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blue-check More administrative violations in monetary and banking sector shall be subject to fines from January 1st, 2022

Decree No. 143/2021/ND-CP dated December 31st, 2021 of the Government on amendments to Decree No. 88/2019/ND-CPstatus2 dated November 14, 2019 on penalties for administrative violations in monetary and banking sector
Posted: 6/1/2022 7:41:16 AM | Latest updated: 23/3/2022 9:54:15 AM (GMT+7) | LuatVietnam: 5373 | Vietlaw: 553
VietlawOnline

This Decree supplements regulations on administrative violations in monetary and banking sector from January 1st, 2022, such as:

- Changing the management branch of a transaction office of a bank without the consent of the State Bank of Vietnam shall be subject to a fine ranging from 200.000.000 VND to 250.000.000 VND;

- Implementing specific banking operations without the consent of the State Bank of Vietnam, a fine ranging from 200.000.000 VND to 250.000.000 VND;

- Contributing capital and purchasing or receiving the transfer of shares of a bank against the regulations, a fine ranging from 200.000.000 VND to 250.000.000 VND;

- Failing to comply with regulations on the maximum rate of consumer loans, a fine ranging from 10.000.000 VND to 15.000.000 VND;

- Failing to issue an interest rate bracket of consumer loans for each period, a fine ranging from 10.000.000 VND to 15.000.000 VND;

- Failing to comply with regulations on measures to urge and recover debts, a fine ranging from 10.000.000 VND to 15.000.000 VND;

- Acting as a currency exchange agent for at least 2 banks against the regulations and the violation is repeated, a fine ranging from 80.000.000 VND to 100.000.000 VND;

- Opening, closing, and using offshore foreign-currency accounts against the regulations, a fine ranging from 100.000.000 VND to 150.000.000 VND;

- Failing to perform the risk-based customer classification or performing the risk-based customer classification against regulations of the Law on Anti-money Laundering, a fine ranging from 100.000.000 VND to 200.000.000 VND.

This Decree takes effect from January 1st, 2022.

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Effective Date 1-Jan-2022
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Published Vietlaw's Newsletter No. 553
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