.000 shall be imposed for using documents containing an organization’s name different from the one specified in its license during its operation.

2. A fine ranging from VND 40.000.000 to VND 50.000.000 shall be imposed for failure to meet conditions for inauguration laid down in Clause 2 Article 26 of the Law on Credit Institutions.

3. A fine ranging from VND 100.000.000 to VND 150.000.000 shall be imposed for committing one of the following violations:

a) Lending, leasing, trading or transferring the license;

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4. A fine ranging from VND 150.000.000 to VND 200.000.000 shall be imposed for committing one of the following violations:

a) Falsifying [15] documents proving the satisfaction of eligibility requirements enclosed with the application for the license, if not liable to criminal prosecution, except for the case prescribed in Clause 2 Article 18, Point a Clause 4 Article 27 hereof;

b) Conducting operations against the license, except for the cases prescribed in Clause 6 Article 17, Point o Clause 4, Point c Clause 8 Article 23, Point c Clause 5, Clause 6 Article 24, and Point c Clause 4 Article 27 hereof.

5. A fine ranging from VND 300.000.000 to VND 400.000.000 shall be imposed for continuing operations after a competent authority has issued a decision on restriction, suspension or termination of operations according to Point c Clause 2 Article 59 of the Law on the State Bank of Vietnam.

6.[16] A fine ranging from VND 400.000.000 to VND 500.000.000 shall be imposed for committing one of the following violations:

a) Conducting operations without a license, except for the cases prescribed in Point c Clause 8 Article 23, Clause 8 Article 24, Clause 5 Article 27 hereof;

b) Committing violations against regulations on use of terms relating to banking operations as prescribed in Article 5 of the Law on Credit Institutions.

7.[17] (abrogated)

8. Remedial measures:

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b) Proposed revocation of the license if the violation prescribed in Clause 4 or Clause 5 of this Article is committed;

c) Proposed suspension of violating entities and/or persons responsible for the violation from holding the management or supervision position for 01 – 03 months, proposed dismissal or prohibition from holding the management or supervision position at a credit institution or FBB if the violation prescribed in Clause 3, 4, 5 or 6 of this Article is committed.

Proposed dismissal and implementation of other appropriate measures against violating entities within the competence of a credit institution or FBB.

c) [18] Enforced return of the erased or altered license if the violation in Point b Clause 3 of this Article is committed.

Article 5. Violations against regulations on changes requiring written approval by SBV

1. [19] (abrogated)

2. A fine ranging from VND 50.000.000 to VND 100.000.000 shall be imposed for failure to obtain written approval from SBV when:

a) changing name of a credit institution or FBB;

b) suspending business for 05 business days or more, except for the business suspension due to force majeure events; or

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3. A fine ranging from VND 100.000.000 to VND 150.000.000 shall be imposed for failure to obtain the written approval from SBV when trading or transferring the stake of the owner or a capital-contributing member, trading or transferring shares of a majority shareholder, or carrying out the trading or transfer of shares which turns a majority shareholder into a minority shareholder and vice versa.

4. A fine ranging from VND 150.000.000 to VND 200.000.000 shall be imposed for failure to obtain the written approval from SBV when changing the charter capital or assigned capital.

5. A fine ranging from VND 200.000.000 to VND 250.000.000 shall be imposed for failure to obtain the written approval from SBV when:

a) relocating the headquarters or branch of a credit institution, or relocating the FBB;

b) listing shares on a foreign securities market;

c) [21] changing the governing branch of a transaction office of a credit institution;

d) [22] voluntarily shutting down a branch or transaction office of a credit institution; or

dd) [23] performing banking operations.

6. A fine ranging from VND 250.000.000 to VND 300.000.000 shall be imposed for failure to obtain the written approval from SBV when:

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b) making capital contribution, buying shares, transferring or purchasing stakes of a credit institution according to Article 71, Point b Clause 4 Article 103 of the Law on Credit Institutions;

c) participating in the international payment system;

d) carrying out the repurchase of shares resulting in reduction of charter capital as prescribed in Article 57 of the Law on Credit Institutions; or

dd) [24] providing non-cash payment services without customers’ checking accounts.

7. A fine ranging from VND 400.000.000 to VND 500.000.000 shall be imposed for failure to obtain the written approval from a competent authority when carrying out full or partial division, consolidation, merger or conversion of a credit institution or FBB.

8. Remedial measures:

a) Suspension of distribution of dividends until the registered charter capital requirement is met if the violation prescribed in Point d Clause 6 of this Article is committed;

b) Enforced divestment of the subsidiary or associate company if the violation prescribed in Point a or b Clause 6 of this Article is committed;

c) Enforced obtainment of an approval for listing of shares on the foreign securities market within a maximum duration of 01 - 03 months or enforced suspension of such listing of shares on the foreign securities market if the violation prescribed in Point b Clause 5 of this Article is committed;

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Proposed dismissal and implementation of other appropriate measures against violating entities within the competence of a credit institution or FBB.

Section 2. VIOLATIONS AGAINST REGULATIONS ON ORGANIZATION AND MANAGEMENT

Article 6. Violations against regulations on organization and management

1. A fine ranging from VND 20.000.000 to VND 30.000.000 shall be imposed for committing one of the following violations:

a) committing violations against regulations on Board of Directors, Board of Members or Board of Controllers as prescribed in Article 43, Article 44, Article 62, Clause 1 Article 70, Article 81 and Article 84 of the Law on Credit Institutions;

b) failing to maintain the fulfillment of eligibility requirements or standards by member of the Board of Directors, the Board of Controllers, or General Director (or Director) in accordance with the Law on Credit Institutions; or

c) failing to convene or convening General Meeting of Shareholders or General Meeting of Members against regulations.

2. A fine ranging from VND 30.000.000 to VND 50.000.000 shall be imposed for electing or appointing persons who are not allowed to concurrently hold more than one position as prescribed in Article 34 and Clause 3 Article 83 of the Law on Credit Institutions.

3. A fine ranging from VND 100.000.000 to VND 150.000.000 shall be imposed for committing one of the following violations:

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b) electing or appointing unqualified persons to hold the positions prescribed in Clause 5 Article 50 or Clause 2 Article 75 of the Law on Credit Institutions.

4. A fine ranging from VND 150.000.000 to VND 200.000.000 shall be imposed for electing or appointing unqualified persons to hold the positions prescribed in Clauses 1, 2, 3 and 4 Article 50 of the Law on Credit Institutions.

5. A fine ranging from VND 200.000.000 to VND 250.000.000 shall be imposed for committing one of the following violations:

a) electing or appointing persons who are prohibited from holding positions as prescribed in Clause 1 Article 33 of the Law on Credit Institutions; or

b) electing or appointing persons whose names are not specified in the list of planned personnel approved by SBV.

6. Remedial measures:

Replacement or proposed dismissal of elected or appointed persons if the violation prescribed in Clause 2, 3, 4 or 5 of this Article is committed.

Article 7. Violations against regulations on promulgation of charter/internal regulations

1. A fine ranging from VND 10.000.000 to VND 20.000.000 shall be imposed for committing one of the following violations:

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b) failing to submit the charter or amended charter of the credit institution to SBV as prescribed in Clause 3 Article 31 of the Law on Credit Institutions;

c) failing to promulgate sufficient internal rules in accordance with law regulations.

2. A fine ranging from VND 40.000.000 to VND 80.000.000 shall be imposed for committing one of the following violations:

a) failing to promulgate one or some of internal rules as prescribed by law;

b) promulgating internal rules inconsistently with law regulations.

3. Remedial measures:

Enforced invalidation of internal rules that are not consistent with law regulations if the violation prescribed in Point b Clause 2 of this Article.

Article 8. Violations against regulations on internal control system and independent audit

1. A fine ranging from VND 20.000.000 to VND 30.000.000 shall be imposed for failing to submit reports on internal or independent audit results or reports on internal control system as prescribed by law.

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a) failing to select independent audit organization as prescribed in Clause 1 Article 42 of the Law on Credit Institutions;

b) failing to notify the SBV of the selected independent audit organization within 30 days as prescribed in Clause 2 Article 42 of the Law on Credit Institutions.

3. A fine ranging from VND 80.000.000 to VND 100.000.000 shall be imposed for committing one of the following violations:

a) The internal audit department fails to fulfill its duties defined in Clause 2 Article 41 of the Law on Credit Institutions and relevant laws;

b) Failing to carry out the independent audit as prescribed in Clause 1 Article 42 of the Law on Credit Institutions and relevant laws or failing to re-carry out the independent audit in case the audit report contains qualified opinions given by the independent audit organization as prescribed in Clause 3 Article 42 of the Law on Credit Institutions and relevant laws;

c) Failing to carry out senior management oversight, internal control, risk management and internal capital adequacy assessment as prescribed by law.

4. A fine ranging from VND 100.000.000 to VND 150.000.000 shall be imposed for failing to establish an internal audit department affiliated to the Board of Controllers.

5. A fine ranging from VND 200.000.000 to VND 250.000.000 shall be imposed for failing to build an internal control system as prescribed in Clause 1 and Clause 2 Article 40 of the Law on Credit Institutions.

Section 3. VIOLATIONS AGAINST REGULATIONS ON SHARES, SHARE CERTIFICATES AND STAKES

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1. A fine ranging from VND 50.000.000 to VND 100.000.000 shall be imposed for committing one of the following violations:

a) failing to issue physical share certificates within 30 days from the date of inauguration of a new credit institution or within 30 days from the date on which the shareholder makes full payment for subscribed shares in case a credit institution increases its charter capital;

b) failing to meet the requirement on the percentage and duration for holding shares by founding shareholders as prescribed in Clause 5 Article 55 of the Law on Credit Institutions;

c) committing violations against law regulations on limit on capital contribution, capital contribution percentage, transfer and return of stakes to capital-contributing members.

2. A fine ranging from VND 100.000.000 to VND 150.000.000 shall be imposed for committing one of the following violations:

a) owning shares in excess of the limits prescribed in Clauses 1, 2 and 3 Article 55 of the Law on Credit Institutions;

b) carrying out the repurchase of shares from shareholders resulting in failure to achieve the prudential ratios for banks as prescribed in Clause 1 Article 130 of the Law on Credit Institutions;

c) transferring shares inconsistently with Clause 4 Article 56 of the Law on Credit Institutions.

3. Remedial measures:

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b) Enforced maintenance of prudential ratios within a maximum duration of 06 months if the violation prescribed in Point b Clause 2 of this Article is committed;

c) Suspension of distribution of dividends until remedial measures against the violation are completed if the violation prescribed in Clause 2 of this Article is committed;

d) Proposed suspension of violating entities and/or persons responsible for the violation from holding the management or supervision position for 01 – 03 months, proposed dismissal or prohibition from holding the management or supervision position at a credit institution or FBB if the violation prescribed in Clause 2 of this Article is committed.

Proposed dismissal and implementation of other appropriate measures against violating entities within the competence of a credit institution or FBB;

dd) Enforced transfer of shares in accordance with regulations of law if the violation prescribed in Point c Clause 2 of this Article is committed.

Article 10. Violations against regulations on capital contribution and purchase of shares

1. A fine ranging from VND 100.000.000 to VND 150.000.000 shall be imposed for making capital contribution or purchasing shares with funds other than the charter capital and reserve fund, which is inconsistent with Clause 1 Article 103 and Clause 1 Article 110 of the Law on Credit Institutions.

2. A fine ranging from VND 150.000.000 to VND 200.000.000 shall be imposed for failing to establish or acquire a subsidiary or associate company when conducting business operations prescribed in Clause 2 Article 103 of the Law on Credit Institutions.

3.[25] A fine ranging from VND 200.000.000 to VND 250.000.000 shall be imposed for committing one of the following violations:

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b) making capital contribution, buying or receiving transfer of shares from a credit institution against provisions of Point c Clause 1 Article 54 of the Law on Credit Institutions;

4. A fine ranging from VND 250.000.000 to VND 300.000.000 shall be imposed for committing one of the following violations:

a) committing violations against regulations on limits on capital contribution and share purchase in Article 129 of the Law on Credit Institutions;

b) committing violations against regulations on limits on capital contribution and share purchase in Article 135 of the Law on Credit Institutions.

5. Remedial measures:

a) Enforced recovery of improperly used funds if the violation prescribed in Clause 1 of this Article is committed;

b) Enforced transfer of stakes or shares acquired inconsistently with law regulations if the violation prescribed in Clause 4 of this Article is committed;

c) Suspension of division of dividends until remedial measures against the violation are completed if any of the violations prescribed in this Article is committed;

d) Enforced transfer of benefits illegally obtained from the administrative violation prescribed in Clause 1, 2 or 3 of this Article to state budget;

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e) Proposed suspension of violating entities and/or persons responsible for the violation from holding the management or supervision position for 01 – 03 months, proposed dismissal or prohibition from holding the management or supervision position at a credit institution or FBB if the violation prescribed in Clause 1, 2, 3 or 4 of this Article is committed.

Proposed dismissal and implementation of other appropriate measures against violating entities within the competence of a credit institution or FBB.

Article 11. Violations against regulations on offering and transfer of shares

1. A fine ranging from VND 150.000.000 to VND 200.000.000 shall be imposed for transferring shares while holding a position as prescribed in Clause 1 Article 56 of the Law on Credit Institutions.

2. A fine ranging from VND 250.000.000 to VND 300.000.000 shall be imposed for transferring shares while implementing remedial measures according to a resolution of the General Meeting of Shareholders or SBV's decision due to personal responsibility of a member of Board of Directors or Board of Controllers, or General Director (Director), except the cases prescribed in Points a, b and c Clause 2 Article 56 of the Law on Credit Institutions.

3. Remedial measures:

a) Enforced retrieval of shares transferred as prescribed in this Article within a maximum duration of 06 months from the effective date of the decision on administrative penalty imposition;

b) Proposed suspension of violating entities and/or persons responsible for the violation from holding the management or supervision position for 01 – 03 months, proposed dismissal or prohibition from holding the management or supervision position at a credit institution or FBB if any of the violations prescribed in this Article is committed.

Proposed dismissal and implementation of other appropriate measures against violating entities within the competence of a credit institution or FBB.

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Article 12. Violations against regulations on taking of deposits

1. A fine ranging from VND 20.000.000 to VND 40.000.000 shall be imposed for committing one of the following violations:

a) failing to publish or post information about taking of deposits and issuance of financial instruments, which must be published or posted as prescribed by law;

b) taking deposits or issuing financial instruments against openly published or posted information;

c) failing to follow procedures for taking and paying out deposits.

2. A fine ranging from VND 100.000.000 to VND 150.000.000 shall be imposed for committing one of the following violations:

a) taking deposits from or issuing financial instruments to entities that do not meet relevant eligibility requirements set by law;

b) taking deposits or issuing financial instruments against law regulations, except for the cases prescribed in Clause 1, Point a Clause 2 of this Article.

Article 13. Violations against regulations on deposit interest rates, service charges, trading and provision of derivatives

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a) failing to openly post deposit interest rates and/or service charges as prescribed;

b) posting deposit interest rates and/or service charges which are unclear and mislead customers;

c) collecting service charges against law regulations, except for the cases prescribed in Point a Clause 4 Article 14, Point m Clause 4 Article 23 hereof.

2. A fine ranging from VND 20.000.000 to VND 40.000.000 shall be imposed for applying deposit interest rates and/or service charges higher than the posted ones.

3. A fine ranging from VND 50.000.000 to VND 100.000.000 shall be imposed for committing any violations against regulations on deposit interest rates or regulations on trading and provision of interest-rate derivatives, currency derivatives, commodity derivatives and other derivatives, except for the cases prescribed in Clause 1 or Clause 2 of this Article and Point a Clause 8 Article 23 hereof.

4. Remedial measures:

a) Enforced transfer of benefits illegally obtained from the violation relating to service charges as prescribed in this Article to state budget;

b) Proposed suspension of violating entities and/or persons responsible for the violation from holding the management or supervision position for 01 – 03 months, proposed dismissal from the management or supervision position, or prohibition from holding the management or supervision position at a credit institution or FBB if the violation prescribed in Clause 3 of this Article is committed.

Proposed dismissal and implementation of other appropriate measures against violating entities within the competence of a credit institution or FBB.

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Article 14. Violations against regulations on credit extension

1. A fine ranging from VND 10.000.000 to VND 15.000.000 shall be imposed for committing one of the following violations:

a) failing to comply with regulations on retention of credit extension-related documents;

b) failing to issue guarantee commitments according to the form designed by the credit institution or FBB; or

c) failing to publish or provide adequate information and documents to customers as prescribed by law.

d) [26] receiving and settling complaints of customers against regulations of law on grant of consumer loans by finance companies;

dd) [27] failing to provide professional training for employees in accordance with regulations of law on grant of consumer loans by finance companies;

e) [28] failing to ensure maximum rates of consumer loans according to regulations of law on grant of consumer loans by finance companies;

g) [29] failing to issue a bracket of interest rates on consumer loans for each period or issuing such a bracket without sufficient contents according to regulations of law on grant of consumer loans by finance companies.

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a) failing to inspect the use of borrowed capital and debt repayment by customs in accordance with regulations of law;

b) failing to comply with regulations on measures to expedite and recover debts laid down in law on grant of consumer loans by finance companies.

3. A fine ranging from VND 20.000.000 to VND 30.000.000 shall be imposed for committing one of the following violations:

a) making a credit extension agreement or contract which does not have adequate contents required by law;

b) [31] granting exemption or reduction of interest rates on credit extensions before promulgating internal regulations;

c) approving debt rescheduling or delinquency against law regulations;

d) imposing interests on extensions of credit against law regulations;

dd) collecting interests on delinquent debts against law regulations; or

e) collecting overdue loan debts against law regulations.

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a) collecting extension of credit-related fees against law regulations; or

b) employing disbursement methods against law regulations, except for the case prescribed in Point g Clause 4 Article 23 hereof.

5. A fine ranging from VND 40.000.000 to VND 50.000.000 shall be imposed for committing one of the following violations:

a) extending credit without entering into a written agreement or contract;

b) extending credits to entities ineligible for credit extension as prescribed by law;

c) extending credits without guarantee or extending credits with preferential conditions to entities prescribed in Clause 1 Article 127 of the Law on Credit Institutions;

d) committing any violations against regulations on credit extension in Clause 3 Article 127 of the Law on Credit Institutions;

dd) granting loans to meet loan demands which must be rejected as prescribed by law;

e) signing agreements or commitments on issuance of guarantee beyond the power prescribed by law; or

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6. A fine ranging from VND 80.000.000 to VND 120.000.000 shall be imposed for committing one of the following violations:

a) committing violations against regulations on limits of credit in Clauses 2, 4 Article 127, Clauses 1, 2 and 8 Article 128 of the Law on Credit Institutions;

b) extending credits in other forms without obtaining the written approval from SBV; or

c) committing violations against regulations on maximum loan amounts granted by credit institutions for outward investment.

7. A fine ranging from VND 120.000.000 to VND 180.000.000 shall be imposed for committing violations against limits on and conditions for extension of credits for investment or trading in shares or corporate bonds by credit institutions and FBBs.

8. A fine ranging from VND 250.000.000 to VND 300.000.000 shall be imposed for extending credits to the entities prescribed in Clauses 1, 3, 4, 5 and 6 Article 126 of the Law on Credit Institutions.

9. Remedial measures:

a) Enforced recovery of the amounts of credit extended beyond the prescribed limits within a maximum duration of 06 months from the effective date of the decision on administrative penalty imposition if the violation prescribed in Point a Clause 6, Clause 7 of this Article is committed;

b) Enforced recovery of debts within a maximum duration of 06 months from the effective date of the decision on administrative penalty imposition if the violation prescribed in Points b, dd Clause 5, Point b Clause 6, Clause 8 of this Article is committed;

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d) Proposed suspension of violating entities and/or persons responsible for the violation from holding the management or supervision position for 01 – 03 months, proposed dismissal or prohibition from holding the management or supervision position at a credit institution or FBB if any of the violations prescribed in Clause 5, Point a Clause 6, Clause 7 and Clause 8 of this Article is committed.

Proposed dismissal and implementation of other appropriate measures against violating entities within the competence of a credit institution or FBB.

Article 14a. Violations against regulations on service introduction points [32]

A fine ranging from VND 20.000.000 to VND 40.000.000 shall be imposed for committing one of the following violations:

1. Failing to enter into contracts for establishment of service introduction points.

2. Entering into a contract for establishment of a service introduction point which does not clearly state responsibilities and rights of contractual parties and the validity period of the contract.

3. Performing operations other than those permitted by laws at service introduction points.

Article 15. Violations against regulations on offer and acceptance of trusteeship

1. A fine ranging from VND 80.000.000 to VND 100.000.000 shall be imposed for committing one of the following violations:

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b) entering into trust agreements which are made inconsistently with law regulations.

2. A fine ranging from VND 100.000.000 to VND 150.000.000 shall be imposed for failing to comply with trust principles when offering or accepting trusteeship.

3. Additional penalties:

Trust operations of the violating credit institution or FBB shall be suspended for 01 – 03 months if the violation prescribed in this Article is committed.

4. Remedial measures:

a) Enforced return/recovery of trust assets for trustors if the violation prescribed in this Article is committed;

Proposed dismissal and implementation of other appropriate measures against violating entities within the competence of a credit institution or FBB.

Article 16. Violations against regulations on purchase of corporate bonds

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2. A fine ranging from VND 30.000.000 to VND 40.000.000 shall be imposed for making a corporate bond purchase agreement which does not contain sufficient information as required by law.

3. A fine ranging from VND 40.000.000 to VND 50.000.000 shall be imposed for purchasing corporate bonds without entering into a bond purchase agreement as prescribed.

4. A fine ranging from VND 100.000.000 to VND 150.000.000 shall be imposed for committing one of the following violations:

a) failing to meet requirements laid down in laws when conducting appraisal of the plan and fulfillment of conditions for bond issuance by the enterprise;

b) failing to conduct appraisal of the plan and fulfillment of conditions for bond issuance by the enterprise;

c) committing violations against regulations on purchase of convertible corporate bonds;

d) purchasing bonds issued by an enterprise for the purpose of restructuring its debts.

dd) [33] purchase of convertible bonds by a FBB.

5. Remedial measures:

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b) Proposed suspension of violating entities and/or persons responsible for the violation from holding the management or supervision position for 01 – 03 months, proposed dismissal or prohibition from holding the management or supervision position at a credit institution or FBB if the violation prescribed in Clause 4 of this Article is committed.

Proposed dismissal and implementation of other appropriate measures against violating entities within the competence of a credit institution or FBB.

Article 17. Violations against regulations on interbank operations

1. A fine ranging from VND 10.000.000 to VND 20.000.000 shall be imposed for committing one of the following violations:

a) updating and keeping information relating to lending/borrowing transactions, and buying/selling forward of financial instruments against law regulations;

b) failing to confirm transactions as prescribed;

c) failing to follow the prescribed format/contents of lending agreements or agreements for repurchase of financial instruments.

d) [34] buying/selling financial instruments in currencies which are inconsistent with law regulations.

2. A fine ranging from VND 20.000.000 to VND 30.000.000 shall be imposed for committing one of the following violations:

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b) failing to make payment for lending/borrowing transactions; making/taking of deposits; buying/selling forward of financial instruments in VND via the interbank electronic payment system as prescribed by law;

c) failing to comply with procedures for buying/selling of financial instruments as prescribed;

d) lending, borrowing, making or taking deposits beyond the authorized scope.

dd) [35] purchasing promissory notes, treasury bills or deposit certificates whose remaining term to maturity is not conformable with regulations of law.

3. A fine ranging from VND 30.000.000 to VND 40.000.000 shall be imposed for conducting lending/borrowing transactions outside the office of a FBB in Vietnam.

4. A fine ranging from VND 40.000.000 to VND 50.000.000 shall be imposed for committing one of the following violations:

a) failing to comply with general rules for conducting lending/borrowing transactions; buying/selling forward of financial instruments between credit institutions/FBBs; making deposits at other credit institutions inconsistently with law regulations;

b) failing to carry out re-assessment of customers for re-determining credit limit for each customer as prescribed by law;

c) failing to comply with regulations on provision of information for borrowers to serve their re-assessment of customers and determination of transaction limits.

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a) carrying out buying/selling forward of financial instruments which are banned from trading;

b) buying/selling financial instruments which are issued by finance companies or finance lease companies against regulations of law.

6. A fine ranging from VND 150.000.000 to VND 200.000.000 shall be imposed for lending, borrowing or trading foreign-currency financial instruments beyond the scope of foreign exchange operations licensed by SBV.

7. Remedial measures:

Proposed suspension of violating entities and/or persons responsible for the violation from holding the management or supervision position for 01 – 03 months, proposed dismissal or prohibition from holding the management or supervision position at a credit institution or FBB if the violation prescribed in Clause 5 or Clause 6 of this Article is committed.

Proposed dismissal and implementation of other appropriate measures against violating entities within the competence of a credit institution or FBB.

Section 6. VIOLATIONS AGAINST REGULATIONS ON PROVISION OF CREDIT INFORMATION SERVICES

Article 18. Violations against principles and conditions for provision of credit information services

1. A fine ranging from VND 20.000.000 to VND 40.000.000 shall be imposed for committing one of the following violations:

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b) entering into agreements or commitments on provision of credit information services in the form other than the one prescribed by law; or

c) failing to publish information as prescribed by law.

2. A fine ranging from VND 40.000.000 to VND 60.000.000 shall be imposed for falsifying [37] documentary evidences of eligibility enclosed with the application for Certificate of eligibility to provide credit information services, if not liable to criminal prosecution.

3. A fine ranging from VND 200.000.000 to VND 250.000.000 shall be imposed for providing credit information services without obtaining a Certificate of eligibility to provide credit information services from SBV.

4. Remedial measures:

a) Enforced transfer of benefits illegally obtained from the administrative violation prescribed in Clause 2 or 3 of this Article to state budget;

b) Proposed revocation of Certificate of eligibility to provide credit information services if the violation prescribed in Clause 2 or 3 of this Article is committed;

c) Enforced maintenance of the fulfillment of eligibility requirements for Certificate of eligibility to provide credit information services if the violation prescribed in Point a Clause 1 of this Article is committed.

Article 19. Violations against regulations on credit information collection and processing

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a) collecting credit information beyond the authorized scope as prescribed by law;

b) collecting credit information on borrowers without their consent, unless such credit information is collected at the request of a competent authority;

c) using negative information on borrowers to create credit information products against law regulations;

d) obstructing the lawful collection of credit information.

2. A fine ranging from VND 40.000.000 to VND 80.000.000 shall be imposed for deliberately falsifying credit information.

3. A fine ranging from VND 80.000.000 to VND 100.000.000 shall be imposed for illegally collecting information classified as state secrets.

4. Additional penalties:

a) The instrumentalities for committing the violation prescribed in Clause 3 of this Article shall be confiscated;

b) The provision of credit information services shall be suspended for 01 – 03 months if the violation prescribed in Clause 2 or 3 of this Article is committed.

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Enforced correction of false information if the violation prescribed in Clause 2 of this Article is committed.

Article 20. Violations against regulations on credit information security and retention

A fine ranging from VND 20.000.000 to VND 40.000.000 shall be imposed for committing one of the following violations:

1. Failing to comply with regulations on or procedures for information confidentiality and information technology security when providing credit information services;

2. Failing to retain credit information on borrowers for at least 05 years from the date on which the provider of credit information services receives such information;

3. Failing to carry out annual review and assessment of the conformity and compliance of internal rules with law regulations.

Article 21. Violations against regulations on use of credit information products/services and sharing/provision of credit information

1. A fine ranging from VND 10.000.000 to VND 20.000.000 shall be imposed for committing one of the following violations:

a) providing or duplicating and providing credit information products for a third party inconsistently with law;

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2. A fine ranging from VND 20.000.000 to VND 40.000.000 shall be imposed for committing one of the following violations:

a) modifying/changing credit information products and providing them for a third party inconsistently with law;

b) providing or sharing credit information or providing credit information products without the borrower’s written consent or inconsistently with law regulations;

c) obstructing the lawful use of credit information;

d) failing to openly post the prices of credit information products as prescribed by law.

3. Additional penalties:

The provision of credit information services shall be suspended for 01 – 03 months if the violation prescribed in Clause 2 of this Article is committed.

4. Remedial measures:

Enforced transfer of benefits illegally obtained from the administrative violation prescribed in Point a Clause 1 or Clause 2 of this Article to state budget.

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A fine ranging from VND 10.000.000 to VND 15.000.000 shall be imposed for committing one of the following violations:

1. Failing to give written response to a request for correction of false information or failing to notify information correction results as prescribed by law;

2. Failing to make correction or cooperate in correcting false information on borrowers as prescribed by law.

Section 7. VIOLATIONS AGAINST REGULATIONS ON FOREIGN EXCHANGE OPERATIONS AND GOLD TRADING

Article 23. Violations against regulations on foreign exchange operations

1. A warning shall be issued for committing one of the following violations:

a) selling/buying foreign currency between individuals if the value of foreign currency sold or bought is less than USD 1.000 (or equivalent value in another foreign currency);

b) selling or buying foreign currency at unlicensed currency exchange entities if the value of foreign currency sold or bought is less than USD 1.000 (or equivalent value in another foreign currency);

c) failing to comply with law regulations when making payment for goods or services in foreign currency with total payment of less than USD 1.000 (or equivalent value in another foreign currency).

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a) selling/buying foreign currency between individuals if the value of foreign currency sold or bought is from USD 1.000 to under USD 10.000 (or equivalent value in another foreign currency); selling/buying foreign currency between individuals if the value of foreign currency sold or bought is less than USD 1.000 to (or equivalent value in another foreign currency) in case of recommitted or repeated violation;

b) selling/buying foreign currency at an unlicensed currency exchange entity if the value of foreign currency sold or bought is from USD 1.000 to under USD 10.000 (or equivalent value in another foreign currency); selling/buying foreign currency at an unlicensed currency exchange entity if the value of foreign currency sold or bought is less than USD 1.000 to (or equivalent value in another foreign currency) in case of recommitted or repeated violation;

c) failing to comply with law regulations when making payment for goods or services in foreign currency with total payment of less than USD 1.000 (or equivalent value in another foreign currency) in case of recommitted or repeated violation; failing to comply with law regulations when making payment for goods or services in foreign currency with total payment of from USD 1.000 to under USD 10.000 (or equivalent value in another foreign currency).

3. A fine ranging from VND 20.000.000 to VND 30.000.000 shall be imposed for committing one of the following violations:

a) failing to post buying/selling rates at transaction offices as prescribed by law;

b) posting buying/selling rates in an unclear manner which causes misleading to customers;

c) failing to openly post or publish the exchange rate between VND or foreign currency and token used in prize-winning electronic games for foreigners or casino business; posting or publishing the exchange rate between token and VND or foreign currency used in prize-winning electronic games for foreigners or casino business against law regulations;

d) [38] failing to comply with law regulations on registration and notification of the relevant provincial branch of SBV in case of changes relating to a foreign exchange agent or an agent for exchange of bordering countries’ currencies;

dd) failing to comply with law regulations on notification and application for SBV’s approval for modification or termination of contract for provision of foreign currency receipt and payment services;

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g) failing to comply with law regulations on administrative procedures for pre-investment transfer of foreign currency abroad; registration or registration of changes in foreign loans or international bond issues; registration or registration of changes in offshore loans and collection of guaranteed debts for non-residents; registration or registration of changes in foreign exchange transactions in respect of outward investment; registration of program for issuance of bonus shares abroad; registration of proprietary trading limit; registration of temporary proprietary trading limit; registration of trust limit; registration of temporary trust limit and other administrative procedures for other funding transactions; administrative procedures for other cases of outward portfolio investment;

h) selling and buying foreign currency between individuals if the value of foreign currency sold or bought is from USD 10.000 to under USD 100.000 (or equivalent value in another foreign currency);

i) selling or buying foreign currency at an unlicensed currency exchange entity if the value of foreign currency sold or bought is from USD 10.000 to under USD 100.000 (or equivalent value in another foreign currency);

k) failing to comply with law regulations when making payment for goods or services in foreign currency with total payment of from USD 10.000 to under USD 100.000 (or equivalent value in another foreign currency);

l) failing to comply with buying/selling rates announced by SBV, except for the cases prescribed in Point dd and Point m Clause 4 of this Article; collecting foreign currency transaction fees against law regulations.

4. A fine ranging from VND 30.000.000 to VND 50.000.000 shall be imposed for committing one of the following violations:

a) [39] entering into an agreement on foreign exchange agent or agent for exchange of bordering countries’ currencies with an ineligible entity; failing to provide instructions for or to inspect the foreign exchange agent or agent for exchange of bordering countries’ currencies as prescribed by law;

b) [40] failing to fulfill responsibilities of a foreign exchange agent or agent for exchange of bordering countries’ currencies as prescribed by law; concurrently acting as a foreign exchange agent or agent for exchange of bordering countries’ currencies for two or more credit institutions;

c) making payment for negotiable instruments in foreign currency against regulations on foreign exchange operations in Article 9 of the Law on negotiable instruments and relevant laws;

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dd) making the actual buying, selling or exchange rate exceed the prescribed exchange rate margin by means of setting exchange rates, commissions or brokerage fees in cash or in kinds and other promotions for buying/selling foreign currency in any forms;

e) concurrently acting as a foreign currency paying agent for two or more business entities inconsistently with law regulations;

g) [41] carrying out fund withdrawal or repayment of foreign debts; carrying out reimbursement or recovery of offshore loans; recovering guaranteed debts for non-residents; carrying out transfer of funds serving foreign investments in Vietnam or Vietnam’s outward investments against law regulations, unless this violation is a result of the commission of the violation in Point d Clause 4 of this Article;

h) transferring or carrying foreign currency or VND abroad or into Vietnam against law regulations, except for administrative violations in customs sector;

i) authorizing or re-authorizing a business entity or credit institution to act as a foreign currency paying agent against law regulations;

k) failing to comply with law regulations on opening, closing and use of foreign currency accounts dedicated to foreign currency receipt and payment services;

l) failing to fulfill the responsibility of the credit institution or the business entity acting as a foreign currency paying agent, or the business entity directly receiving and making payments in foreign currency, to make updates to accounting records and archive documents in accordance with law regulations;

m) failing to comply with law regulations on service charges or exchange rates applied when providing foreign currency receipt and payment services;

n) carrying out transaction, quotation or determination of contract prices, or posting or publishing prices of goods, services or land use rights, or performing other similar acts (including converting or adjusting prices of goods or services or contract prices) in foreign currency inconsistently with law regulations;

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5. A fine ranging from VND 80.000.000 to VND 100.000.000 shall be imposed for committing one of the following violations:

a) opening, closing or using an offshore foreign-currency account against law regulations;

b) providing payment or money transfer transactions relating to foreign loans, offshore loans, offshore debt recovery, recovery of guaranteed debts for non-residents, foreign investments in Vietnam, Vietnam’s outward investments and other funding transactions against law regulations;

c) failing to comply with law regulations on exchange of tokens by providers of prize-winning electronic games for foreigners or casino enterprises;

d) failing to comply with law regulations on opening, closing and using of foreign currency accounts dedicated to prize-winning electronic games for foreigners and casino business;

dd) failing to transfer the foreign currency amounts exceeding the prescribed limit of foreign currency cash on hand into the foreign currency account opened at a licensed bank in case the revenue in foreign currency cash earned from the provision of prize-winning electronic games for foreigners or casino business exceeds the limit of foreign currency cash on hand prescribed by law;

e) selling and buying foreign currency between individuals if the value of foreign currency sold or bought is equal to or greater than USD 100.000 (or equivalent value in another foreign currency);

g) selling or buying foreign currency at an unlicensed currency exchange entity if the value of foreign currency sold or bought is equal to or greater than USD 100.000 (or equivalent value in another foreign currency);

h) failing to comply with law regulations when making payment for goods or services in foreign currency with total payment of USD 100.000 or greater (or equivalent value in another foreign currency).

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6. A fine ranging from VND 100.000.000 to VND 150.000.000 shall be imposed for committing one of the following violations:

a) extending credit or making domestic debt repayments in foreign currency against law regulations, except for the cases prescribed in Article 14 hereof;

b) failing to sell earned foreign currency to credit institutions as prescribed by law, except for the case prescribed in Point b Clause 5 of this Article.

c) [44] opening, closing or using an offshore foreign-currency account against law regulations in case of a recommitted violation.

7. A fine ranging from VND 150.000.000 to VND 200.000.000 shall be imposed for committing one of the following violations:

a) failing to comply with law regulations on foreign borrowing and foreign debt repayment; offshore lending and offshore debt recovery; recovery of guaranteed debts for non-residents and other funding transactions, except for the cases prescribed in Point g Clause 3, Points d, g Clause 4 and Point b Clause 5 of this Article;

b) failing to comply with SBV’s regulations when carrying out foreign currency transactions between credit institutions, or between credit institutions and their customers, except for the case prescribed in Point a Clause 8 of this Article;

c) failing to maintain foreign currency positions as prescribed by law.

8. A fine ranging from VND 200.000.000 to VND 250.000.000 shall be imposed for committing one of the following violations:

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b) exporting or importing foreign currency or VND cash against law regulations;

c) carrying out foreign exchange operations without a license granted by a competent authority, or with an expired or after the license is revoked, or against the license, except for the cases prescribed in Points d Clause 4 [45], Points a, d Clause 5 of this Article.

9. Additional penalties:

a) Foreign currency or VND cash shall be confiscated if any of the violations prescribed in Clause 2, Points h, i, k Clause 3, Point h Clause 4, Points e, g, h Clause 5, Point b Clause 6 of this Article is committed;

b) [46] The certificate of registration of foreign exchange agent or certificate of registration of agent for exchange of bordering countries’ currencies shall be suspended for 01 - 03 months if the violation in Point b Clause 4 of this Article is committed;

c) The license for foreign currency receipt and payment and other foreign currency transactions relating to the provision of prize-winning electronic games for foreigners or casino business shall be suspended for 03 – 06 months if the violation prescribed in Point d or Point dd Clause 4 of this Article is committed (failure to apply for modification of the license);

d) [47] (abrogated)

dd) Foreign exchange operations of the credit institution or FBB that commits the violation prescribed in Point c Clause 8 of this Article shall be suspended for 03 – 06 months.

10.[48] Remedial measures:

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Article 24. Violations against regulations on gold trading

1. A warning shall be issued for committing one of the following violations:

a) trading gold bullion with a credit institution or enterprise that does not hold a valid license for gold bullion trading;

b) using gold as a method of payment.

2. A fine ranging from VND 10.000.000 to VND 20.000.000 shall be imposed for committing one of the following violations:

a) trading gold bullion with a credit institution or enterprise that does not hold a valid license for gold bullion trading in case of a recommitted or repeated violation;

b) using gold as a method of payment in case of a recommitted or repeated violation.

3. A fine ranging from VND 30.000.000 to VND 50.000.000 shall be imposed for committing one of the following violations:

a) failing to post gold bullion buying and selling prices at transaction offices as prescribed by law;

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4. A fine ranging from VND 80.000.000 to VND 100.000.000 shall be imposed for committing one of the following violations:

a) trading in gold bullion against law regulations, except for the case prescribed in Point a Clause 8 of this Article;

b) carrying gold when exiting or entering Vietnam against law regulations, except for administrative violations in customs sector.

5. A fine ranging from VND 140.000.000 to VND 180.000.000 shall be imposed for committing one of the following violations:

a) trading gold bullion through authorized agents;

b) failing to comply with law regulations on gold positions;

c) importing or exporting gold jewelry or goldsmiths’ wares; gold materials in the form of powder, solution, solder or salt, and semi-finished gold jewelry products which are different from registered business lines as prescribed by law.

6.[49] A fine ranging from VND 200.000.000 to VND 250.000.000 shall be imposed for committing one of the following violations:

a) using imported gold materials against the license to import gold materials for production of gold jewelry and goldsmiths’ wares;

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7. A fine ranging from VND 250.000.000 to VND 300.000.000 shall be imposed for producing gold bullion against law regulations.

8. A fine ranging from VND 300.000.000 to VND 400.000.000 shall be imposed for committing one of the following violations:

a) trading gold bullion without obtaining a license for gold bullion trading as prescribed;

b) importing or exporting gold materials without obtaining a license from a competent authority as prescribed by law;

c) carrying out other gold trading transactions without obtaining license from a competent authority as prescribed by law.

9. Additional penalties:

a) Gold shall be confiscated if the violation prescribed in Point a or c Clause 8 of this Article is committed;

b) The license for gold bullion trading shall be suspended for 06 - 09 months if the violation prescribed in Point a Clause 5 of this Article is committed.

10.[50] Remedial measures:

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Section 8. VIOLATIONS AGAINST REGULATIONS ON PAYMENT, CASH AND VAULT MANAGEMENT

Article 25. Violations against regulations on interbank payment

1. A fine ranging from VND 10.000.000 to VND 20.000.000 shall be imposed for committing one of the following violations:

a) failing to comply with regulations on organization of clearing houses, clearing payments, and interbank payments;

b) failing to return false payment documents within the business day, except for force majeure events;

c) transferring money to beneficiaries’ accounts after prescribed time-limits;

d) failing to provide deposit-related documents within the prescribed time limit.

2. A fine ranging from VND 20.000.000 to VND 40.000.000 shall be imposed for committing one of the following violations:

a) failing to immediately return the Credit order when it is legally rejected; rejecting a Debit order with lawful authorization;

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3. A fine ranging from VND 100.000.000 to VND 150.000.000 shall be imposed for committing one of the following violations:

a) obstructing the operation of a clearing house or interbank payment system;

b) deliberately or accidentally revealing any confidential information relating to the interbank payment system.

Article 26. Violations against regulations on payments

1. A fine ranging from VND 3.000.000 to VND 5.000.000 shall be imposed for making erasures or alterations on payment instruments or payment documents against law regulations, if not liable to criminal prosecution.

2. A fine ranging from VND 5.000.000 to VND 10.000.000 shall be imposed for committing one of the following violations:

a) receiving and processing customers’ requests for information check or complaints against law regulations;

b) [51] providing untruthful information concerning the use of payment services.

3. A fine ranging from VND 10.000.000 to VND 15.000.000 shall be imposed for committing one of the following violations:

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b) committing any violations against regulations on announcement or posting of schedules of payment service charges and card service charges.

4. A fine ranging from VND 20.000.000 to VND 30.000.000 shall be imposed for committing one of the following violations:

b) [52] providing untruthful information concerning the provision of payment services;

b) signing payment orders ultra vires or using electronic signatures of others;

c) opening, using or granting authorization to use checking accounts against law regulations during the use of payment services.

5.[53] A fine ranging from VND 40.000.000 to VND 50.000.000 shall be imposed for committing one of the following violations:

a) renting, hiring, borrowing or lending, or trading information on, from 01 to under 10 checking accounts, if not liable to criminal prosecution;

b) forging payment documents when rendering or using payment services, if not liable to criminal prosecution.

6.[54] A fine ranging from VND 50.000.000 to VND 100.000.000 shall be imposed for committing one of the following violations:

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b) renting, hiring, borrowing or lending, or trading information on, 10 checking accounts or more, if not liable to criminal prosecution;

c) forging payment instruments or keeping, distributing, transferring or using forged payment instruments, if not liable to criminal prosecution;

d) issuing, providing or using illegal payment instruments, if not liable to criminal prosecution;

dd) Operating against SBV’s approval for provision of payment services without customers’ checking accounts.

7.[55] A fine ranging from VND 100.000.000 to VND 150.000.000 shall be imposed for committing one of the following violations:

a) infiltrating or attempting to infiltrate or steal data, destroying or making illegal changes to software programs or database used in payment system; taking advantage of computer network errors for profiteering purposes, if not liable to criminal prosecution;

b) opening or maintaining anonymous or impersonation checking accounts;

c) performing, organizing or facilitating the performance of the following acts: using or taking advantage of checking accounts, payment instruments or payment services to gamble, organize gambling, rig, and conduct illegal business or other illegal acts;

d) stealing or colluding to steal information on checking accounts, if not liable to criminal prosecution.

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a) committing violations against regulations on cash payment;

b) provision of payment services by an entity which is not a licensed payment service provider.

9. Additional penalties:

The exhibits and instrumentalities used for committing the administrative violation prescribed in Clause 1, or Point b Clause 5 or Point c or d Clause 6 of this Article shall be confiscated.

10.[57] Remedial measures:

a) Enforced transfer of benefits illegally obtained from any of the administrative violations prescribed in Clauses 1, 4, 5, 6, 7 and 8 of this Article to state budget;

b) Prohibition of expansion of operating scope, scale and regions until remedial measures against the violation are completed if any of the violations prescribed in Points a, c, d Clause 6, Point c Clause 7 and Point a Clause 8 of this Article is committed;

c) Proposed revocation of approval for provision of payment services without customers’ checking accounts if the violation in Point dd Clause 6 of this Article is committed.

Article 27. Violations against regulations on intermediary payment services

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a) [58] providing untruthful information concerning the provision or use of intermediary payment services;

b) receiving and processing customers’ requests for information check or complaints against law regulations;

c) committing violations against regulations on tools serving SBV’s oversight of e-wallet services.

2.[59] A fine ranging from VND 15.000.000 to VND 20.000.000 shall be imposed for committing one of the following violations:

a) extending credits to e-wallet users, adding interests to an e-wallet balance or performing any acts to increase the balance on an e-wallet compared to the amount of money deposited to e-wallet by the customer;

b) committing violations against regulations on deposit or withdrawal of money into or from e-wallet accounts.

3.[60] A fine ranging from VND 20.000.000 to VND 30.000.000 shall be imposed for committing one of the following violations:

a) providing or revealing information on customers, their e-wallet account balances, or their payment transactions at intermediary payment service providers against law regulations;

b) renting, hiring, borrowing or lending, or trading information on, from 01 to under 10 e-wallets;

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4.[61] A fine ranging from VND 40.000.000 to VND 50.000.000 shall be imposed for committing one of the following violations:

a) falsifying documentary evidences of eligibility enclosed with the application for license to provide intermediary payment services, if not liable to criminal prosecution;

b) erasing or altering contents of the license to provide intermediary payment service; trading, transferring, lending or leasing the license to provide intermediary payment services; entrusting or authorizing other entities to provide licensed intermediary payment services;

c) operating against the license to provide intermediary payment services;

d) renting, hiring, borrowing or lending, or trading information on, 10 e-wallets or more;

dd) forging documents when providing intermediary payment services, if not liable to criminal prosecution;

e) performing, organizing or facilitating the performance of the following acts: using or taking advantage of intermediary payment services to gamble, organize gambling, rig, and conduct illegal business or other illegal acts;

g) violating regulations on transaction limits of e-wallets;

h) failing to honestly report on balance and quantity of e-wallets as prescribed by law;

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k) stealing or colluding to steal information of e-wallet accounts;

l) an intermediary payment service provider’s provision of authorized cash payment and collection services, e-wallet services, electronic payment gateway services without entering into cooperation agreements or service provision contracts with banks or other organizations in conformity with its license and regulations of the law;

m) failing to request customers to complete connection of e-wallets to their checking accounts or debit cards opened at affiliate banks before they start using e-wallets.

4a.[62] A fine ranging from VND 50.000.000 to VND 60.000.000 shall be imposed for failing to honestly report on balance and quantity of e-wallets as prescribed by law in case of a recommitted violation.

5. A fine ranging from VND 150.000.000 to VND 250.000.000 shall be imposed for providing intermediary payment services without a valid license.

6.[63] Additional penalties:

The exhibits and instrumentalities used for committing the violation prescribed in Point dd Clause 4 of this Article shall be confiscated.

7.[64] Remedial measures:

a) Enforced transfer of benefits illegally obtained from any of the administrative violations prescribed in Clause 2, Point b, c Clause 3, Clause 4, and Clause 5 of this Article to state budget;

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c) Enforced return of the erased or altered license if the violation in Point b Clause 4 of this Article is committed.

Article 28. Violations against regulations on bank card operations

1. A warning shall be issued for committing one of the following violations:

a) failing to carry out inspection and maintenance of automated teller machines (ATMs);

b) failing to update the installation, relocation, retiming and shutdown of ATMs on the ATM management system and official website of the payment service provider.

2. A fine ranging from VND 10.000.000 to VND 15.000.000 shall be imposed for committing one of the following violations:

a) failing to give notification of the installation, relocation, retiming and shutdown of ATMs as prescribed by law;

b) failing to ensure the availability of ATM system as prescribed by law;

c) failing to maintain 24/7 operation of customer service department;

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dd) failing to meet technical requirements regarding ATMs’ software and connection lines as prescribed by law.

3. A fine ranging from VND 15.000.000 to VND 20.000.000 shall be imposed for failing to meet requirements on ATMs’ transaction logs as prescribed by law.

4. A fine ranging from VND 20.000.000 to VND 30.000.000 shall be imposed for failing to adopt measures for ensuring safe operation and confidentiality of ATMs.

5. A fine ranging from VND 30.000.000 to VND 50.000.000 shall be imposed for committing one of the following violations:

a) committing violations against regulations on currency of payment with cards;

b) collecting card surcharges or practicing price discrimination against payments for goods/services with cards;

c) leasing, lending, buying or selling cards or card-related information or opening cards on behalf of another person (except anonymous prepaid cards) if the violation involves from 01 to under 10 cards;

d) [65] entering into contracts for issuance and use of cards against regulations of law.

6.[66] A fine ranging from VND 50.000.000 to VND 100.000.000 shall be imposed for committing one of the following violations:

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b) issuing cards or processing card payment against law regulations;

c) failing to reject card payment in case the card is used for conducting card transactions prohibited by law, or the card is lost as informed by the cardholder, or the card is expired or locked, or the card is used beyond the scope agreed upon in the contract or written agreement on issuance and use of card.

7.[67] A fine ranging from VND 100.000.000 to VND 150.000.000 shall be imposed for committing one of the following violations:

a) using, organizing or facilitating the use of anonymous prepaid cards on the Internet or mobile applications or for cash withdrawal purposes;

b) switching or conducting clearing and settlement for card transactions against regulations of law on bank card operations;

c) transferring point-of-sale (POS) terminals or QR Codes to other users; accepting card payment without entering into a merchant service agreement; illegally using POS terminals or QR Codes;

d) Directly conducting, organizing or facilitating the conduct of forged or fraudulent card transactions or fictitious transactions at merchants (no occurrence of any sale of goods and provision of services);

dd) stealing or colluding to steal card information, if not liable to criminal prosecution.

8. Additional penalties:

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9.[68] Remedial measures:

a) Enforced transfer of benefits illegally obtained from any of the administrative violations prescribed in Points c, dd Clause 5, Points a, b Clause 6 and Clause 7 of this Article to state budget;

b) Prohibition of conclusion of merchant service agreements with other acquirers until remedial measures against violation are completed if the violation prescribed in Point b Clause 5 or Point a, c or d Clause 7 of this Article is committed.

Article 28a. Violations against regulations on paying agents[69]

1. A fine ranging from VND 5.000.000 to VND 10.000.000 shall be imposed for committing one of the following violations:

a) providing untruthful information concerning the provision or use of paying agent services;

b) receiving and processing customers’ requests for information check or complaints against law regulations;

c) collecting fees other than those specified in the fee schedule established and announced by the principal;

d) failing to use a separate checking account for paying agent operations as prescribed by law;

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2. A fine ranging from VND 40.000.000 to VND 50.000.000 shall be imposed for committing one of the following violations:

a) taking advantage of the role of a paying agent to perform, organize, or facilitate forged or fraudulent transactions, appropriation of customers’ money, transactions for the purposes of money laundering, terrorism financing, financing of proliferation of weapons of mass destruction, and other violations against laws;

b) performing operations beyond the scope of the paying agent agreement signed by and between the paying agent and the principal.

3. A fine ranging from VND 50.000.000 to VND 100.000.000 shall be imposed for committing one of the following violations:

a) assigning or acting as a paying agent against the license for establishment and operation, or establishment license or decision prescribing organization and operation issued by a competent authority and any amendments to the license (if any).

b) a principal's failure to comply with regulations on quantity of paying agents and transaction limit for each paying agent;

c) assignment of agent operations to a third party by a paying agent that is not a credit institution or FBB;

d) performing professional operations before entering into a paying agent agreement with the principal;

dd) entering into a paying agent agreement with a paying agent that is not a lawfully established enterprise and has outstanding debts classified as bad debts by a credit institution or FBB in accordance with SBV’s regulations;

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4. Remedial measures:

a) Enforced transfer of benefits illegally obtained from the administrative violation prescribed in Point b Clause 2 or Clause 3 of this Article to state budget;

b) Enforced termination of paying agent operations performed by the entities committing the violation in Clause 2 or Clause 3 of this Article;

c) Enforced use of separate checking accounts for paying agent operations if the violation in Point d Clause 1 of this Article is committed;

d) Prohibition of conclusion of paying agent agreements with other principals until remedial measures against violation are completed if the violation prescribed in Point c or d Clause 1 of this Article is committed;

dd) Enforced return of improperly collected fees to payers or to state budget (in case of unknown payers) if the violation in Point c Clause 1 of this Article is committed;

e) Enforced return of appropriated amounts of money to customers if the violation in Point a Clause 2 of this Article is committed.

Article 29. Violations against regulations on negotiable instruments

1. A fine ranging from VND 15.000.000 to VND 20.000.000 shall be imposed for signing any negotiable instruments ultra vires.

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a) failing to fulfill acceptor's duties as defined in Article 22 of the Law on negotiable instruments;

b) sending collection orders to collectors against regulations in Clauses 1, 2 and 3 Article 39 of the Law on negotiable instruments.

3. A fine ranging from VND 30.000.000 to VND 50.000.000 shall be imposed for committing one of the following violations:

a) transferring a negotiable instrument whose prescribed time limit for presentment has expired, or which has not been accepted or has been rejected for payment or has been lost as informed by its holder as prescribed in Clause 4 Article 15 of the Law on negotiable instruments;

b) drawing cheques in case of insolvency.

4. A fine ranging from VND 60.000.000 to VND 120.000.000 shall be imposed for committing one of the following violations:

a) forging signatures affixed to negotiable instruments;

b) failing to comply with regulations on printing, delivery and management of blank cheques in Clauses 2, 3 Article 64 of the Law on negotiable instruments.

5. Additional penalties:

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6. Remedial measures:

Enforced transfer of benefits illegally obtained from the administrative violation prescribed in Point b Clause 3 or Clause 4 of this Article to state budget.

Article 30. Violations against regulations on cash and vault management

1. A warning shall be issued for committing one of the following violations:

a) [70] failing to publicly post typical examples and SBV’s regulations on receipt and exchange of cash unfit for circulation at transaction locations;

b) making loss of provided specimen cash; failing to provide specimen cash to eligible entities; failing to collect specimen cash upon notification of suspension of circulation thereof or at the request of a competent authority;

c) failing to open or sufficiently keep records of vault safety-related activities in accordance with law regulations.

2.[71] A fine ranging from VND 5.000.000 to VND 10.000.000 shall be imposed for failing to comply with regulations on classification, packing and delivery of precious metals and precious stones; packing, sealing, delivery, preservation, transport and inventory of cash, precious assets and financial instruments, except the cases prescribed in Point a Clause 3 and Points b, c, d and dd Clause 5 of this Article.

3. A fine ranging from VND 10.000.000 to VND 15.000.000 shall be imposed for committing one of the following violations:

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b) failing to develop vault protection and security plans;

c) failing to promulgate internal rules or plans for fire safety for the vault;

d) failing to classify cash unfit for circulation.

dd) [72] rejecting customers’ requests for exchange of cash unfit for circulation against regulations of law.

4. A fine ranging from VND 15.000.000 to VND 20.000.000 shall be imposed for failing to install security equipment or fire protection equipment for the vault as prescribed by law.

5. A fine ranging from VND 20.000.000 to VND 40.000.000 shall be imposed for committing one of the following violations:

a) performing cash exchange transactions against law;

b) failing to manage cash, precious assets and financial instruments during lunch break as prescribed by law;

c) using and managing keys of the vault lock, its inner compartments, safe or cash boxes used in specialized vehicles against law regulations;

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dd) failing to document conditions and procedures for receipt and return of assets to customers, responsibility of relevant departments to ensure asset safety while rendering asset custody/management services, leasing safe deposit boxes and other cash-related services.

6. A fine ranging from VND 40.000.000 to VND 50.000.000 shall be imposed for committing one of the following violations:

a) using a vault that does not meet design requirements and technical standards regulated by law;

b) using a vault with its door failing to meet technical standards regulated by law.

Article 31. Violations against regulations on protection of Vietnam’s cash

1. A warning shall be issued for committing one of the following violations:

a) failing to promptly notify a competent authority when detecting counterfeit money of a new type;

b) failing to promptly notify a competent authority when detecting any signs of storing, using and/or transporting counterfeit money;

c) [73] arranging persons who have not yet undergone training in skills of distinguishing between the real and counterfeit money to seize counterfeit money or take suspected counterfeit money into custody;

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2. A fine ranging from VND 5.000.000 to VND 10.000.000 shall be imposed for committing one of the following violations:

a) failing to seize counterfeit money upon detection;

b) failing to take money which is suspected of being counterfeit money into custody;

c) failing to make records or failing to collect, seal and punch counterfeit money according to SBV’s regulations on handling of counterfeit money and suspected counterfeit money when seizing counterfeit money or taking suspected counterfeit money into custody.

3. A fine ranging from VND 10.000.000 to VND 15.000.000 shall be imposed for sabotaging or destroying Vietnam's cash against law regulations.

4. A fine ranging from VND 40.000.000 to VND 50.000.000 shall be imposed for photocopying, printing or using design, a part of or all images, elements or patterns on Vietnam's cash against law regulations.

5. Additional penalties:

All exhibits and instrumentalities used for committing any of the administrative violations prescribed in Clauses 2, 3 and 4 of this Article shall be confiscated and handed over to competent authorities.

6. Remedial measures:

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b) Enforced destruction of all exhibits and instrumentalities used for committing any of the violations prescribed in Clause 4 of this Article;

c) Enforced transfer of benefits illegally obtained from any of the violations prescribed in Clause 4 of this Article to state budget.

Section 9. VIOLATIONS AGAINST REGULATIONS ON PURCHASE AND INVESTMENT IN FIXED ASSETS AND TRADING IN REAL ESTATE BY CREDIT INSTITUTIONS AND FOREIGN BANK BRANCHES (FBBs)

Article 32. Violations against regulations on purchase of and investment in fixed assets

1. A fine ranging from VND 100.000.000 to VND 150.000.000 shall be imposed for purchasing or making investment in fixed assets directly used to serve operations resulting in the value of such assets exceeding 50% of the charter capital and fund for charter capital increase of a credit institution or 50% of the assigned capital and fund for assigned capital increase of a FBB.

2. Remedial measures:

a) Enforced maintenance of the ratio of the value of fixed assets directly used to serve operations to sum of the charter capital or assigned capital and fund for charter capital increase or the fund for assigned capital increase as prescribed in Article 140 of the Law on credit institutions for a maximum period of 06 months from the effective date of the penalty imposition decision if the violation prescribed in Clause 1 of this Article is committed;

b) Enforced transfer of benefits illegally obtained from the violation prescribed in Clause 1 of this Article to state budget.

Article 33. Violations against regulations on real estate trading

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2. Remedial measures:

Enforced transfer of benefits illegally obtained from the violation prescribed in Clause 1 of this Article to state budget.

Section 10. VIOLATIONS AGAINST REGULATIONS ON GUARANTEE OF SAFE OPERATION OF CREDIT INSTITUTIONS AND FOREIGN BANK BRANCHES

Article 34. Violations against regulations on reserve requirements and compulsory purchase of SBV bills

1. A warning shall be issued for committing one of the following violations:

a) failing to maintain the required reserve as prescribed by law;

b) failing to comply with regulations on compulsory purchase of SBV bills.

2. A fine ranging from VND 10.000.000 to VND 20.000.000 shall be imposed for failing to maintain the required reserve as prescribed by law in case of a recommitted or repeated violation.

3. Remedial measures:

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Proposed dismissal and implementation of other appropriate measures against violating entities within the competence of a credit institution or FBB.

Article 35. Violations against regulations on prudential ratios

1. A fine ranging from VND 200.000.000 to VND 220.000.000 shall be imposed for committing violations against law regulations on one of the following prudential ratios:

a) Maximum ratio of short-term capital used for provision of medium-term and long-term loans;

b) Loan-to-deposit ratio;

c) Ratio of purchase or investment in Government bonds and government-guaranteed bonds.

2. A fine ranging from VND 250.000.000 to VND 300.000.000 shall be imposed for committing violations against law regulations on solvency ratio.

3. A fine ranging from VND 300.000.000 to VND 350.000.000 shall be imposed for committing violations against law regulations on capital adequacy ratio.

4. Remedial measures:

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b) Prohibition of expansion of operating scope, scale and regions or addition of business lines until remedial measures against the violation are completed if any of the violations prescribed in Point d Clauses 1, 2 and 3 of this Article is committed;

c) Proposed suspension of violating entities and/or persons responsible for the violation from holding the management or supervision position for 01 – 03 months, or proposed dismissal or prohibition of them from holding the management or supervision position at a credit institution or FBB if the violation prescribed in Clause 2 or Clause 3 of this Article is committed.

Proposed dismissal and implementation of other appropriate measures against violating entities within the competence of a credit institution or FBB.

Article 36. Violations against regulations on classification of assets, off-balance-sheet (OBS) items, creation and use of provisions for losses

1. A fine ranging from VND 150.000.000 to VND 200.000.000 shall be imposed for committing one of the following violations:

a) classifying assets and OSB items against law regulations;

b) setting aside provisions for losses against law regulations, unless the creation of provisions for losses against law regulations is the consequence of the violation prescribed in Point a Clause 1 of this Article;

c) using provisions for handling losses against law regulations;

d) failing to have measures for fully recovering debts which have been settled using provisions.

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a) Enforced classification of assets and creation of provisions for losses; enforced reversal of improperly used provisions for losses, and recording of debts settled using provisions for losses on the balance sheet as prescribed within a maximum duration of 01 month from the effective date of the penalty imposition decision if any of the violations prescribed in Clause 1 of this Article is committed;

b) Proposed suspension of violating entities and/or persons responsible for the violation from holding the management or supervision position for 01 – 03 months, or proposed dismissal or prohibition of them from holding the management or supervision position at a credit institution or FBB if the violation prescribed in Clause 1 of this Article is committed.

Proposed dismissal and implementation of other appropriate measures against violating entities within the competence of a credit institution or FBB.

Article 37. Violations against regulations on setting aside and use of funds

1. A fine ranging from VND 20.000.000 to VND 40.000.000 shall be imposed for setting aside or using funds against law regulations.

2. Remedial measures:

Enforced setting aside of funds as prescribed by law within 15 days from the effective date of the penalty imposition decision if the violation prescribed in Clause 1 of this Article is committed.

Section 11. VIOLATIONS AGAINST REGULATIONS ON DEPOSIT INSURANCE

Article 38. Violations against regulations on deposit insurance

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a) failing to publicly post the copy of the certificate of deposit insurance at all transaction locations that take deposits;

b) making insufficient or late payment of deposit insurance premiums;

c) failing to comply with the time limit for application for certificate of deposit insurance as prescribed in Clause 1 Article 14 of the Law on deposit insurance.

2. A fine ranging from VND 30.000.000 to VND 40.000.000 shall be imposed for failing to pay deposit insurance premiums as prescribed by law.

3. A fine ranging from VND 40.000.000 to VND 60.000.000 shall be imposed for failing to make deposit insurance payout to insured depositors within the time limit prescribed in Article 23 of the Law on deposit insurance.

4. A fine ranging from VND 60.000.000 to VND 80.000.000 shall be imposed for committing one of the following violations:

a) offering insurance for uninsured deposits prescribed in Article 19 of the Law on deposit insurance;

b) forging documents concerning deposit insurance if not liable to criminal prosecution.

5. A fine ranging from VND 100.000.000 to VND 150.000.000 shall be imposed for committing one of the following violations:

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b) obstructing, hindering or damaging legitimate rights and benefits of deposit insurers, deposit insurance policyholders, insured depositors and other authorities and organizations involved in the deposit insurance;

c) abusing positions and powers to act against regulations of the Law on deposit insurance.

6. Remedial measures:

a) Enforced posting of the copy of certificate of deposit insurance if the violation prescribed in Point a Clause 1 of this Article is committed;

b) Enforced payment of insurance premiums in full if the violation prescribed in Point b Clause 1 of this Article is committed and payment of late payment interest that is equal to 0.05% of the unpaid premiums for each day of late payment as prescribed in Clause 1 Article 21 of the Law on deposit insurance;

c) Enforced reimbursement of collected insurance premiums or recovery of delivered insurance payouts if any of the violations prescribed in Clause 4 of this Article is committed;

d) Proposed suspension of violating entities and/or persons responsible for the violation from holding the management or supervision position for 01 – 03 months, or proposed dismissal or prohibition of them from holding the management or supervision position at a credit institution or FBB if any of the violations prescribed in Point b Clause 4 and Points a, c Clause 5 of this Article is committed.

Proposed dismissal and implementation of other appropriate measures against violating entities within the competence of a credit institution or FBB.

Section 12. VIOLATIONS AGAINST REGULATIONS ON ANTI-MONEY LAUNDERING; ANTI-TERRORISM FINANCING; COUNTER TO FINANCING OF PROLIFERATION OF WEAPONS OF MASS DESTRUCTION[74]

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1. A fine ranging from VND 100.000.000 to VND 150.000.000 shall be imposed for committing one of the following violations:

a) failing to identify customers; failing to update or verify customer identification information or customer identity; updating or verifying customer identification information against the provisions of Articles 8, 9, 10, 11 of the Law on Anti-money Laundering and Law on Anti-terrorism;

b) Failing to update the list of organizations or individuals involved in acts of terrorism or terrorism financing or the list of organizations or individuals charged with being involved in proliferation and financing of proliferation of weapons of mass destruction.

2. A fine ranging from VND 150.000.000 to VND 250.000.000 shall be imposed for failing to ensure confidentiality of information, documents and reports as prescribed in Article 29 of the Law on Anti-money Laundering and Law on Anti-terrorism.

3. Remedial measures:

a) Enforced implementation of regulations on identification, updating and verification of customer identification information as prescribed in Articles 8, 9, 10 and 11 of the Law on Anti-money Laundering and the Law on Anti-terrorism if the violation in Point a Clause 1 of this Article is committed;

b) Proposed prohibition of violating entities and/or persons responsible for the violation from holding the management or supervision position at a credit institution or FBB if any of the violations prescribed in Clauses 1, 2 of this Article is committed.

Proposed dismissal and implementation of other appropriate measures against violating entities within the competence of a credit institution or FBB.

Article 40. Violations against internal regulations on anti-money laundering, anti-terrorism financing, counter to financing of proliferation of weapons of mass destruction[76]

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a) failing to promulgate internal regulations on anti-money laundering, anti-terrorism financing, counter to financing of proliferation of weapons of mass destruction or promulgating such internal regulations against regulations of law;

b) failing to assign or register the assignment of officials/departments in charge of anti-money laundering and anti-terrorism financing tasks, or carrying out such assignment tasks against regulations of law;

c) failing to conduct internal audits or conducting such internal audits against regulations of laws on anti-money laundering and anti-terrorism financing;

d) failing to provide training/refresher training courses in anti-money laundering and anti-terrorism financing or providing such courses against regulations of law.

2. Remedial measures

Enforced promulgation of internal regulations as prescribed by law or enforced invalidation of internal regulations that have contents inconsistent with regulations of law if the violation in Point a Clause 1 of this Article is committed.

Article 41. Violations against regulations on risk-based customer classification[77]

A fine ranging from VND 150.000.000 to VND 200.000.000 shall be imposed for failing to carry out risk-based customer classification or carrying out such risk-based customer classification tasks against regulations of Clauses 2, 3, 4 Article 12 of the Law on anti-money laundering, the Law on anti-terrorism financing and regulations of law on counter to financing of proliferation of weapons of mass destruction.

Article 42. Violations against regulations on identification of foreign customers that are politically exposed persons (PEPs) [78]

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Article 43. Violations against regulations on correspondent banking relationship, transactions using new technologies, special supervision of transactions[79]

1. A fine ranging from VND 150.000.000 to VND 200.000.000 shall be imposed for committing one of the following violations:

a) failing to adopt the measures in Article 14 of the Law on anti-money laundering when establishing a correspondent banking relationship with a foreign bank;

b) failing to promulgate procedures as prescribed in Article 15 of the Law on anti-money laundering.

2. A fine ranging from VND 200.000.000 to VND 300.000.000 shall be imposed for failing to carry out special supervision of certain transactions as prescribed in Article 16 of the Law on anti-money laundering.

3. Remedial measures:

a) Enforced implementation of the measures in Article 14 of the Law on anti-money laundering if the violation in Point a Clause 1 of this Article is committed;

b) Enforced promulgation of procedures as prescribed in Article 15 of the Law on anti-money laundering if the violation in Point b Clause 1 of this Article is committed;

c) Enforced special supervision of certain transactions as prescribed in Article 16 of the Law on anti-money laundering if the violation in Point c Clause 1 of this Article is committed;

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Proposed dismissal and implementation of other appropriate measures against violating entities within the competence of a credit institution or FBB.

Article 44. Violations against regulations on reporting on high-value transactions, suspicious transactions, electronic money transfer, money laundering for terrorism financing purposes, financing terrorism, and financing of proliferation of weapons of mass destruction [80]

1. A fine ranging from VND 80.000.000 to VND 120.000.000 shall be imposed for failing to submit reports on schedule as prescribed in the Law on anti-money laundering and the Law on anti-terrorism financing.

2. A fine ranging from VND 150.000.000 to VND 250.000.000 shall be imposed for committing one of the following violations:

a) failing to submit reports on high-value transactions;

b) failing to submit reports on suspicious transactions involving money laundering, financing terrorism or financing of proliferation of weapons of mass destruction;

c) failing to submit reports on electronic funds transfer transactions;

d) failing to submit reports on money laundering activities for terrorism financing purpose as prescribed in Article 30 of the Law on anti-money laundering, failing to submit reports on customers or their transactions suspected of being related to terrorism financing and/or financing of proliferation of weapons of mass destruction, or on customers suspected of being on the blacklist or the list of organizations or individuals charged with being involved in proliferation and financing of proliferation of weapons of mass destruction as prescribed in the Law on anti-terrorism financing and regulations of law on counter to financing of proliferation of weapons of mass destruction.

3. Remedial measures

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b) Proposed suspension or dismissal of violating entities and/or persons responsible for the violation from holding the management or supervision position; or proposed prohibition of them from holding the management or supervision position at a credit institution or FBB if any of the violations in this Article is committed.

Proposed dismissal and implementation of other appropriate measures against violating entities within the competence of a credit institution or FBB.

Article 44a. Violations against regulations on information provision[81]

1. A fine ranging from VND 150.000.000 to VND 250.000.000 shall be imposed for failing to provide information, providing false information or providing information against regulations of the Law on anti-money laundering, the Law on anti-terrorism financing and regulations of law on counter to financing of proliferation of weapons of mass destruction, if not liable to criminal prosecution.

2. Remedial measures

a) Enforced correction of false information if the violation in this Article is committed;

Proposed dismissal and implementation of other appropriate measures against violating entities within the competence of a credit institution or FBB.

Article 45. Violations against regulations on transaction delay, account freezing, and asset sealing or impoundment [82]

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a) failing to submit reports on delay of transaction of which related parties are on the blacklist or when having reasonable grounds to suspect that the transaction is related to an offence as prescribed in Clause 3 Article 33 of the Law on anti-money laundering;

b) failing to submit reports on account freezing, sealing or impoundment of assets according to a decision issued by a competent authority as prescribed in Article 34 of the Law on anti-money laundering;

c) failing to immediately submit reports on the suspension of circulation or freezing of all money and assets related to the terrorism financing or financing of proliferation of weapons of mass destruction as prescribed by law.

2. A fine ranging from VND 250.000.000 to VND 350.000.000 shall be imposed for committing one of the following violations:

a) failing to delay the transaction of which the related parties are on the blacklist or when having reasonable grounds to suspect that the transaction is related to an offence as prescribed in Clause 1 Article 33 of the Law on anti-money laundering;

b) failing to freeze accounts, seal or impound assets according to a decision issued by a competent authority as prescribed in Article 34 of the Law on anti-money laundering;

c) failing to immediately suspend the circulation or freeze all money and assets related to the terrorism financing or financing of proliferation of weapons of mass destruction as prescribed by law.

3. Remedial measures:

a) Enforced submission of adequate and accurate reports if any of the violations in Clause 1 of this Article is committed;

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Proposed dismissal and implementation of other appropriate measures against violating entities within the competence of a credit institution or FBB.

Article 45a. Violations against regulations on risk assessment[83]

1. A fine ranging from VND 150.000.000 to VND 250.000.000 shall be imposed for committing one of the following violations:

a) failing to carry out money laundering and terrorism financing risk assessment or update assessment results in accordance with regulations of the Law on anti-money laundering;

b) failing to promulgate or update policies/procedures for management of risks detected and defined in money laundering/terrorism financing risk assessment reports in accordance with the Law on anti-money laundering;

c) failing to submit, disseminate or publish assessment results or failing to update money laundering/terrorism financing risks in accordance with regulations of the Law on anti-money laundering.

2. Remedial measures:

a) Enforced implementation of regulations on money laundering/terrorism financing risk assessment laid down in the Law on anti-money laundering if the violation in Clause 1 of this Article is committed;

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Article 46. Violations against regulations on prohibited acts in anti-money laundering and anti-terrorism financing [84]

1. A fine ranging from VND 150.000.000 to VND 250.000.000 shall be imposed for obstructing the provision of information serving the performance of anti-money laundering and anti-terrorism financing tasks.

2. A fine ranging from VND 300.000.000 to VND 400.000.000 shall be imposed for committing one of the following violations:

a) creating or maintaining anonymous accounts or accounts with fake names;

b) illegally providing services of receipt of cash, cheques, other monetary instruments or stores of value and making payments to beneficiaries at another location.

3. A fine ranging from VND 400.000.000 to VND 500.000.000 shall be imposed for committing one of the following violations:

a) organizing or facilitating money laundering activities, if not liable to criminal prosecution;

b) establishing and maintaining business relationship with a bank that is established in a country or territory but neither exists in that country or territory nor bears the management or supervision of any competent authority;

c) failing to denounce terrorism financing activities, if not liable to criminal prosecution;

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dd) directly or indirectly providing money, assets, financial resources, economic resources, financial services, or other services for entities related to terrorism or terrorism financing.

4. Remedial measures:

Proposed suspension or dismissal of violating entities and/or persons responsible for the violation from holding the management or supervision position; or proposed prohibition of them from holding the management or supervision position at a credit institution or FBB if any of the violations in Clauses 2, 3 of this Article is committed.

Proposed dismissal and implementation of other appropriate measures against violating entities within the competence of a credit institution or FBB.

Section 13. VIOLATIONS AGAINST REGULATIONS ON PROVISION OF INFORMATION AND REPORTING

Article 47. Violations against regulations on reporting, and information management and provision

1. A fine ranging from VND 5.000.000 to VND 10.000.000 shall be imposed for committing one of the following violations:

a) failing to meet deadlines and documentation requirements for statistical reports covering a period of less than 01 month if the violation is repeated within a fiscal year;

b) failing to submit required reports within the time limits prescribed by law, except the cases prescribed in Point a of this Clause, Points a, c Clause 5 of this Clause and Clause 1 Article 44 hereof;

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d) submitting reports containing inaccurate figures if the violation is repeated within a fiscal year, except the case prescribed in Point b Clause 5 of this Article.

2. A fine ranging from VND 10.000.000 to VND 15.000.000 shall be imposed for failing to submit all required reports or submitting a report which does not contain adequate contents as prescribed by law, except the cases prescribed in Clauses 2, 3 Article 44, Clause 1 Article 45 hereof.

3. A fine ranging from VND 20.000.000 to VND 30.000.000 shall be imposed for committing one of the following violations:

a) failing to carry out registration of changes with competent authorities as prescribed in Point b Clause 4 Article 29 of the Law on Credit Institutions;

b) failing to publish the changes prescribed in Points a, b, c and d Clause 1 Article 29 of the Law on Credit Institutions on SBV’s means of mass media and 03 consecutive issues of a daily printed newspaper or an online newspaper of Vietnam within 07 business days from the date on which the SBV gives approval for such changes.

4. A fine ranging from VND 30.000.000 to VND 40.000.000 shall be imposed for committing one of the following violations:

a) [85] reporting in a dishonest manner, except the case in Point h Clause 4 Article 27 hereof;

b) providing information about operations of the SBV, credit institutions or FBBs or information about their customers against law regulations;

c) failing to provide information and/or documents as prescribed by law;

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5. A fine ranging from VND 40.000.000 to VND 50.000.000 shall be imposed for committing one of the following violations:

a) failing to send reports on credit information to the SBV within the prescribed time limit;

b) sending credit information reports which contain inaccurate or insufficient information or do not meet technical requirements or failing to submit such reports on a timely manner to the SBV;

c) failing to submit reports on credit information to the SBV in accordance with SBV’s regulations on credit information services;

d) failing to submit statistical reports on inbound/outbound money transfer serving international payments as prescribed by law.

6. A fine ranging from VND 50.000.000 to VND 100.000.000 shall be imposed for committing one of the following violations:

a) failing to immediately submit reports on insolvency risk to competent authorities;

b) failing to provide information at the request of the SBV and competent authorities as prescribed in Clause 4 Article 18 of the Law on anti-money laundering.

7. Remedial measures:

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b) [86] Prohibition of expansion of operating scope, scale and regions or addition of business lines until remedial measures against the violation are completed if any of the violations prescribed in Points a, b, d Clause 1, Clause 2 and Clause 5 of this Article is committed;

Proposed dismissal and implementation of other appropriate measures against violating entities within the competence of a credit institution or FBB.

Section 14. OBSTRUCTION OF INVESTIGATION AND FAILURE TO COMPLY WITH REQUESTS OF COMPETENT OFFICIALS

Article 48. Obstruction of investigation and failure to comply with requests of competent officials

1. A fine ranging from VND 2.000.000 to VND 3.000.000 shall be imposed for obstructing or hindering competent officials from carrying out inspections.

2. A fine ranging from VND 5.000.000 to VND 10.000.000 shall be imposed for evading the inspection by competent officials.

3. A fine ranging from VND 10.000.000 to VND 20.000.000 shall be imposed for refusing to provide information, documents and/or electronic data to inspection teams or competent officials.

4. A fine ranging from VND 20.000.000 to VND 30.000.000 shall be imposed for committing one of the following violations:

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b) intentionally removing or moving or performing other acts to change the existing status of the seals on vaults, safe, accounting books/vouchers, credit extension dossiers or other exhibits which are sealed and impounded;

c) failing to freeze accounts or remove freezing of accounts at the request of a competent official as prescribed by law.

5. A fine ranging from VND 30.000.000 to VND 50.000.000 shall be imposed for committing one of the following violations:

a) [87] providing untruthful information and/or documents;

b) making unlawful intervention in actions taken by competent authorities and banking supervision agencies;

c) hiding or altering documents/records or changing exhibits during the inspection period.

6. A fine ranging from VND 50.000.000 to VND 100.000.000 shall be imposed for committing one of the following violations:

a) transferring funds or assets abroad after they are frozen;

b) failing to deposit funds or assets to the SBV or a credit institution at the request of the SBV after they are frozen;

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Article 49. Violations against regulations on obligations of entities subject to banking inspection

1. A fine ranging from VND 5.000.000 to VND 10.000.000 shall be imposed for committing one of the following violations:

a) failing to provide sufficient and accurate information and/or documents in a timely manner at the request of the SBV;

b) failing to comply with the SBV’s risk warnings and recommendations for safe operations;

c) failing to provide reports or explanations about the SBV’s risk warnings and recommendations for safe operations.

2. A fine ranging from VND 40.000.000 to VND 50.000.000 shall be imposed for failing to comply with conclusions, recommendations or decisions on inspection.

3. Remedial measures:

Proposed suspension of violating entities and/or persons responsible for the violation from holding the management or supervision position for 01 – 03 months, proposed dismissal or prohibition of them from holding the management or supervision position at a credit institution or FBB if the violation prescribed in Clause 2 of this Article is committed.

Proposed dismissal and implementation of other appropriate measures against violating entities within the competence of a credit institution or FBB.

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Article 50. Violations against regulations on debt trading by credit institutions

1. A fine ranging from VND 50.000.000 to VND 80.000.000 shall be imposed for failing to establish a debt trading council when buying and selling debts.

2. A fine ranging from VND 80.000.000 to VND 100.000.000 shall be imposed for committing one of the following violations:

a) selling a debt which is used as a guarantee for other civil obligations, unless the obligee gives a written consent to the debt sale;

b) the debt seller repurchases the debt it has sold, except the case prescribed in Article 148dd of the Law on Credit Institutions as amended in 2017.

3. Additional penalties:

The debt trading operations shall be suspended for 03 – 06 months if the violation prescribed in Clause 1 of this Article is committed.

4. Remedial measures:

Enforced reversal of the sale of debts if the violation prescribed in Clause 2 of this Article is committed.

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1. A fine ranging from VND 5.000.000 to VND 10.000.000 shall be imposed for committing one of the following violations:

a) managing purchased bad debts and inspecting collaterals for such bad debts against law regulations;

b) authorizing credit institutions and inspecting their performance of authorized contents against law regulations;

c) implementing measures for debt restructuring and giving financial support to borrowers against law regulations;

d) making capital contributions or purchasing shares against law regulations;

dd) setting aside and using provisions for risks to the bad debts purchased at the market value against law regulations.

2. A fine ranging from VND 10.000.000 to VND 15.000.000 shall be imposed for committing one of the following violations:

a) buying and selling bad debts against law regulations;

b) settling collaterals for purchased bad debts against law regulations.

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Section 16. VIOLATIONS AGAINST REGULATIONS ON INFORMATION SYSTEM SECURITY FOR BANKING OPERATIONS

Article 52. Violations against regulations on information system security for banking operations

1. A fine ranging from VND 10.000.000 to VND 20.000.000 shall be imposed for committing one of the following violations:

a) failing to carry out assessment of information technology (IT) risks and operational risks before using IT services rendered by a third party as prescribed by law;

b) failing to carry out assessment of security level of the information system employed for providing online transaction services for customers before it is put into official operation.

2. A fine ranging from VND 20.000.000 to VND 30.000.000 shall be imposed for committing one of the following violations:

a) failing to disseminate or provide updated regulations on information security to all staff members at least once every year;

b) failing to take data backup or insufficiently backing up data to ensure data security as prescribed by law;

c) failing to implement network security solutions for controlling network connection as well as detecting and preventing attacks and illegal access to information systems employed for providing online transaction services for customers;

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dd) failing to provide instructions to customers on measures for ensuring security and confidentiality of information when using banking services on the Internet;

e) failing to keep logbooks of operations of information systems and users, errors and information security incidents as prescribed by law.

3. Additional penalties:

The use of IT services rendered by a third party shall be suspended for 01 – 03 months if the violation prescribed in Point a Clause 1 of this Article is committed.

4. Remedial measures:

Enforced compliance with regulations on information system security in banking operations.

Chapter III

POWER TO IMPOSE PENALTIES AND RECORD ADMINISTRATIVE VIOLATIONS

Article 53. Power to impose penalties of banking supervision forces[88]

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a) Issue warning;

b) Impose a fine up to VND 500.000;

c) [89] Confiscate the exhibits and instrumentalities used for committing administrative violations worth up to VND 1.000.000;

2. Chief inspectors of SBV's provincial branches shall have the power to:

a) Issue warning;

b) Impose a fine up to VND 50.000.000;

c) [90] Confiscate the exhibits and instrumentalities used for committing administrative violations worth up to VND 100.000.000;

d) Impose additional penalties and remedial measures specified in Clause 2 and Clause 4 Article 3 hereof.

3. Directors of Branches of SBV Banking Supervision Agency shall have the power to:

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b) Impose a fine up to VND 250.000.000;

c) [91] Confiscate the exhibits and instrumentalities for used for committing administrative violations worth up to VND 500.000.000;

d) Impose the additional penalties and remedial measures specified in Clause 2 and Clause 4 Article 3 hereof.

4. The Head of SBV Banking Supervision Agency shall have the power to:

a) Issue warning;

b) Impose a fine up to VND 1.000.000.000;

c) Impose the additional penalties and remedial measures specified in Clause 2 and Clause 4 Article 3 hereof.

5. Heads of inspection teams established according to decisions of the SBV’s Governor or the Head of SBV Banking Supervision Agency shall have the power to impose administrative penalties as prescribed in Clause 3 of this Article.

Heads of inspection teams established according to decisions of Directors of SBV’s provincial branches, Directors of Branches of SBV Banking Supervision Agency or Chief Inspectors of SBV’s provincial branches shall have the power to impose administrative penalties as prescribed in Clause 2 of this Article.

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1. Chairpersons of communal-level People’s Committees shall have the power to:

a) Issue warning;

b) Impose a fine up to VND 5.000.000;

c) Confiscate the exhibits and instrumentalities used for committing administrative violations worth up to VND 10.000.000.

2. Chairpersons of District-level People’s Committees shall have the power to:

a) Issue warning;

b) Impose a fine up to VND 100.000.000;

c) Suspend licenses/practicing certificates or operations for a fixed period;

d) Confiscate the exhibits and instrumentalities used for committing administrative violations;

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3. Chairpersons of Provincial People’s Committees shall have the power to:

a) Issue warning;

b) Impose a fine up to VND 1.000.000.000;

c) Suspend licenses/practicing certificates or operations for a fixed period;

d) Confiscate the exhibits and instrumentalities used for committing administrative violations;

dd) Impose the remedial measures mentioned in Clause 4 Article 3 hereof.

Article 54a. Power to impose administrative penalties of People’s Public Security Forces[93]

1. On-duty soldiers of People’s Public Security Forces shall have the power to:

a) Issue warning;

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2. Heads of company-level Mobile Police Units, heads of police stations, and team leaders in charge of managing the soldiers mentioned in Clause 1 of this Article shall have the power to:

a) Issue warning;

b) Impose a fine up to VND 1.500.000.

3. Communal-level Police Chiefs, Heads of Police Posts, Heads of Police Stations at border gates, export processing zones, Heads of International Airport Police Offices, Majors of Mobile Police Battalions, and Captains of Squadrons shall have the power to:

a) Issue warning;

b) Impose a fine up to VND 2.500.000;

c) Confiscate the exhibits and instrumentalities used for committing administrative violations worth up to VND 5.000.000.

4. Heads of district-level police agencies, heads of professional divisions of the following authorities, including the Internal Political Security Department, the Police Department for Administration of Social Order, the Traffic Police Department, the Department of Fire Prevention, Fighting and Rescue, the Department of Cybersecurity, Hi-Tech Crime Prevention and Control, and the Immigration Department, and heads of provincial-level police departments, including: Internal Political Security Divisions, Police Divisions for Social Order Administration, Police Departments for Social Order Crimes, Investigation Police Divisions for Corruption, Economic and Smuggling Crimes, Investigation Police Divisions for Drug Crimes, Traffic Police Divisions, Road and Railway Traffic Police Divisions, Road Traffic Police Divisions, Waterway Police Divisions, Mobile Police Divisions, Criminal Judgment Execution and Judicial Assistance Divisions, Police Divisions for Prevention and Control of Environmental Crimes, Firefighting, Prevention and Rescue Police Divisions, Cybersecurity, Hi-Tech Crime Prevention and Control Divisions, Immigration Divisions, Economic Security Divisions, and External Security Divisions, Colonels of Mobile Police Regiments, and Captains of Squadrons, shall have the power to:

a) Issue warning;

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c) Confiscate the exhibits and instrumentalities used for committing administrative violations worth up to VND 50.000.000;

d) Suspend licenses/practicing certificates or suspend operations for fixed periods;

dd) Impose the remedial measures mentioned in Point e Clause 4 Article 3 hereof.

5. Directors of Provincial-level Police Departments shall have the power to:

a) Issue warning;

b) Impose a fine up to VND 100.000.000;

c) Suspend licenses/practicing certificates or operations for a fixed period;

d) Confiscate the exhibits and instrumentalities used for committing administrative violations;

dd) Impose the remedial measures mentioned in Points a, e, g, k, n, p Clause 4 Article 3 hereof.

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a) Issue warning;

b) Impose a fine up to VND 1.000.000.000;

c) Suspend licenses/practicing certificates or operations for a fixed period;

d) Confiscate the exhibits and instrumentalities used for committing administrative violations;

dd) Impose the remedial measures mentioned in Points a, e, g, k, n, p Clause 4 Article 3 hereof.

Article 54b. Power to impose administrative penalties of border guard forces[94]

1. On-duty soldiers of border guard forces shall have the power to:

a) Issue warning;

b) Impose a fine up to VND 500.000.

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a) Issue warning;

b) Impose a fine up to VND 2.500.000.

3. Leaders of Task Force Teams for drug and crime prevention and control which are put under the control of Task Force Commissions for drug and crime prevention and control shall have the power to:

a) Issue warning;

b) Impose a fine up to VND 10.000.000;

c) Confiscate the exhibits and instrumentalities used for committing administrative violations worth up to VND 20.000.000.

4. Heads of border-guard posts, commanders of border-guard flotillas and commanders of port border guards shall have the power to:

a) Issue warning;

b) Impose a fine up to VND 25.000.000;

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5. Leaders of Task Force Teams for drug and crime prevention and control affiliated to the Department of Drug and Crime Prevention and Control under the control of the Command of Border Guards shall have the power to:

a) Issue warning;

b) Impose a fine up to VND 100.000.000;

c) Confiscate the exhibits and instrumentalities used for committing administrative violations worth up to VND 200.000.000.

6. Commanders of Provincial-level Border Guard Forces, Captains of Naval Border Guard Squadrons, and Director of Department of Drug and Crime Prevention and Control affiliated to the Border Guard High Command shall have the power to:

a) Issue warning;

b) Impose a fine up to VND 1.000.000.000;

c) Suspend licenses/practicing certificates or operations for a fixed period;

d) Confiscate the exhibits and instrumentalities used for committing administrative violations.

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1. On-duty coast guard officers shall have the power to:

a) Issue warning;

b) Impose a fine up to VND 1.500.000.

2. Coastguard team leaders shall have the power to:

a) Issue warning;

b) Impose a fine up to VND 5.000.000.

3. Coastguard squad leaders and captains of coastguard stations shall have the power to:

a) Issue warning;

b) Impose a fine up to VND 10.000.000;

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a) Issue warning;

b) Impose a fine up to VND 25.000.000;

c) Confiscate the exhibits and instrumentalities used for committing administrative violations worth up to VND 50.000.000.

5. Captains of Naval Border Guard Squadrons; Heads of Reconnaissance Commissions; Heads of Task Force Commissions for Drug Crime Prevention and Control under the control of the Command of Coast Guard of Vietnam shall have the power to:

a) Issue warning;

b) Impose a fine up to VND 50.000.000;

c) Confiscate the exhibits and instrumentalities used for committing administrative violations worth up to VND 100.000.000.

6. Regional Commands of Coast Guard and Director of the Department of Operations and Legislation under the control of the Command of Coast Guard of Vietnam shall have the power to:

a) Issue warning;

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c) Suspend license/practicing certificate for a fixed period;

d) Confiscate the exhibits and instrumentalities used for committing administrative violations.

7. The Commander of Vietnam Coast Guard shall have the power to:

a) Issue warning;

b) Impose a fine up to VND 1.000.000.000;

c) Suspend licenses/practicing certificates or operations for a fixed period;

d) Confiscate the exhibits and instrumentalities used for committing administrative violations.

Article 54d. Power to impose administrative penalties of market surveillance forces [96]

1. Market controllers on duty shall have the power to:

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b) Impose a fine up to VND 500.000.

2. Leaders of Market Surveillance Teams and Heads of Professional Divisions under the control of the Departments of Market Surveillance Operations shall have the power to:

a) Issue warning;

b) Impose a fine up to VND 25.000.000;

c) Confiscate the exhibits and instrumentalities used for committing administrative violations worth up to VND 50.000.000.

3. Directors of Provincial Market Surveillance Departments and Director of Market Surveillance Operations Department affiliated to Vietnam Directorate of Market Surveillance shall have the power to:

a) Issue warning;

b) Impose a fine up to VND 50.000.000;

c) Confiscate the exhibits and instrumentalities for committing administrative violations;

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4. The Director General of Vietnam Directorate of Market Surveillance shall have the power to:

a) Issue warning;

b) Impose a fine up to VND 1.000.000.000;

c) Confiscate the exhibits and instrumentalities for committing administrative violations;

d) Suspend licenses/practicing certificates or suspend operations for fixed periods.

Article 54dd. Power to impose administrative penalties of tourism inspection forces [97]

1. On-duty inspectors and persons assigned to carry out specialized inspections shall have the power to:

a) Issue warning;

b) Impose a fine up to VND 500.000.

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a) Issue warning;

b) Impose a fine up to VND 50.000.000;

c) Suspend licenses/practicing certificates or operations for a fixed period;

d) Confiscate the exhibits and instrumentalities for committing administrative violations worth up to VND 100.000.000;

dd) Impose the remedial measures mentioned in Point n Clause 4 Article 3 hereof.

3. Heads of specialized inspection teams established by Ministries shall have the power to:

a) Issue warning;

b) Impose a fine up to VND 250.000.000;

c) Suspend licenses/practicing certificates or operations for a fixed period;

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dd) Impose the remedial measures mentioned in Point n Clause 4 Article 3 hereof.

4. Chief Inspectors of Ministries shall have the power to:

a) Issue warning;

b) Impose a fine up to VND 1.000.000.000;

c) Suspend licenses/practicing certificates or operations for a fixed period;

d) Confiscate the exhibits and instrumentalities used for committing administrative violations;

dd) Impose the remedial measures mentioned in Point n Clause 4 Article 3 hereof.

Article 54e. Power to impose administrative penalties of customs authorities[98]

The Director General of General Department of Customs shall have the power to impose a fine up to VND 1.000.000.000.

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Chairperson of Vietnam Competition Commission shall have the power to:

1. Issue warning.

2. Impose a fine up to VND 1.000.000.000.

3. Suspend licenses/practicing certificates or operations for a fixed period.

4. Confiscate the exhibits and instrumentalities used for committing administrative violations.

5. Impose the remedial measures mentioned in Point n Clause 4 Article 3 hereof.

Article 55. Determination of power to impose penalties for administrative violations in monetary and banking sector [100]

1. Power to impose administrative penalties of Chairpersons of people’s committees at all levels

Chairpersons of People’s Committees at all levels have the power to impose penalties for the administrative violations specified in Chapter II of this Decree within the ambit of their assigned functions, tasks and powers.

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Persons competent to impose penalties of market surveillance forces have the power to impose penalties for the administrative violations in Clause 1, Clause 2, Points a, b, h, i, k, l Clause 3, Point n Clause 4[101], Points e, g, h Clause 5, Point c Clause 8 Article 23; Clause 1, Clause 2, Point a Clause 3, Point a Clause 4, Point a Clause 6, Clause 7, Points a, c Clause 8 Article 24 of this Decree.

3. Power to impose administrative penalties of border guard forces

Persons competent to impose penalties of border guard forces have the power to impose penalties for the administrative violations in Clause 1, Clause 2, Points h, i, k Clause 3, Point h Clause 4, Points e, g, h Clause 5 Article 23; Clause 1, Clause 2, Clause 4 Article 24; Point c Clause 4 Article 47; Clause 3 Article 48; Point a Clause 5 Article 48 of this Decree.

4. Power to impose administrative penalties of coast guard forces

Persons competent to impose penalties of coast guard forces have the power to impose penalties for the administrative violations in Clause 1, Clause 2, Points h, i, k Clause 3, Point h Clause 4, Points e, g, h Clause 5, Point b Clause 8 Article 23; Clause 1, Clause 2, Points a, b Clause 4, Point c Clause 5, Point a Clause 6, Points a, b Clause 8 Article 24 of this Decree.

5. Power to impose administrative penalties of People’s Public Security Forces

Persons competent to impose penalties of People’s Public Security Forces have the power to impose penalties for the administrative violations in Clauses 3, 4, and 5 Article 4; Clause 1, Clause 2, Points a, b, c, h, i, k, l Clause 3, Points h, n Clause 4[102], Points c, e, g, h Clause 5, Point c Clause 8 Article 23; Clause 1, Clause 2, Clause 3, Clause 4, Points a, c Clause 5, Clause 6, Clause 7, Clause 8 Article 24; Point b Clause 2, Clause 5, Clause 6, Clause 7 Article 26; Point a Clause 1, Points a, b Clause 3, Points a, b, c, d, dd, e, i, k Clause 4, Clause 5 Article 27; Points c, d Clause 5, Clause 6, Clause 7 Article 28; Point a Clause 1, Point a Clause 2, Point e Clause 3 Article 28a; Point c Clause 3, Clause 4 Article 30; Article 31; Clause 2 Article 39; Article 44; Article 45; Article 46; Point c Clause 4 Article 47; Article 48; Point b Clause 1, Point c Clause 2 Article 52 of this Decree.

6. Power to impose administrative penalties of tourism inspection forces

Persons competent to impose penalties of tourism inspection forces have the power to impose penalties for the administrative violations in Clause 1, Clause 2, Points a, b, c, h, i, k, l Clause 3, Points b, n Clause 4 [103], Points e, g, h Clause 5 Article 23 of this Decree.

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The Director General of General Department of Customs has the power to impose penalties for the administrative violations specified in Point b Clause 8 Article 23, Point c Clause 5, Point b Clause 8 Article 24 of this Decree.

8. Power to impose administrative penalties of Chairperson of Vietnam Competition Commission

The Chairperson of Vietnam Competition Commission has the power to impose penalties for the administrative violations in Clause 1, Clause 2, Points h, i, k Clause 3, Points e, g, h Clause 5 Article 23; Clause 1 Article 24 of this Decree..

9. Power to impose administrative penalties of banking supervision agencies

Persons competent to impose penalties of banking supervision agencies have the power to impose penalties for, and apply remedial measures against, the administrative violations in Chapter II of this Decree within the ambit of their assigned functions, tasks and powers.

Article 56. Power to record administrative violations

The following persons shall have the power to record administrative violations:

1.[104] The persons who have the power to impose penalties prescribed in Articles 53, 54, 54a, 54b, 54c, 54d, 54dd, 54e, and 54g of this Decree.

2.[105] Persons of People’s Army or People’s Public Security Forces that are performing their duties at the authorities prescribed in this Decree according to legislative documents or administrative documents promulgated by competent authorities or officers; pilots in command, ship captains, train masters and persons that they assign to record violations.

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Chapter IV

IMPLEMENTATION [106]^,[107]

Article 57. Effect

This Decree comes into force from December 31, 2019 and supersedes the Government’s Decree No. 96/2014/ND-CP dated October 17, 2014.

Article 58. Transition

1. Administrative violations in monetary and banking sector committed before this Decree comes into force and discovered afterwards but before the expiration of their prescriptive periods or currently taken into consideration shall be handled in accordance with regulations that are advantageous to the violating entities.

2. In case there is a complaint filed against a decision on imposition of administrative penalty in monetary and banking sector which has been issued or implemented before this Decree comes into force, the complaint shall be solved in accordance with the Government’s Decree No. 96/2014/ND-CP dated October 17, 2014.

Article 59. Responsibility for implementation

The SBV’s Governor, Ministers, heads of ministerial agencies, heads of Governmental agencies, Chairpersons of People’s Committees of provinces and central-affiliated cities shall be responsible for the implementation of this Decree./.

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CERTIFIED BY

PP. GOVERNOR
DEPUTY GOVERNOR

Doan Thai Son

[1] The Government’s Decree No. 143/2021/ND-CP providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector is promulgated pursuant to:

“The Law on Government Organization dated June 19, 2015, the Law on amendments to the Law on Government Organization and the Law on Organization of Local Governments dated November 22, 2019;

The Law on penalties for administrative violations dated June 20, 2012, and the Law on amendments to the Law on penalties for administrative violations dated November 13, 2020;

The Law on the State Bank of Vietnam dated June 16, 2010;

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The Law on Anti-money Laundering dated June 18, 2012;

The Law on Anti-terrorism dated June 12, 2013;

And at the request of the Governor of the State bank of Vietnam (“SBV”);”

[2] The Government’s Decree No. 23/2023/ND-CP providing amendments to the Government’s Decree No. 89/2016/ND-CP dated July 01, 2016 on eligibility requirements to be satisfied by business entities for acting as foreign exchange agents or providing foreign currency receipt and payment services, and Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 on penalties for administrative violations in monetary and banking sector is promulgated pursuant to:

“The Law on Government Organization dated June 19, 2015; the Law on Amendments to the Law on Government Organization and the Law on Local Government Organization dated November 22, 2019;

The Law on the State Bank of Vietnam dated June 16, 2010;

The Law on Credit Institutions dated June 16, 2010 and the Law providing amendments to the Law on Credit Institutions dated November 20, 2017;

The Law on Penalties for Administrative Violations dated June 20, 2012; the Law on amendments to the Law on Penalties for Administrative Violations dated November 13, 2020;

The Law on Investment dated June 17, 2020;

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The Ordinance on Foreign Exchange dated December 13, 2005; the Ordinance providing amendments to the Ordinance on Foreign Exchange dated March 18, 2013;

And at the request of the Governor of the State Bank of Vietnam (SBV);”

[3] This Point is amended according to Clause 1 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[4] This Article is amended according to Clause 2 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

^[5]This Article is added according to Clause 3 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[6] This Point is amended according to Point a Clause 1 Article 2 of the Government’s Decree No. 23/2023/ND-CP providing amendments to the Government’s Decree No. 89/2016/ND-CP dated July 01, 2016 on eligibility requirements to be satisfied by business entities for acting as foreign exchange agents or providing foreign currency receipt and payment services, and Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 on penalties for administrative violations in monetary and banking sector, coming into force from July 01, 2023.

[7] The phrase “tịch thu giấy phép đã bị tẩy xóa, sửa chữa” (“confiscation of erased and altered licenses”) is annulled according to Clause 1 Article 2 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[8] This Point is amended according to Point a Clause 4 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[9] This Point is amended according to Point b Clause 4 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[10] This Point is amended according to Point b Clause 1 Article 2 of the Government’s Decree No. 23/2023/ND-CP providing amendments to the Government’s Decree No. 89/2016/ND-CP dated July 01, 2016 on eligibility requirements to be satisfied by business entities for acting as foreign exchange agents or providing foreign currency receipt and payment services, and Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 on penalties for administrative violations in monetary and banking sector, coming into force from July 01, 2023.

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[12]This Point is added according to Point c Clause 4 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[13] This Article is added according to Clause 5 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[14] This Clause is amended according to Clause 2 Article 2 of the Government’s Decree No. 23/2023/ND-CP providing amendments to the Government’s Decree No. 89/2016/ND-CP dated July 01, 2016 on eligibility requirements to be satisfied by business entities for acting as foreign exchange agents or providing foreign currency receipt and payment services, and Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 on penalties for administrative violations in monetary and banking sector, coming into force from July 01, 2023.

[15] The phrase “giả mạo” (“forging”) is annulled according to Clause 3 Article 2 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[16] This Clause is amended according to Point a Clause 6 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[17]This Clause is abrogated according to Clause 2 Article 2 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[18] This Point is added according to Point b Clause 6 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[19] This Clause is abrogated according to Clause 2 Article 2 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[20] This Point is amended according to Point a Clause 7 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[21] This Point is added according to Point b Clause 7 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

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[23] This Point is added according to Point b Clause 7 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[24] This Point is added according to Point c Clause 7 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[25] This Clause is amended according to Clause 8 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[26] This Point is added according to Point a Clause 9 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[27] This Point is added according to Point a Clause 9 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[28] This Point is added according to Point a Clause 9 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[29] This Point is added according to Point a Clause 9 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[30] This Clause is amended according to Point b Clause 9 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[31] This Point is amended according to Point c Clause 9 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

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[33] This Point is added according to Clause 11 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[34] This Point is added according to Point a Clause 12 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[35] This Point is added according to Point b Clause 12 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[36] This Clause is amended according to Point c Clause 12 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[37] The phrase “giả mạo” (“forging”) is annulled according to Clause 3 Article 2 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[38] This Point is amended according to Point a Clause 3 Article 2 of the Government’s Decree No. 23/2023/ND-CP providing amendments to the Government’s Decree No. 89/2016/ND-CP dated July 01, 2016 on eligibility requirements to be satisfied by business entities for acting as foreign exchange agents or providing foreign currency receipt and payment services, and Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 on penalties for administrative violations in monetary and banking sector, coming into force from July 01, 2023.

[39] This Point is amended according to Point b Clause 3 Article 2 of the Government’s Decree No. 23/2023/ND-CP providing amendments to the Government’s Decree No. 89/2016/ND-CP dated July 01, 2016 on eligibility requirements to be satisfied by business entities for acting as foreign exchange agents or providing foreign currency receipt and payment services, and Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 on penalties for administrative violations in monetary and banking sector, coming into force from July 01, 2023.

[40] This Point is amended according to Point b Clause 3 Article 2 of the Government’s Decree No. 23/2023/ND-CP providing amendments to the Government’s Decree No. 89/2016/ND-CP dated July 01, 2016 on eligibility requirements to be satisfied by business entities for acting as foreign exchange agents or providing foreign currency receipt and payment services, and Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 on penalties for administrative violations in monetary and banking sector, coming into force from July 01, 2023.

[41] This Point is amended according to Point a Clause 13 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

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[43] This Point is amended according to Point c Clause 3 Article 2 of the Government’s Decree No. 23/2023/ND-CP providing amendments to the Government’s Decree No. 89/2016/ND-CP dated July 01, 2016 on eligibility requirements to be satisfied by business entities for acting as foreign exchange agents or providing foreign currency receipt and payment services, and Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 on penalties for administrative violations in monetary and banking sector, coming into force from July 01, 2023.

[44] This Point is added according to Point c Clause 13 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[45] The phrase “các điểm d, o khoản 4” (“Points d, o Clause 4”) is replaced with the phrase “điểm d khoản 4” (“Point d Clause 4”) according to Point b Clause 1 Article 3 of the Government’s Decree No. 23/2023/ND-CP providing amendments to the Government’s Decree No. 89/2016/ND-CP dated July 01, 2016 on eligibility requirements to be satisfied by business entities for acting as foreign exchange agents or providing foreign currency receipt and payment services, and Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 on penalties for administrative violations in monetary and banking sector, coming into force from July 01, 2023.

[46] This Point is amended according to Point d Clause 3 Article 2 of the Government’s Decree No. 23/2023/ND-CP providing amendments to the Government’s Decree No. 89/2016/ND-CP dated July 01, 2016 on eligibility requirements to be satisfied by business entities for acting as foreign exchange agents or providing foreign currency receipt and payment services, and Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 on penalties for administrative violations in monetary and banking sector, coming into force from July 01, 2023.

[47] This Point is abrogated according to Point a Clause 1 Article 3 of the Government’s Decree No. 23/2023/ND-CP providing amendments to the Government’s Decree No. 89/2016/ND-CP dated July 01, 2016 on eligibility requirements to be satisfied by business entities for acting as foreign exchange agents or providing foreign currency receipt and payment services, and Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 on penalties for administrative violations in monetary and banking sector, coming into force from July 01, 2023.

[48] This Clause is amended according to Point dd Clause 3 Article 2 of the Government’s Decree No. 23/2023/ND-CP providing amendments to the Government’s Decree No. 89/2016/ND-CP dated July 01, 2016 on eligibility requirements to be satisfied by business entities for acting as foreign exchange agents or providing foreign currency receipt and payment services, and Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 on penalties for administrative violations in monetary and banking sector, coming into force from July 01, 2023.

[49] This Clause is amended according to Point a Clause 14 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[50] This Clause is amended according to Point b Clause 14 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[51] This Point is amended according to Point a Clause 15 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

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[53] This Point is amended according to Point c Clause 15 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[54] This Clause is amended according to Point d Clause 15 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[55] This Clause is amended according to Point dd Clause 15 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[56]This Clause is amended according to Point e Clause 15 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[57] This Clause is amended according to Point g Clause 15 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[58] This Point is amended according to Point a Clause 16 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[59] This Clause is amended according to Point b Clause 16 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[60] This Clause is amended according to Point c Clause 16 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[61] This Clause is amended according to Point d Clause 16 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

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[63] This Clause is amended according to Point e Clause 16 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[64] This Clause is amended according to Point g Clause 16 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[65] This Point is amended according to Point a Clause 17 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[66] This Clause is amended according to Point b Clause 17 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[67] This Clause is amended according to Point c Clause 17 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[68] This Clause is amended according to Point d Clause 17 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[69] This Article is added according to Clause 18 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[70] This Point is amended according to Point a Clause 19 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[71] This Clause is amended according to Point b Clause 19 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

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[73] This Point is amended according to Clause 20 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[74] Heading of this Section is amended according to Clause 21 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[75] This Article is amended according to Clause 22 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[76] This Article is amended according to Clause 23 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[77] This Article is amended according to Clause 24 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[78] This Article is amended according to Clause 25 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[79] This Article is amended according to Clause 26 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[80] This Article is amended according to Clause 27 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[81] This Article is added according to Clause 28 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

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[83] This Article is added according to Clause 30 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[84] This Article is amended according to Clause 31 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[85] This Point is amended according to Point a Clause 32 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[86]This Point is amended according to Point b Clause 32 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[87] This Point is amended according to Clause 33 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[88] Heading of this Article is amended according to Point a Clause 34 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[89] This Point is amended according to Point b Clause 34 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[90] This Point is amended according to Point c Clause 34 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[91] This Point is amended according to Point d Clause 34 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

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[93] This Article is added according to Clause 36 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[94] This Article is added according to Clause 37 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[95] This Article is added according to Clause 38 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[96] This Article is added according to Clause 39 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[97] This Article is added according to Clause 40 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[98] This Article is added according to Clause 41 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[99] This Article is added according to Clause 42 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[100] This Article is amended according to Clause 43 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[101] The phrase “các điểm n, o khoản 4” (“Points n, o Clause 4”) is replaced with the phrase “điểm n khoản 4” (“Point n Clause 4”) according to Point b Clause 1 Article 3 of the Government’s Decree No. 23/2023/ND-CP providing amendments to the Government’s Decree No. 89/2016/ND-CP dated July 01, 2016 on eligibility requirements to be satisfied by business entities for acting as foreign exchange agents or providing foreign currency receipt and payment services, and Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 on penalties for administrative violations in monetary and banking sector, coming into force from July 01, 2023.[102] The phrase “các điểm h, n, o khoản 4” (“Points h, n, o Clause 4”) is replaced with the phrase “các điểm h, n khoản 4” (“Points h, n Clause 4”) according to Point d Clause 1 Article 3 of the Government’s Decree No. 23/2023/ND-CP providing amendments to the Government’s Decree No. 89/2016/ND-CP dated July 01, 2016 on eligibility requirements to be satisfied by business entities for acting as foreign exchange agents or providing foreign currency receipt and payment services, and Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 on penalties for administrative violations in monetary and banking sector, coming into force from July 01, 2023.

...

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[104] This Clause is amended according to Clause 44 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[105] This Clause is amended according to Clause 44 Article 1 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022.

[106] Articles 3 and 4 of the Government’s Decree No. 143/2021/ND-CP, providing amendments to the Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 prescribing penalties for administrative violations in monetary and banking sector, coming into force from January 01, 2022, set down the following regulations:

“Article 3. Responsibility for implementation

The SBV’s Governor, Ministers, heads of ministerial agencies, heads of Governmental agencies, Chairpersons of People’s Committees of provinces and central-affiliated cities, and relevant agencies shall be responsible for the implementation of this Decree.

Article 4. Implementation

1. This Decree comes into force from January 01, 2022.

2. Transition

a) Regulations of this Decree shall apply to the violations which have been committed and ended before the effective date of this Decree but are detected or being considered when or after this Decree takes effect if such regulations do not provide for any legal liability or impose less severe legal liability.

...

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[107] Articles 4 and 5 of the Government’s Decree No. 23/2023/ND-CP providing amendments to the Government’s Decree No. 89/2016/ND-CP dated July 01, 2016 on eligibility requirements to be satisfied by business entities for acting as foreign exchange agents or providing foreign currency receipt and payment services, and Government’s Decree No. 88/2019/ND-CP dated November 14, 2019 on penalties for administrative violations in monetary and banking sector, coming into force from July 01, 2023, stipulate as follows:

“Article 4. Effect

1. This Decree comes into force from July 01, 2023.

2. The issued licenses for foreign exchange counter will automatically expire from the effective date of this Decree, and holders of such licenses are required to terminate their foreign exchange activities accordingly. Any individual that wishes to continue performing exchange of currencies of bordering countries shall establish a business entity in order to obtain an approval from the SBV's branch in border province for running an agent for exchange of bordering countries' currencies as prescribed in this Decree.

3. This Decree nullifies Article 7 of Regulations on management of currencies of bordering countries in border areas and border gate economic zones of Vietnam enclosed with the Prime Minister’s Decision No. 140/2000/QD-TTg dated December 08, 2000.

Article 5. Responsibility for implementation

1. SBV shall promulgate written guidelines on agents for exchange of currencies of bordering countries.

2. SBV’s Governor, Ministers, heads of ministerial agencies, heads of Governmental agencies, Chairpersons of People’s Committees of central-affiliated cities or provinces, and relevant organizations and individuals are responsible for the implementation of this Decree./.”

Từ khóa: Văn bản hợp nhất 14/VBHN-NHNN, Văn bản hợp nhất số 14/VBHN-NHNN, Văn bản hợp nhất 14/VBHN-NHNN của Ngân hàng Nhà nước Việt Nam, Văn bản hợp nhất số 14/VBHN-NHNN của Ngân hàng Nhà nước Việt Nam, Văn bản hợp nhất 14 VBHN NHNN của Ngân hàng Nhà nước Việt Nam, 14/VBHN-NHNN

File gốc của Integrated document No. 14/VBHN-NHNN dated June 22, 2023 Decree on penalties for administrative violations in monetary and banking sector đang được cập nhật.

Integrated document No. 14/VBHN-NHNN dated June 22, 2023 Decree on penalties for administrative violations in monetary and banking sector

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Cơ quan ban hành	Ngân hàng Nhà nước Việt Nam
Số hiệu	14/VBHN-NHNN
Loại văn bản	Văn bản hợp nhất
Người ký	Đoàn Thái Sơn
Ngày ban hành	2023-06-22
Ngày hiệu lực	2023-06-22
Lĩnh vực	Tiền tệ - Ngân hàng
Tình trạng	Còn hiệu lực

TT	Tên sản phẩm	Giá tiền	Đăng ký
1	Gói cơ bản – 1 năm	350.000 ₫	Đăng nhập
2	Gói cơ bản – 2 năm	700.000 ₫	Đăng nhập
3	Gói cơ bản – 3 năm	1.000.000 ₫	Đăng nhập
4	Gói cơ bản – 6 tháng	180.000 ₫	Đăng nhập
5	Gói cơ bản – 5 năm	1.600.000 ₫	Đăng nhập
6	Gói nâng cao – 1 năm	1.100.000 ₫	Đăng nhập
7	Gói nâng cao – 2 năm	2.300.000 ₫	Đăng nhập
8	Gói nâng cao – 3 năm	3.400.000 ₫	Đăng nhập
9	Gói nâng cao – 6 tháng	594.000 ₫	Đăng nhập
10	Gói nâng cao – 5 năm	5.800.000 ₫	Đăng nhập

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Integrated document No. 14/VBHN-NHNN dated June 22, 2023 Decree on penalties for administrative violations in monetary and banking sector

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Integrated document No. 14/VBHN-NHNN dated June 22, 2023 Decree on penalties for administrative violations in monetary and banking sector

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