Decree No. 143/2021/ND-CP dated December 31st, 2021 of the Government on amendments to Decree No. 88/2019/ND-CP dated November 14, 2019 on penalties for administrative violations in monetary and banking sector

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.