Nghị định 96/2014/ND-CP

Decree No. 96/2014/NĐ-CP dated October 17, 2014, penalties for administrative violations against currency and banking legal regulations

Decree No. 96/2014/NĐ-CP penalties for administrative violations against currency banking đã được thay thế bởi Decree 88/2019/ND-CP penalties for administrative violations in monetary and banking sector và được áp dụng kể từ ngày 31/12/2019.

Nội dung toàn văn Decree No. 96/2014/NĐ-CP penalties for administrative violations against currency banking

THE GOVERNMENT --------	SOCIALIST REPUBLIC OF VIETNAM Independence - Freedom - Happiness ---------------
No.: 96/2014/NĐ-CP	Ha Noi, October 17, 2014

DECREE

PENALTIES FOR ADMINISTRATIVE VIOLATIONS AGAINST CURRENCY AND BANKING LEGAL REGULATIONS

Pursuant to the Law on Government organization dated December 25, 2001;

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

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

Pursuant to the Law on credit institutions dated June 16, 2010;

Pursuant to the Law on deposit insurance dated June 18, 2012;

Pursuant to the Law on money laundering prevention, combat dated June 18, 2012;

Pursuant to the Law on negotiable instruments dated November 29, 2005;

Pursuant to the Ordinance on Foreign Exchange Control [referred to as “OFEC”] dated 12 December 2005, the Ordinance amending, supplementing a number of articles defined in the OFEC dated 18 March 2013;

As proposed by the Governor of the State bank of Vietnam;

The Government hereby issues this Decree regulating penalties for administrative violations against currency and banking legal regulations.

Chapter I

GENERAL REGULATIONS

Article 1. Governing scope

1. This Decree regulates administrative violations, penalty measures, penalty rates, consequence improvement measures, decentralized competence on administrative violation penalties, competence on administrative violation notification in currency and banking fields.

2. 2. Administrative violations in currency and banking fields include:

a) Violations against regulations on permit/ license management and use;

b) Violations against regulations on organization, administration, management;

c) Violations against regulations on shares, stocks;

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

dd) Violations against regulations on credit loaning, trusteeship, entrustment and inter-banking activities;

e) Violations against regulations on credit information activities;

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

h) Violations against regulations on currency and fund management and/or payment;

i) Violations against regulations on fixed asset purchase, investment and real estate trading;

k) Violations against regulations on credit organization operation safety;

l) Violations against regulations on deposit insurance;

m) Violations against regulations on money laundering prevention, combat;

n) Violations against regulations on information communication, reporting;

o) Violations against regulations on inspection hindrance, inconformity against competent officers.

3. Administrative violations related to state management in the fields of currency and banking defined in other governmental Decrees shall suffer from penalties defined in such Decrees.

Article 2. Governed entities

Local and international individuals and/or organizations (hereafter referred to as “individuals, organizations”) committing legal violations against regulations on currency and banking shall suffer from administrative violation penalties as regulated herein.

Article 3. Penalty measures, fines, fining competence and consequence improvement measures

1. Major penalty measures:

a) Warning;

b) Fining.

2. The following additional penalty measures:

a) Revocation of licenses, certificates issued by competent authorities on one or more than one banking activities, services and other business activities related to currency, banking or termed suspension of one or more than one banking activities and other business activities licensed by the State Bank of Vietnam (hereafter referred to as “State Bank”) which violate the regulations on currency and banking;

b) Confiscation of exhibits and instruments serving the administrative violations.

3. Fines and fining competence:

a) Maximum fines for violations related to currency and banking are VND 2,000,000,000 and VND 1,000,000,000 imposed on a violating organization and a violating individual respectively;

b) The fines defined in Chapter II herein are applied to individuals, unless otherwise regulated that they are applied to organizations. The fines applied to organizations double the rates applied to individuals;

c) The fines for performance-related violations of individuals working for people’s credit funds, micro financial organizations are equal to 10% (ten percent) of the rates defined in Chapter II herein; and those applied to people’s credit funds, micro financial organizations double the rates applied to individuals working for the mentioned funds and/or organizations;

d) The fining competence on every title stated in Chapter III herein means the fining competence of individuals. Fining competence applied to organizations double the competence applied to individuals.

4. Consequence improvement measures:

Depending on violation nature and/or level, violating organizations and/or individuals may be applied one or more improvement measures specified in Chapter II herein.

Chapter II

ADMINISTRATIVE VIOLATIONS, PENALTY MEASURES AND FINING RATES

Section 1. VIOLATIONS AGAINST PERMIT/ LICENSE MANAGEMENT AND USE

Article 4. Violations against regulations on permits/ licenses issued by the State Bank

1. The fines of VND 20,000,000 – 40,000,000 shall be applied to misused names in operation-related documents, papers compared to those shown in the business permits/ licenses.

2. The fines of VND 40,000,000 – 80,000,000 shall be applied to the failure to meet the conditions for business opening as defined in Clause 2 of Article 26 of the Law on credit organizations.

3. The fines of VND 100,000,000 – 150,000,000 shall be applied to any of the following violations:

a) Fraudulent papers related to eligibility for licensing found in license application document, unless otherwise regulated in Clause 2 of Article 19 herein;

b) Permit/ license lending, rent, purchase, sales and/or assignment;

c) Permit/ license erasure, correction causing the content of the permit/ license to be changed.

4. The fines of VND 150,000,000 – 200,000,000 shall be applied to any of the following violations:

a) Fraudulent papers related to eligibility for licensing found in license application document, unless otherwise regulated in Clause 2 of Article 19 herein;

b) Actual operation does not conform with the business scope defined in the permit/ license, unless otherwise regulated in Clause 6 of Article 18, Clause 7 of Article 24, Point d of Clause 4, Point b of Clause 5 of Article 25 herein.

5. The fines of VND 300,000,000 – 400,000,000 shall be applied to the operation suspended by the competent authorities as defined in Point b of Clause 2 of Article 59 of the Law on State Bank of Vietnam, Point a of Clause 2 of Article 148 of the Law on credit organizations.

6. The fines of VND 400,000,000 – 500,000,000 shall be applied to non-license operation, unless otherwise regulated in Clause 7 of Article 24, Point d of Clause 2, Point a of Clause 4, Clause 7 of Article 25 herein.

7. The following additional penalty measures shall be applied:

Confiscating the exhibit which is erased, corrected permit/ license in case of violation as stated in Point c of Clause 3 of this Article.

8. The following consequence improvement measures shall be applied:

a) Submitting to the state fund the illegitimate benefits obtained from the violations stated in Points a, b of Clause 3, Clauses 4, 5 and 6 of this Article;

b) Revoking permits/ licenses by the competent authorities in case of the violations stated in Point a of Clause 3, Clauses 4 and 5 of this Article.

c) Violating individuals and/or those responsible for the violations stated in Clauses 3, 4, 5, 6 of this Article shall be considered for suspension of and/or suspended for 1 – 3 months or removed from the administration, managerial, inspection titles they are holding; be prevented from holding such titles at credit organizations, foreign bank branches, by the competent authorities.

Related credit organizations, foreign bank branches are requested to remove their violating individuals from the titles they are holding and apply other disciplinary measures on them in accordance with the related laws.

Article 5. Violations against regulations on the changes which require written approval from the State Bank

1. The fines of VND 20,000,000 – 40,000,000 shall be applied to the banking activities conducted without prior confirmation from the State Bank.

2. The fines of VND 50,000,000 – 100,000,000 shall be applied to any of the following acts conducted without prior written approval from the State Bank.

a) Change of the name of a credit organization, branch of a foreign bank and/or a credit organization;

b) Temporary suspension of business for over 01 working day, unless the suspension is attributed to force majeure.

3. The fines of VND 100,000,000 – 150,000,000 shall be applied to the assignment of contributed capital of a related contributor, share assignment of a big shareholder, share assignment that turns the big shareholder to a common one and vice versa without prior written approval from the State Bank.

4. The fines of VND 150,000,000 – 200,000,000 shall be applied on the amendment of registered capital, allocated capital without prior written approval from the State Bank.

5. The fines of VND 200,000,000 – 250,000,000 shall be applied on any of the following acts once prior written approval from the State Bank is not received.

a) Change of address of head office, transaction office, branch of credit organization, office of foreign bank branch;

b) Listing stocks on local and international stock markets.

6. The fines of VND 250,000,000 – 300,000,000 shall be applied on any of the following acts once prior written approval from the State Bank is not received.

a) Establishment, acquisition of a subsidiary, affiliated company as stated in Clauses 2 and 3 of Article 103 and Clause 3 of Article 110 of the Law on credit organizations;

b) Capitalizing, buying shares from a commercial bank as stated in Point b of Clause 4 of Article 103 of the Law on credit organizations;

c) Involving in international payment system;

d) Acquiring a shareholder’s shares that the full payment for such results in decreased registered capital as stated in Article 57 of the Law on credit organizations.

7. The fines of VND 400,000,000 – 500,000,000 shall be applied on separation, splitting, incorporation, mergence, legal status amendment of a credit organization, foreign bank branch without prior written approval from the competent authorities.

8. The following additional penalty measures shall be applied:

Suspension of stock listing for 1 – 3 months by the competent authorities in case of the violations defined in Point b of Clause 5 of this Article.

9. The following consequence improvement measures shall be applied:

a) Suspension of dividend sharing until the registered capital is recovered in case of violations stated in Point d of Clause 6 of this Article.

b) Compulsory divestment of subsidiary, affiliated company in case of violations defined in Points a and b of Clause 6 of this Article;

c) Violating individuals and/or those responsible for the violations stated in Clauses 3 and 5, Points b and d of Article 6 of this Article shall be considered for suspension of and/or suspended for 1 – 3 months or removed from the administration, managerial, inspection titles they are holding; be prevented from holding such titles at credit organizations, foreign bank branches, by the competent authorities.

Section 2. VIOLATIONS AGAINST ORGANIZATION, ADMINISTRATION, MANAGEMENT

Article 6. Violations against regulations on administration, management

1. The fines of VND 20,000,000 – 40,000,000 shall be applied to any of the following violations:

a) Violations against regulations on related to Management Board, Members’ Council, Inspection Committee as defined in Articles 43, 44, 62, Clause 1 of Article 70, Article 81 of the Law on credit organizations.

b) Failure of maintaining the eligibility related to the members of Management Board, Inspection Committee, General Director as required by the Law on credit organizations;

c) Failure of or improper organization of the General Shareholders’ Meeting as per related regulations.

2. The fines of VND 40,000,000 – 80,000,000 shall be applied to the voting for, appointment of the people not entitled to hold concurrent titles as regulated in Article 34 and Clause 3 of Article 83 of the Law on credit organizations.

3. The fines of VND 100,000,000 – 150,000,000 shall be applied to any of the following violations:

a) Voting for, appointment of the people not entitled to hold concurrent titles as regulated in Clauses 2, 3 of Article 33 of the Law on credit organizations;

b) Voting, appointment of ineligible people as regulated by related laws to hold the titles defined in Clause 5 of Article 50 of the Law on credit organizations.

4. The fines of VND 150,000,000 – 200,000,000 shall be applied to the voting, appointment of ineligible people to hold the titles defined in Clauses 1, 2, 3 and 4 of Article 50 of the Law on credit organizations.

5. The fines of VND 200,000,000 – 250,000,000 shall be applied to the voting, appointment of the people not entitled to hold the titles as regulated in Clause 1 of Article 33 of the Law on credit organizations.

6. The following consequence improvement measures shall be applied:

a) Maximum 3 months since the effective date of an administrative violation penalty decision, related credit organization, foreign bank and/or its branch shall find other people to replace those voted, appointed improperly as regulated in Clauses 2, 3, 4 and 5 of this Article;

b) In case related credit organization, foreign bank branch fails to adhere to the regulation defined in Point a of this Clause, a decision on title removal of the people voted, appointed improperly as regulated in Clauses 2, 3, 4 and 5 of this Article shall be issued by the competent authority.

Article 7. Violations against regulations on internal regulation issuance

1. The fines of VND 10,000,000 – 20,000,000 shall be applied to the failure of submitting to the State Bank one or more documents related to internal regulations as defined in Clause 3 of Article 93 of the Law on credit organizations.

2. The fines of VND 40,000,000 – 80,000,000 shall be applied to any of the following violations:

a) Failing to issue one or some internal regulations as defined in Clause 2 of Article 93 of the Law on credit organizations;

b) Issuing internal regulations against the regulations defined in Clause 2 of Article 93 of the Law on credit organizations;

c) Failing to issue one or some internal regulations as defined in Article 20 of the Law on money laundering prevention and combat.

3. The following consequence improvement measures shall be applied:

Issued unconforming internal regulations deduced from the violation as defined in Point b of Clause 2 of this Article shall be immediately cancelled.

Article 8. Violations against regulations on internal auditing, internal inspection, independent auditing

1. The fines of VND 20,000,000 – 40,000,000 shall be applied to the failure of reporting auditing results.

2. The fines of VND 40,000,000 – 80,000,000 shall be applied to any of the following violations:

a) Failing to select an independent auditing company as regulated in Clause 1 of Article 42 of the Law on credit organizations;

b) Failing to notify the State Bank on the selected independent auditing company within 30 days as defined in Clause 2 of Article 42 of the Law on credit organizations.

3. The fines of VND 80,000,000 – 100,000,000 shall be applied to any of the following violations:

a) Internal auditing fails to address the details defined in Clause 2 of Article 41 of the Law on credit organizations and related legal regulations;

b) Failing to re-audit by a second independent auditing company in case the auditing report includes audit exceptions given by the related independent auditing company as regulated in Clause 3 of Article 42 of the Law on credit organizations.

4. The fines of VND 100,000,000 – 150,000,000 shall be applied to the failure of establishing an internal auditing system under the Inspection Committee.

5. The fines of VND 200,000,000 – 250,000,000 shall be applied to the failure of establishing an internal auditing system as defined in Clause 2 of Article 40 of the Law on credit organizations.

Section 3. VIOLATIONS AGAINST SHARES, STOCKS

Article 9. Violations against regulations on shares, stocks

1. The fines of VND 50,000,000 – 100,000,000 shall be applied to any of the following violations:

a) A credit organization that fails to issue stocks in the form of stock certificates when they are required to do so within 30 days since its opening day in case of newly established organizations or since the day all payments are fully received from its shareholders for the committed shares in case of organizations that wish to increase the registered capital;

b) Founding shareholders fail to buy the required minimum number of shares in terms of share percentage and regulated buying time as defined in Clause 5 of Article 55 of the Law on credit organizations.

2. The fines of VND 100,000,000 – 150,000,000 shall be applied to any of the following violations:

a) Share possession exceeds the percentage regulated in Clause 1, 2 and 3 of Article 55 of the Law on credit organizations;

b) Acquiring the shares from a shareholder in the way that puts the activities of related banks beyond the adequacy ratios as defined in Clause 1 of Article 130 of the Law on credit organizations when full payment for such shares is made.

3. The following consequence improvement measures shall be applied:

a) The shares that cause adequacy ratios risk as per related regulations shall be compulsorily sold within 6 months maximum since the effective date of the related administrative penalty decision issued against the violation stated in Point a of Clause 2 of this Article;

b) Corrective measure to adhere to the adequacy ratios shall be carried out within 6 months maximum to remedy the violation as stated in Point b of Clause 2 of this Article;

c) Dividend sharing shall be suspended in case of the violations as defined in Clause 2 of this Article until the violations are completely rectified;

d) Violating individuals and/or those responsible for the violations stated in Clause 2 of this Article shall be considered for suspension of and/or suspended for 1 – 3 months or removed from the administration, managerial, inspection titles they are holding; be prevented from holding such titles at credit organizations, foreign bank branches, by the competent authorities.

Article 10. Violations against regulations on capital contribution, share purchase

1. The fines of VND 100,000,000 – 150,000,000 shall be applied in the case other capital sources, but the registered capital and provisional fund, are used for capital contribution, share purchase, which is against the regulations defined in Clause 1 of Article 103, Clause 1 of Article 110 of the Law on credit organizations.

2. The fines of VND 150,000,000 – 200,000,000 shall be applied to the running of business operation as defined in Clause 2 of Article 103 of the Law on credit organizations without establishing or acquire the related subsidiary and/or affiliated company.

3. The fines of VND 200,000,000 – 250,000,000 shall be applied to improper and ultra vires purchases and/or possession of the shares of other credit organizations as prescribed by the State Bank.

4. The fines of VND 250,000,000 – 300,000,000 shall be applied to any of the following violations:

a) Violations related to the restriction on capital contribution, share purchase as defined in Article 129 of the Law on credit organizations;

b) Violations against regulations on capital contribution, share purchase as defined in Article 135 of the Law on credit organizations.

5. The following consequence improvement measures shall be applied:

a) Confiscating the capital improperly used in case of violations defined in Clause 1 of this Article;

b) Assigning the improperly contributed capital, purchased shares in case of violations defined in Clause 4 of this Article;

c) Suspending dividend sharing in case of the violations defined in this Article until the violations are completely rectified;

d) Restricting the expansion of business operation scope, scale and area when the related violation is not completely rectified in case of the violations defined in this Article;

dd) Submitting to the state fund the illegitimate benefits obtained from the violations stated in Clauses 1, 2 and 3 of this Article;

e) Violating individuals and/or those responsible for the violations stated in Clauses 1, 2, 3, 4 of this Article shall be considered for suspension of and/or suspended for 1 – 3 months or removed from the administration, managerial, inspection titles they are holding; be prevented from holding such titles at credit organizations, foreign bank branches, by the competent authorities.

Article 11. Violations against regulations on offer for sales and/or assignment of shares

1. The fines of VND 200,000,000 – 250,000,000 shall be applied to any of the following violations:

a) Individual shareholders being members of the Management Board, Inspection Committee, General Director (Director) of a credit organization who assign their shares during their valid tenures;

b) An organization shareholder whose representative is acting as a member of the Management Board, Inspection Committee, General Director (Director) of the related credit organization assigns its shares while such representative is still holding his/her position.

2. The fines of VND 250,000,000 – 300,000,000 shall be applied to the assignment of shares while violation consequences are being rectified as decided by the General Shareholders' Committee or the State Bank by the violating individual who is a member of the Management Board, Inspection Committee, General Director (Director), except otherwise regulated in Points a, b and c of Clause 2 of Article 56 of the Law on credit organizations.

3. The following consequence improvement measures shall be applied:

a) The assigned shares shall be recovered as prescribed in this Article within 6 months maximum since the effective date of the related administrative penalty decision;

b) Violating individuals and/or those responsible for the violations stated in Clauses 1, 2, 3, 4 of this Article shall be considered for suspension of and/or suspended for 1 – 3 months or removed from the administration, managerial, inspection titles they are holding; be prevented from holding such titles at credit organizations, foreign bank branches, by the competent authorities.

Section 4. VIOLATIONS AGAINST CAPITAL MOBILIZATION AND SERVICE FEES

Article 12. Violations against regulations on deposits

1. The fines of VND 100,000,000 – 150,000,000 shall be applied to improper acceptance of deposits made by a credit organization and/or branch of a foreign bank in accordance with related legal regulations.

2. The fines of VND 150,000,000 – 200,000,000 shall be applied to the acceptance of deposits carried out by the organizations and/or individuals not entitled for such acceptance.

Article 13. Violations against regulations on the issuance of valued papers

1. The fines of VND 100,000,000 – 150,000,000 shall be applied to any of the following violations:

a) Improper issuance of valued papers as stated in the written approval issued by the competent authorities;

b) Failing to adhere to the regulations related to the entities entitled to buy valued papers, requirements for issuance of valued papers, conversion requirements applied to convertible bonds.

2. The fines of VND 200,000,000 – 250,000,000 shall be applied on the issuance of valued papers in Vietnam dong or a foreign currency to mobilize capital from local or international organizations and/or individuals without prior written approval from the competent authorities in accordance of related regal regulations.

3. The following consequence improvement measures shall be applied:

Issued valued papers shall be revoked and paid amounts based on face value of the issued valued papers and corresponding interests as agreed shall be refunded to related buyers in case of the violations defined in Clauses 1 and 2 of this Article.

Article 14. Violations against regulations on capital mobilization interest and service fees

1. The fines of VND 10,000,000 – 20,000,000 shall be applied to any of the following violations:

a) Failing to post up capital mobilization interest rates and/or service fees in accordance with related regulations;

b) Unclear, misleading posting of the capital mobilization interest rates and/or service fees;

c) Improper collection of service fees as regulated by related laws unless otherwise prescribed in Point b of Clause 4 of Article 15, Point g of Clause 2 of Article 24 herein.

2. The fines of VND 20,000,000 – 40,000,000 shall be applied to the application of higher interest rates for capital mobilization, higher service fees than the posted rates.

3. The fines of VND 50,000,000 – 100,000,000 shall be applied to the violations against regulations on capital mobilization interest rates; trading and/or offering derivative products related to interest rate, currency and other financial assets, except the violations defined in Clauses 1 and 2 of this Article and Point b of Clause 6 of Article 24 herein.

4. The following consequence improvement measures shall be applied:

a) Submitting to the state fund the illegitimate benefits obtained from the violations related to service fees as defined in this Clause;

b) Violating individuals and/or those responsible for the violations stated in Clause 3 of this Article shall be considered for suspension of and/or suspended for 1 – 3 months or removed from the administration, managerial, inspection titles they are holding; be prevented from holding such titles at credit organizations, foreign bank branches, by the competent authorities.

Section 5. VIOLATIONS AGAINST CREDIT LOANS, TRUSTEESHIP, ENTRUSTMENT AND INTER-BANKING ACTIVITIES

Article 15. Violations against regulations on credit loaning

1. The fines of VND 10,000,000 – 15,000,000 shall be applied to any of the following violations:

a) Filing the credit loaning documents improperly as prescribed by related laws;

b) Issuing unconforming guarantee letters following the templates designed by credit organizations, foreign bank branches.

2. The fines of VND 15,000,000 – 20,000,000 shall be applied to the failure of inspection, supervision of the use of loans and debt payments of the clients in accordance with related legal regulations.

3. The fines of VND 20,000,000 – 30,000,000 shall be applied to any of the following violations:

a) Preparing the credit loaning contracts with inadequate details as prescribed by related laws;

b) Exempting, reducing credit loan interest rates against the related laws;

c) Re-structuring the loan payment period against the related laws;

d) Applying improper credit loan interest rates as prescribed by related laws.

4. The fines of VND 30,000,000 – 60,000,000 shall be applied to any of the following violations:

a) Offering a credit loan without related contract or written agreement;

b) Collecting improper fees related to credit loaning activities as prescribed by related laws;

c) Enforcing a borrower to deposit the loan at the loaning credit organization, foreign bank branch.

5. The fines of VND 80,000,000 – 150,000,000 shall be applied to any of the following violations:

a) Offering a credit loan to an ineligible organization and/or individual as prescribed in the related laws;

b) Offering a credit loan without guarantee, offering a credit loan under preferential conditions to an entity governed by Clause 1 of Article 127 of the Law on credit organizations;

c) Violations against regulations on credit loaning as defined in Clause 3 of Article 127 of the Law on credit organizations;

d) Capitalizing through loaned clients;

dd) Entering into the contracts on financially guaranteeing, guarantee commitment ultra vires as prescribed by related laws.

6. The fines of VND 150,000,000 – 200,000,000 shall be applied to any of the following violations:

a) Violations related to credit loaning as defined in Clause 2 and 4 of Article 127, Clauses 1, 2 and 8 of Article 128 of the Law on credit organizations;

b) Assigning the entitlements, duties of a guaranteeing party, counter-guaranteeing party, party confirming a guarantee to another credit organization, foreign bank branch;

c) Offering a credit loan in a different way without prior approval from the State Bank.

7. The fines of VND 200,000,000 – 250,000,000 shall be applied to the violations related to the limits and requirements for credit loaning to a commercial bank, foreign bank branch for their investment, trading of stocks as prescribed in Clause 5 of Article 128 of the Law on credit organizations.

8. The fines of VND 250,000,000 – 300,000,000 shall be applied to the credit loaning to the organizations and/or individuals governed by Clauses 1, 3, 4, 5 and 6 of Article 126 of the Law on credit organizations.

9. The following consequence improvement measures shall be applied:

a) Credit loaning surplus exceeding the regulated limits, restriction levels shall be confiscated within 6 months maximum since the effective date of the related administrative penalty decision imposed on the violations stated in Point a of Clause 6, Clause 7 of this Article;

b) The loans obtained from the violations prescribed in Points b and d of Clause 5, Clause 8 of this Article shall be confiscated within 6 months maximum since the effective date of the related administrative penalty decisions;

c) A big and/or founding shareholder who is related to the violations governed by Points a, b and c of Clause 5, Point a of Clause 6 of this Article shall compulsorily assign their shares, contributed capital in accordance with related legal regulations within 6 months maximum since the effective date of the related administrative penalty decisions;

d) Violating individuals and/or those responsible for the violations stated in Clause 5, Point a of Clause 6, Clauses 7 and 8 of this Article shall be considered for suspension of and/or suspended for 1 – 3 months or removed from the administration, managerial, inspection titles they are holding; be prevented from holding such titles at credit organizations, foreign bank branches, by the competent authorities.

Article 16. Violations against regulations on entrusteeship and entrustment

1. The fines of VND 80,000,000 – 100,000,000 shall be applied to any of the following violations:

a) Extending trusteeship to, entrusting ineligible entities as prescribed by related laws;

b) Establishing an entrustment contract against the related laws.

2. The fines of VND 100,000,000 – 150,000,000 shall be applied to ineligible trusteeships, entrustments as prescribed by related laws.

3. The following additional penalty measures shall be applied:

Entrustment activities of a violating credit organization, foreign bank branch shall be suspended for 1 – 3 months in case of violations as defined in this Article.

4. The following consequence improvement measures shall be applied:

a) Entrusted asset shall be compulsorily returned to/confiscated for the related entruster in case of violations defined in this Article;

b) Violating individuals and/or those responsible for the violations stated in this Article shall be considered for suspension of and/or suspended for 1 – 3 months or removed from the administration, managerial, inspection titles they are holding; be prevented from holding such titles at credit organizations, foreign bank branches, by the competent authorities.

Article 17. Violations against regulations on purchase of company bonds

1. The fines of VND 15,000,000 – 30,000,000 shall be applied to supervision failure regarding the use of collectibles from the issuance of company bonds.

2. The fines of VND 30,000,000 – 40,000,000 shall be applied to the contracts on company bond purchases which fail to include all regulated details as required by related laws.

3. The fines of VND 40,000,000 – 60,000,000 shall be applied to non-contractual purchase of company bonds.

4. The fines of VND 80,000,000 – 100,000,000 shall be applied to any of the following violations:

a) Evaluating, inspecting another company’s bond issuance plan and eligibilities to make decision on the purchase of such bonds while the buyer him/herself is ineligible for such purchase as prescribed by related laws;

b) Failing to evaluate, inspect a company’s bond issuance plan and eligibilities;

c) Purchase of a company’s convertible bonds by a foreign bank branch.

5. The following consequence improvement measures shall be applied:

a) The loans obtained from the violations prescribed in Clause 4 of this Article shall be confiscated within 01 year maximum since the effective date of the related administrative penalty decisions;

b) Violating individuals and/or those responsible for the violations stated in Clause 4 of this Article shall be considered for suspension of and/or suspended for 1 – 3 months or removed from the administration, managerial, inspection titles they are holding; be prevented from holding such titles at credit organizations, foreign bank branches, by the competent authorities.

Article 18. Violations related to inter-banking activities

1. The fines of VND 10,000,000 – 20,000,000 shall be applied to any of the following violations:

a) Illegitimately updating and storing the information related to loaning, borrowing; fixed-term trading of valued papers against related legal laws;

b) Failing to acknowledge the completed transactions as required by related regulations;

c) Establishing a loan contract and/or purchasing a valued paper improperly in terms of template and content as prescribed by related laws.

2. The fines of VND 20,000,000 – 30,000,000 shall be applied to any of the following violation acts:

a) Failing to adhere to the regulations on validity periods for loaning, borrowing, depositing, depositing acceptance and fixed-term trading of valued papers;

b) Failing to make payments for the transactions related to loaning, borrowing; depositing, depositing acceptance; fixed-term trading of valued papers in Vietnam dong through inter-bank e-payment system as regulated by related laws;

c) Failing to adhere to the regulated procedure on valued paper trading.

3. The fines of VND 30,000,000 – 40,000,000 shall be applied to any of the following violations:

a) Ultra vires loaning, borrowing, depositing, depositing acceptance carried out by a branch of a credit organization against the written authorization issued by its head office;

b) Performing loaning, borrowing at locations outside the head offices of foreign bank branches in Vietnam.

4. The fines of VND 40,000,000 – 60,000,000 shall be applied to any of the following violations:

a) Failing to adhere to the regulations on the requirements for involving in loaning, borrowing; fixed-term trading of valued papers with other credit organizations, foreign bank branches;

b) Failing to review, re-evaluate the clients as required by related regulations to re-determine the credit lines applicable the clients;

c) Failing to adhere to the regulations on information disclosure to the lenders for their evaluation of the clients and determination on the credit lines.

5. The fines of VND 80,000,000 – 120,000,000 shall be applied to fixed-term trading of various valued papers which are illegitimate for such trading.

6. The fines of VND 150,000,000 – 200,000,000 shall be applied to ultra vires borrowing, loaning, trading of valued papers in a foreign currency as prescribed with regard to the foreign exchange activities licensed by the State Bank.

7. The following consequence improvement measures shall be applied:

Violating individuals and/or those responsible for the violations stated in Clauses 5 and 6 of this Article shall be considered for suspension of and/or suspended for 1 – 3 months or removed from the administration, managerial, inspection titles they are holding; be prevented from holding such titles at credit organizations, foreign bank branches, by the competent authorities.

Section 6. VIOLATIONS AGAINST CREDIT INFORMATION ACTIVITIES

Article 19. Violations against regulations on the eligibilities for credit information activities

1. The fines of VND 20,000,000 – 40,000,000 shall be applied to the failure of maintaining one of the requirements for credit information activity licensing.

2. The fines of VND 40,000,000 – 60,000,000 shall be applied to the fraudulence, faking of written proofs on eligibility for credit information activity licensing included in the license application document.

3. The following consequence improvement measures shall be applied:

a) Submitting to the state fund the illegitimate benefits obtained from the violations stated in Clause 2 of this Article;

b) Revoking the credit information activity license by the competent authority in case of the violations defined in Clause 2 of this Article.

Article 20. Violations against regulations on credit information collection and/or processing

1. The fines of VND 20,000,000 – 40,000,000 shall be applied to any of the following violations:

a) Ultra vires collection of credit information as regulated by related laws;

b) Collecting credit information from the borrowers without prior agreement from them, unless as requested by the competent authorities.

2. The fines of VND 40,000,000 – 80,000,000 shall be applied to intentional deviation of credit information content.

3. The fines of VND 80,000,000 – 100,000,000 shall be applied to illegitimate collection of the information which is within the Government’s confidentiality protection scope and/or included in the lists of confidential information.

4. The following additional penalty measures shall be applied:

a) Confiscating the instruments used to cause the violations as defined in Clause 3 of this Article;

b) Suspending credit information activities for 1 – 3 months in case of the violations defined in Clauses 2 and 3 of this Article.

5. The following consequence improvement measures shall be applied:

Immediately correcting the mis-information in case of the violations defined in Clause 2 of this Article.

Article 21. Violations against regulations on credit information safety and/or storage

The fines of VND 20,000,000 – 40,000,000 shall be applied to any of the following violations:

1. Failure of issuing or carrying out the regulations and/or procedures on information technology security, safety related to credit information activities.

2. Failing to store credit information of the borrowers for 5 years minimum since the date the information is received by the related credit organization.

Article 22. Violations against regulations on product, service operation and/or use and credit information exchange and/or provision

1. The fines of VND 10,000,000 – 20,000,000 shall be applied to any of the following violations:

a) Illegitimate share of credit information products with a third party as prescribed by related laws;

b) Using the credit information of the borrowers who take loans earlier than the previous 05 years to create credit information products;

c) Failing to warn information users of the use principles and/or scope of the provided credit information products.

2. The fines of VND 20,000,000 – 40,000,000 shall be applied to any of the following violations:

a) Amending credit information products to improperly provide them to a third party as prescribed by the related laws;

b) Providing, exchanging credit information with unrelated, improper organizations and/or individuals.

3. The following additional penalty measures shall be applied: Revoking the credit information activities License (credit information service permit) for 1 – 3 months in case of the violations as prescribed in Clause 2 of this Article.

4. Consequence improvement measure shall be applied: Illegitimate benefits obtained from the violations stated in Point a of Clause 1 and Clause 2 of this Article shall be submitted to the state fund.

Article 23. Violations against regulations on the protection for legitimate interests of the borrowers

1. Failing to immediately carry out a borrower’s request for error correction in case the error is attributed to information processing carried out by the related credit information organization.

2. The fines of VND 15,000,000 – 30,000,000 shall be applied to the failure of reconciliation of a borrower’s complaints within 20 working days since the receiving date of such reconciliation request.

Section 7. VIOLATIONS AGAINST FOREIGN EXCHANGE ACTIVITIES AND GOLD TRADING

Article 24. Violations against regulations on foreign exchange activities

1. The fines of VND 20,000,000 – 40,000,000 shall be applied to any of the following violations:

a) Failing to post up the buying and selling rates of foreign exchange trading at the transaction location as regulated by the related laws;

b) Posting buying, selling exchange rates in unclear formats, with unclear details, causing misleading to the clients.

2. The fines of VND 40,000,000 – 80,000,000 shall be applied to any of the following violations:

a) Entering into a foreign exchange agent contract with an ineligible organization for such operation; failing to give guidance, inspect the related foreign exchange agent as prescribed by related laws;

b) Failing to fulfill the responsibilities of a foreign exchange agent as required by related legal regulations; acting as a foreign exchange agent for more than two credit organizations;

c) Making payments for negotiable instruments in a foreign currency against the regulations on foreign exchange activities defined in Article 9 of the Law on Negotiable Instruments and related legal regulations;

d) Failing to adhere to the legal regulations on VND account open and/or close to conduct activities related to foreign investment into Vietnam; Vietnam’s investment into other countries; foreign loaning and/or foreign loan payment; international loaning and/or recovering foreign loans and other capital transactions;

dd) Failing to adhere to the legal regulations on administrative procedures related to registration, registration for amendment on foreign loans and/or loans for international bond issuance; registration, registration for amendment on international loans made from Vietnam, liability recovery with regard to non-residents; registration, registration for amendments on bank account, investment capital transfer progress and other administrative procedures pertaining to other capital transactions;

e) Exchange rates, commission and/or brokerage amounts in cash and/or in kind and any forms of promotion related to foreign currency trading that leads to increased exchange rates as compared to exchange rate limit prescribed by the related laws;

g) Inter-personal trading of foreign currencies; trading of foreign currencies against the exchange rate regulated by the State Bank; improper collection of transaction fees as prescribed by related laws;

h) Capital withdrawal, payment of foreign loans; disbursement, recovery of international loans made from Vietnam; liability recovery with regard to non-residents; remittances related to foreign investment into Vietnam, Vietnam’s investment into other countries against the related laws;

i) Remitting, taking foreign currency, Vietnam dong out of and/or into Vietnam against the related legal regulations, except for customs-related administrative violations.

3. The fines of VND 80,000,000 – 100,000,000 shall be applied to any of the following violations:

a) Foreign currency trading at an organization not entitled for such operation;

b) Providing payment, remittance services related to foreign loans, loaning amounts, foreign loan recovery, sponsorship with regard to non-residents, foreign investment into Vietnam, Vietnam’s investment into other countries and other capital transactions against the related legal regulations;

c) Carrying out foreign exchanges pertaining to the regulated currencies at improper exchange rates as prescribed by related legal regulations applied to the companies running prized electronic games targeting foreigners, casino companies.

4. The fines of VND 100,000,000 – 150,000,000 shall be applied to any of the following violations:

c) Improper credit loaning or local loan payment in a foreign currency against the related legal regulations, unless otherwise regulated in Article 15 herein.

Loaning, discounts, finance leases, factoring, bank guarantees, other credit loanings or local loan payments in foreign currencies against the related legal regulations;

b) Opening, closing, using foreign currency accounts opened overseas against the related legal regulations;

c) Failing to sell collected foreign currencies to the designated credit organizations as prescribed by related laws, unless otherwise regulated in Point b of Clause 2 of this Article.

5. The fines of VND 150,000,000 – 200,000,000 shall be applied to any of the following violations:

a) Failing to adhere to the legal regulations on foreign loan borrowing and/or payment; loaning, foreign loan recovery; sponsorship with regard to non-residents and other capital transactions, except for the violations defined in Points d, dd, h of Clause 2 and Point b of Clause 3 of this Article;

b) Carrying out improper foreign exchange transactions as prescribed by the State Bank;

c) Found with illegitimate possession of foreign currencies as prescribed in the related laws.

6. The fines of VND 200,000,000 – 250,000,000 shall be applied to any of the following violations:

a) Payment for commodities, services in a foreign currency which is against the regulations defined the related laws;

b) Trading, providing derivatives related to exchange rates, foreign currencies against the related laws;

c) Transactions, quotations, valuation, pricing indicated in contracts, agreements, postings, goods price advertisements, services, land use rights in a foreign currency which fail to conform to the related laws;

d) Exporting, importing cash foreign currencies against to the related laws.

7. The fines of VND 500,000,000 – 600,000,000 shall be applied to foreign exchange activities conducted by a credit organization, foreign bank branch, monetary servicing organizations, foreign exchange agent and/or other organizations that is not licensed by the competent authority or holds an expired or suspended license, or that fails to operate in accordance with the license, unless otherwise regulated at Point d of Clause 2 of this Article.

8. The following additional penalty measures shall be applied:

a) Submitting to the state fund the illegitimate benefits obtained from the violations stated in Points a, b of Clause 2, Clauses 3, 4 and 6 of this Article;

b) Confiscating the loans obtained from the violations prescribed in Points b and d of Clause 5, Clause 8 of this Article within 6 months maximum since the effective date of the related administrative penalty decisions;

9. The following consequence improvement measures shall be applied:

Foreign exchange agent Licenses and/or official written approvals on the open and use of foreign currency bank account at foreign banks shall be revoked by the competent authorities in case of relapse of the violations stated in Point b of Clause 2 and Point b of Clause 4 of this Article.

Article 25. Violations against regulations on gold trading

1. The fines of VND 5,000,000 – 10,000,000 shall be applied to the production of gold jewelries and/or handicrafts without information on the gold standard or labels as per related regulations.

2. The fines of VND 30,000,000 – 60,000,000 shall be applied to any of the following violations:

a) Failing to publicize the buying, selling prices of gold bullions, gold jewelries and/or handicrafts; quantity and/or content of gold jewelries, gold handicrafts at the transaction locations;

b) Publicizing the buying, selling prices of gold bullions, gold jewelries and/or handicrafts unclearly and/or causing confusion to the clients in terms of notification formats and/or content;

c) Responsibility-related violations committed by a credit organization, company running gold bullion trading in case of changes on network of branches, business location as regulated by related laws;

d) Non-license trading of gold bullions by credit organizations or companies;

dd) Trading gold jewelries and/or handicrafts when being ineligible for such business as regulated by related laws;

e) Handcrafting gold jewelries and/or handicrafts without prior authorization as indicated in the household business registration Certificate, business registration Certificates or company Licenses.

3. The fines of VND 60,000,000 – 120,000,000 shall be applied to any of the following violations:

a) Trading gold against the related legal regulations, unless otherwise regulated in Point dd of Clause 2 and Point a of Clause 7 of this Article;

b) Taking along gold when entering, exiting Vietnam against the related legal regulations, except for customs-related administrative violations;

c) Running the service of gold bullion preservation against the related laws;

d) Producing gold jewelries and/or handicrafts when being ineligible and/or inadequate to meet the requirements for the production of gold jewelries and/or handicrafts.

4. The fines of VND 150,000,000 – 200,000,000 shall be applied to any of the following violations:

a) Producing gold jewelries and/or handicrafts without required certificate on the eligibility for such business;

b) Trading gold bullions through authorized agents;

c) Failing to adhere to the related laws on gold status;

d) Export, importing gold jewelries and/or handicrafts; raw material gold in the forms of powder, solution, scraps, solubilized compound and gold jewelry semi-products against the business registration certificate or company License;

dd) Using illegitimate gold bullions as prescribed in the related laws.

5. The fines of VND 250,000,000 – 300,000,000 shall be applied to any of the following violations:

a) Using gold as a payment instrument;

b) Making improper use of imported raw material gold as prescribed in the related import permit for producing gold jewelries and/or handicrafts; failing to re-export the finished gold products as stated in the temporary import Permit of raw material gold issued by the State Bank.

6. The fines of VND 350,000,000 – 400,000,000 shall be applied to the production of gold bullions against the related laws.

7. The fines of VND 450,000,000 – 500,000,000 shall be applied to any of the following violations:

a) Trading gold bullions without related trading license;

b) Exporting or importing raw material gold without permit issued by the competent authorities as required by the related laws;

c) Other gold trading activities without permits from the competent authorities as required by the related laws.

8. The following additional penalty forms shall be applied:

a) Confiscating the gold obtained from the violations defined in Point a of Clause 7 of this Article;

b) The license for gold bullion trading shall be suspended for 6 – 9 months in case of the first offense of the violations prescribed in Point b of Clause 4 of this Article.

9. The following consequence improvement measures shall be applied:

a) Gold bullion trading Licenses shall be revoked by the competent authorities in case of relapse of the violations stated in Point b of Clause 4 of this Article;

b) The License for gold jewelry and/or handicraft production shall be revoked by the competent authorities in case of relapse of the violations stated in Clause 1 and Point d of Clause 3 of this Article.

Section 8. VIOLATIONS AGAINST CURRENCY AND FUND MANAGEMENT AND/OR PAYMENT

Article 26. Violations against regulations on inter-banking activities

1. The fines of VND 10,000,000 – 20,000,000 shall be applied to any of the following violations:

a) Failing to adhere to the regulations on arrangement for clearing, clearing, inter-bank payment;

b) Failing to return the erroneous payment documents within the working day, excluding force majeure;

c) Delayed payment remittance to the receiver’s bank account later than the regulated time;

d) Delayed dispatch of deposit documents as per related regulation.

2. The fines of VND 20,000,000 – 40,000,000 shall be applied to any of the following violations:

a) Failing to return immediately the Credit Transfer Orders legitimately rejected; rejecting the Debit Transfer Orders legitimately authorized;

b) Assigning an unauthorized person to initiate, send transactions through the clearing system, inter-bank payment system.

3. The fines of VND 40,000,000 – 80,000,000 shall be applied to the failure of solvency assurance to settle all clearing orders, inter-bank payment orders by the clearance time on the transaction day.

4. The fines of VND 100,000,000 – 150,000,000 shall be applied to any of the following violations:

a) Hindering the operation of clearing and/or inter-bank payment systems;

b) Disclosing, whether unintentionally or intentionally, the information not entitled for disclosure related to inter-bank payment system.

5. The following additional penalty forms shall be applied:

Involvement in inter-bank payment systems shall be suspended for 01 year maximum in case of the violations as defined in this Article.

6. The following consequence improvement measures shall be applied:

While violations have not been completely rectified, involvement in inter-bank payment systems shall be considered, limited or prohibited by the competent authorities in case of the violations as defined in this Article.

Article 27. Violations against regulations on payment activities

1. The fines of VND 5,000,000 – 10,000,000 shall be applied to the failure of response to the clients’ requests for checking and review, complaints as prescribed by the related laws.

2. The fines of VND 10,000,000 – 15,000,000 shall be applied to the failure to comply to the related laws in terms of payment time, remittance time.

3. The fines of VND 20,000,000 – 30,000,000 shall be applied to any of the following violations:

a) Improper corrections, erasures found in the payment instruments, payment proofs;

b) Improperly providing, disclosing the information related to the deposits at the payment servicing organizations, intermediate payment servicing organizations as prescribed by the related laws;

c) Providing unreliable information during the provision of payment services, intermediate payment services;

d) Failing to adhere to the laws on the use and authorized use of payment accounts; signing the payment orders ultra vires or using e-signatures of other people;

dd) Opening, using the payment accounts improperly as prescribed by the related laws;

4. The fines of VND 40,000,000 – 60,000,000 shall be applied to improper provision of payment, intermediate payment as prescribed by the related laws.

5. The fines of VND 60,000,000 – 100,000,000 shall be applied to account opening for clients, improper use of the payment accounts as prescribed by the related laws.

6. The fines of VND 150,000,000 – 200,000,000 shall be applied to any of the following violations:

a) Forging payment instruments, keeping, transferring and/or using fake payment instructions;

b) Forging proofs when involving in the clearing services;

c) Violations related to cash payments;

d) Issuing, providing and/or using Illegitimate payment instruments.

7. The fines of VND 250,000,000 – 300,000,000 shall be applied to the acts of concealment, payments of illegitimate amounts of money.

8. The following additional penalty forms shall be applied:

Confiscating the exhibits, instruments serving the violations defined in Point a of Clause 3, Points a, b and d of Clause 6 of this Article.

9. The following consequence improvement measures shall be applied:

a) Restricting the expansion of business operation scope, scale and area when violations have not been completely rectified in case of violations as defined in Point d of Clause 6 and Article 7 of this Article;

b) Submitting to the state fund the illegitimate benefits obtained from the violations stated in Clauses 3, 4, 5, 6 and 7 of this Article.

Article 28. Violations against regulations on bank card activities

1. Warning shall be applied to the failure of inspecting, maintenance of automated teller machines [“ATM”].

2. The fines of VND 10,000,000 – 15,000,000 shall be applied to any of the following violations:

a) Erecting, changing the location, terminating the operation of ATMs against the related laws;

b) Erecting an ATM at a location with inadequate electricity system to provide to the machine and its booth, resulting in the ATM card being stuck in the machine when the power is unexpectedly disconnected;

c) Failing to submit the written registration with the State Bank’s branch at the province, city where the ATM is erected within 15 days before actual operation;

d) Failing to register the termination of an ATM’s operation at the existing location before relocating the machine to another location in case of relocating the machine to a different province, city;

dd) Failing to update amended information on the erection, location change, operation termination of an ATM on the official website of the related person;

e) Failing to ensure adequate servicing hours of an ATM;

g) Failing to report to the local branch of the State Bank in the province, city under Central management, and notify widely to the clients of the suspension of an ATM’s operation for over 24 hours;

h) Failing to maintain the operation of the custom support department for the clients to contact at any time;

i) Failing to supervise the remaining cash in an ATM, or fill the machine with cash to meet the withdrawal demands of the clients as demanded in related regulations.

3. The fines of VND 15,000,000 – 20,000,000 shall be applied to any of the following violations:

a) Failing to meet the regulated requirements in case a payment service organization is equipped with an ATM for the first time;

b) Failing to meet the requirements applied to ATMs as prescribed by the related laws.

4. The fines of VND 20,000,000 - 30,000,000 shall be applied to the failure of assuring safety, confidentiality for the operation of an ATM.

5. The fines of VND 30,000,000 – 50,000,000 shall be applied to any of the following violations:

a) Violations related to payment card currency;

b) Discriminative pricing for ATM card payments, collection of additional fees in payment transactions carried out by ATM card owners, which are against the related laws, or other violations related to ATM card payment at points of sale [“POS”].

6. The fines of VND 50,000,000 – 100,000,000 shall be applied to any of the following violations:

a) Hacking, collusively hacking ATM card information, buying/ selling, disclosing, illegitimately using ATM card information of other people, counterfeiting ATM cards, conducting fraudulent transactions;

b) Improperly issuing, making payments with ATM cards against the related laws;

c) Improper clearing by means of ATM cards against the related laws;

d) Accepting payment from the ATM cards which have already been informed of their invalidity.

7. The fines of VND 100,000,000 – 150,000,000 shall be applied to any of the following violations:

a) Accessing or effortfully accessing and/or stealing data, sabotaging and/or illegitimately changing the softwares, electronic database used for payment; taking advantage of an error of a computer network system for profiteering;

b) Opening or maintaining anonymous and/or impersonative payment accounts.

8. The following consequence improvement measures shall be applied:

a) Prohibiting the signing of any ATM card payment contract with other ATM card organizations when violations have not been completely rectified in case of the violations defined in Point b of Clause 5 of this Article;

b) Submitting to the state fund the illegitimate benefits obtained from the violations stated in Point b of Clause 5, Points a of Clause 6 and Clause 7 of this Article.

Article 29. Violations against regulations on negotiable instruments

1. The fines of VND 15,000,000 – 20,000,000 shall be applied to the act of ultra vires signing negotiable instruments.

2. The fines of VND 20,000,000 – 30,000,000 shall be applied to any of the following violations:

a) Failing to adhere to the regulations on the duties of the bill-of-exchange acceptors as stated in Article 2 of the Law on Negotiable Instruments.

a) Improperly collecting payment through collectors as prescribed in Clauses 1, 2 and 3 of Article 39 of the Law on Negotiable Instruments.

3. The fines of VND 30,000,000 – 60,000,000 shall be applied to any of the following violations:

a) Assigning an negotiable instruments when such instrument has known to be expired or rejected, rejected for payment or reported to be lost as stated in Clause 4 of Article 15 of the Law on negotiable instruments;

b) Drawing a cheque in the state of insolvency; issuing a cheque after being suspended on cheque issuance entitlement.

4. The fines of VND 60,000,000 – 120,000,000 shall be applied to any of the following violations:

a) Forging signature on an negotiable instrument;

b) Failing to adhere to the regulations on printing, receiving and delivering, managing blank cheques as defined in Clauses 2 and 3 of Article 64 of the Law on negotiable instruments.

5. The following additional penalty forms shall be applied:

a) Suspending cheque issuance activities for 1 – 3 months in case of the violations defined in Point b of Clause 3 of this Article;

b) Confiscating the exhibits, instruments serving the violations defined in Point b of Clause 4 of this Article.

6. The following consequence improvement measures shall be applied:

Illegitimate benefits obtained from the violations stated in Point b of Clause 5 and Clause 4 of this Article shall be submitted to the state fund.

Article 30. Violations against regulations on currency and fund management

1. Warning shall be applied to any of the following violations:

a) Failing to publicize the regulation on exchange of ineligible monetary notes issued by the State Bank at the business location;

b) The loss of template monetary notes caused by related receiving entities; failing to issue template monetary notes to the entitled entities; failing to retrieve template monetary notes after the notice on circulation suspension of such notes is issued or as requested.

2. The fines of VND 5,000,000 – 10,000,000 shall be applied to any of the following violations:

a) Refusing to exchange ineligible monetary notes for the clients in demand;

b) Failing to adhere to the regulations on classification, packaging, forwarding precious metals and/or stones; packaging, sealing, forwarding, retaining, transporting, stocktaking cash, valuable assets, valued papers, unless otherwise regulated in Point a of Clause 3 and Points b, c, d and dd of Clause 5 of this Article.

3. The fines of VND 10,000,000 – 15,000,000 shall be applied to any of the following violations:

a) Failing to issue the regulation on accessing a money vault, cash counter; internal and external cash transaction procedure applied to the clients;

b) Failing to plan for money vault guarding and/or protection;

c) Failing to issue fire prevention and fighting regulations, plans for a money vault;

d) Failing to select, classify the monetary notes ineligible for circulation.

4. The fines of VND 15,000,000 – 20,000,000 shall be applied to the failure of installing the safety protection, fire prevention and fighting equipment at a money vault as prescribed by the related laws.

5. The fines of VND 20,000,000 – 40,000,000 shall be applied to any of the following violations:

a) Carrying out currency exchange against the related laws;

b) Failing to ensure good protection of cash, valuable assets, valued paper during noon break as prescribed by related laws;

c) Improper management and protection of the key of a money vault, storage compartment, safe, money deposit box in the specialized vehicle against the related legal regulations;

d) Transporting cash, valuable assets, valued papers with unspecialized vehicle without written procedure issued by the competent authorities regarding the transportation, protection, safety measures of the said assets;

dd) Failing to issue written regulations on the requirements, receiving and delivery procedure of the clients’ assets, responsibilities of the related departments regarding asset protection while they perform asset management and/or protection services, safe lease and other fund-related services.

6. The fines of VND 40,000,000 – 80,000,000 shall be applied to any of the following violations:

a) Improperly managing a money vault in terms of technical structure and standards as regulated by the related laws;

b) Improperly managing the door of a money vault as per regulated technical requirements defined in the related laws.

Article 31. Violations against regulations on the protection of Vietnam’s monetary notes

1. Warning shall be applied to any of the following violations:

a) Failing to give timely notification to the competent authorities of new counterfeit monetary notes;

b) Failing to give timely notification to the competent authorities of the storage, circulation and/or transportation of presumably counterfeit monetary notes;

c) Appointing untrained staff on the skills of detecting counterfeit monetary notes to handle the tasks of a cashier, treasurer or monetary transaction operator.

2. The fines of VND 5,000,000 – 10,000,000 shall be applied to any of the following violations:

a) Discovering counterfeit monetary notes but failing to collect and suspend them;

b) Discovering presumably fake monetary notes but failing to detain them;

c) Failing to minute or collect and detain counterfeit monetary notes, without stamping, punching as regulated by the State Bank regarding disciplinary measures on the fake notes, presumably fake notes collected or detained.

3. The fines of VND 10,000,000 – 15,000,000 shall be applied to the acts of illegitimately sabotaging and/or ruining Vietnam’s monetary notes.

4. The fine of VND 40,000,000 – 80,000,000 shall be applied to illegitimate copy, printing, use of the layout of, pictures, patterns, either partially or wholly, on Vietnam’s monetary notes against the related legal regulations.

5. The following additional penalty forms shall be applied:

Confiscating the exhibits and/or instruments serving the violations defined in Clause 2, 3, and 4 of this Article and handing them to the competent authorities for disciplinary measures.

6. The following consequence improvement measures shall be applied:

a) Stamping, punching the counterfeit monetary notes in accordance with the regulations issued by the State Bank on counterfeit and/or alleged counterfeit monetary notes in case of the violation defined in Point c of Clause 2 of this Article.

b) Destroying all exhibits, instruments serving the violations as defined in Clause 4 of this Article;

c) Submitting to the state fund illegitimate benefits obtained from the violations stated in Clause 4 of this Article.

Section 9. VIOLATIONS AGAINST FIXED ASSET PURCHASE, INVESTMENT AND REAL ESTATE TRADING

Article 32. Violations against regulations on fixed asset purchase and/or investment

1. The fines of VND 200,000,000 – 250,000,000 shall be applied to violations on the purchase and/or investment into fixed assets for direct business use which cost over 50% of the registered capital and provisional fund for such registered capital in case of credit organizations, or over 50% of allocated fund and provisional fund for the said allocated fund in case of foreign bank branches.

2. The following consequence improvement measures shall be applied:

a) Maintaining the value percentage of the fixed assets for direct business use against the registered capital and/or allocated fund and provisional funds for the mentioned registered capital and/or allocated fund for 6 months maximum since the effective date of the related administrative penalty decisions, in accordance with the regulation defined in Article 140 of the Law on credit organizations in case of the violation stated in Clause 01 of this Article;

b) Submitting to the state fund the illegitimate benefits obtained from the violations stated in Clause 1 of this Article;

Article 33. Violations against regulations on real estate trading

1. The fines of VND 200,000,000 – 250,000,000 shall be applied to real estate trading activities, unless otherwise regulated in Clauses 1, 2 and 3 of Article 132 of the Law on credit organizations.

2. The following consequence improvement measures shall be applied:

Illegitimate benefits obtained from the violations stated in Clause 1 of this Article shall be submitted to the state fund.

Section 10. VIOLATIONS AGAINST CREDIT ORGANIZATION OPERATION SAFETY

Article 34. Violations against regulations on reserve requirements

1. Warning shall be applied to the acts related to inadequate reserve requirements as required by the related laws.

2. The following consequence improvement measures shall be applied:

Violating individuals and/or those responsible for the violations stated in Clause 1 of this Article shall be considered for suspension of and/or suspended for 1 – 3 months or removed from the administration, managerial, inspection titles they are holding; be prevented from holding such titles at credit organizations, foreign bank branches, by the competent authorities.

Article 35. Violations against regulations on prudential ratios

1. The fines of VND 200,000,000 – 250,000,000 shall be applied to the violations against the laws related to any of the following prudential ratios:

a) Highest percentage of the short-term capital for medium and long-term loans;

b) Lending outstanding debt ratio against total deposit;

c) Ratio of medium, long-term deposits against total outstanding debt for medium, long-term loans.

2. The fines of VND 300,000,000 – 350,000,000 shall be applied to the violations against legal regulations on solvency ratios.

3. The fines of VND 400,000,000 – 450,000,000 shall be applied to the violations related to minimum capital adequacy ratios as regulated by the related laws.

4. The following consequence improvement measures shall be applied:

a) Adhering to the regulated prudential ratios within 6 months maximum since the effective date of the related administrative penalty decision issued against the violation stated in Clauses 1,2 and 3 of this Article;

b) Restricting the expansion of business operation scope, scale and area and additional business line supplementation during the period violations have not been rectified in case of the violations stated in Clauses 1,2 and 3 of this Article;

c) Violating individuals and/or those responsible for the violations stated in Clauses 2 and 3 of this Article shall be considered for suspension of and/or suspended for 1 – 3 months or removed from the administration, managerial, inspection titles they are holding; be prevented from holding such titles at credit organizations, foreign bank branches, by the competent authorities.

Article 36. Violations against regulations on the classification of assets and provisions

1. The fines of VND 200,000,000 – 250,000,000 shall be applied to any of the following violations:

a) Improper classification of the assets against the related laws;

b) Establishing improper provisions against the related laws;

c) Making improper use of the provisions against the related laws;

d) Failing to set forth comprehensive and/or hard-line debt recovery measures for the debts backed by provisions for risk control.

2. The following consequence improvement measures shall be applied:

a) Classifying the assets, provisions; refunding improperly used amounts of provisions, the debt backed by on-balance provisions for risk control as prescribed by the related laws within 01 month maximum since the effective day of the related administrative penalty decisions imposed on the violations defined in Clause 01 of this Article;

b) Violating individuals and/or those responsible for the violations stated in Clause 01 of this Article shall be considered for suspension of and/or suspended for 1 – 3 months or removed from the administration, managerial, inspection titles they are holding; be prevented from holding such titles at credit organizations, foreign bank branches, by the competent authorities.

Article 37. Violations against regulations on fund establishment and use of funds

1. The fines of VND 20,000,000 – 40,000,000 shall be applied to improper establishment or use of funds against the related legal regulations.

2. The following consequence improvement measures shall be applied:

Setting up regulated funds required by the related laws within 15 days since the effective day of the related administrative penalty decision imposed on the violated defined in Clause 01 of this Article.

Section 11. VIOLATION RELATED TO DEPOSIT INSURANCE

Article 38. Violations against regulations on deposit insurance

1. Warning shall be applied to any of the following violations:

a) Failing to publicize copies of the deposit insurance certificates at the locations of deposit transactions;

b) Inadequate or untimely payment of the deposit premiums as prescribed by the related laws.

2. The fines of VND 30,000,000 – 40,000,000 shall be applied to the failure of deposit premiums as prescribe by the related laws.

3. The fines of VND 40,000,000 – 60,000,000 shall be applied to payment of deposit insurance to the related depositor against the schedule as prescribed in Article 23 of the Law on deposit insurance.

4. The fines of VND 60,000,000 – 80,000,000 shall be applied to any of the following violations:

a) Insuring the un-insured deposits as regulated in Article 19 of the Law on deposit insurance;

b) Cheating, counterfeiting documents, materials, papers related to deposit insurance.

5. The fines of VND 60,000,000 – 80,000,000 shall be applied to any of the following violations:

a) Failing to pay or make inadequate payment of the policy proceeds;

b) Hindering, causing difficulties and/or damages to legitimate entitlements and interests of deposit insurance organizations, the deposit insurance policyholders who are organizations, the deposit insured and the companies and/or organizations related to deposit insurance;

c) Abusing titles, entitlements to commit legal violations on deposit insurance.

6. The following consequence improvement measures shall be applied:

a) Immediately publicizing copies of the deposit insurance certificates in case of the violations defined in Point a of Clause 1 of this Article;

b) Immediately paying the unpaid balance premium in case of the violations defined in Point b of Clause 01 of this Article and paying the fine for delayed payment of 0.05% of the delayed amount as regulated in Clause 01 of Article 21 of the Law on deposit insurance;

c) Immediately refunding the collected premiums and/or instantly withdrawing the paid policy proceeds in case of the violations defined in Point a of Clause 4 of this Article;

d) Violating individuals and/or those responsible for the violations stated in Point b of Clause 4 and Points a and c of Clause 5 of this Article shall be considered for suspension of and/or suspended for 1 – 3 months or removed from the administration, managerial, inspection titles they are holding; be prevented from holding such titles at credit organizations, foreign bank branches, by the competent authorities.

Section 12. VIOLATIONS RELATED MONEY LAUNDERING PREVENTION, FIGHTING

Article 39. Violations against regulations on client information identification and updating

The fines of VND 20,000,000 – 30,000,000 shall be applied to the failure of updating the client identity information as prescribed in Articles 8 and 10 of the Law on money laundering prevention and combat.

Article 40. Violations against regulations on risk management procedures related to new-technology-based transactions

The fines of VND 60,000,000 – 100,000,000 shall be applied to the failing of issuing the risk management procedures for new-technology-based transactions as prescribed in Article 15 of the Law on money laundering prevention and combat.

Article 41. Violations against regulations on the classification of clients by risks

1. The fines of VND 30,000,000 – 50,000,000 shall be applied to the failure of applying the measures on client identification, intensive evaluation as prescribed in Clauses 2, 3 and 4 of Article 12 of the Law on money laundering prevention and combat.
account opening for clients, improper use of the payment accounts as prescribed by the related laws.

2. The fines of VND 50,000,000 – 100,000,000 shall be applied to the failure of setting forth client identification regulations, classifying clients by risk levels as prescribed by the related laws.

Article 42. Violations against regulations on the identification of foreign clients who are politics influencers

The fines of VND 100,000,000 – 150,000,000 shall be applied to the omission of risk management systems to identify the foreign clients who are politics influencers as prescribed in Clauses 2 and 3 of Article 13 of the Law on money laundering prevention and combat.

Article 43. Violations against regulations on client review, transactions and relations with agent banks

1. The fines of VND 20,000,000 – 40,000,000 shall be applied to the failure of reviewing the clients and related parties named in black lists before establishing relationships with them or providing banking services to them.

2. The fines of VND 40,000,000 – 80,000,000 shall be applied to any of the following violations:

a) Failing to adhere to the measures defined in Article 14 of the Law on money laundering prevention and combat before entering into the relationship as an agent bank of a foreign bank counterpart;

b) Failing to report to the competent authorities of the involvement with clients and related parties named in the black lists as prescribed by the related laws.

Article 44. Violations against regulations on the regulation on reporting the high-valued transactions, questionable transactions, e-remittance transactions, money laundering for terrorism financing

1. The fines of VND 20,000,000 – 30,000,000 shall be applied to the failure of submitting timely reports as required in Article 23 of the Law on money laundering prevention and combat.

2. The fines of VND 30,000,000 – 50,000,000 shall be applied to any of the following violations:

a) Failing to report high-valued transactions;

b) Failing to report questionable transactions;

c) Failing to report e-remittance transactions.

3. The fines of VND 80,000,000 – 100,000,000 shall be applied to the failure of reporting money laundering acts for terrorism financing as required in Article 30 of the Law on money laundering prevention and combat.

4. The fines of VND 150,000,000 – 200,000,000 shall be applied to the failure of placing special supervision on irregularly high-valued or complicated transactions; involving in the transactions with organizations and/or individuals located in the countries, territories named in the anti-money-laundering or warning lists informed by the Financial Action Task Force as prescribed in Article 16 of the Law on money laundering prevention and combat.

Article 45. Violation against regulations on bank account transaction delay, account freezing; asset freezing and detention

1. The fines of VND 40,000,000 – 80,000,000 shall be applied to any of the following violations:

a) Failing to report on the delay of transactions with the blacklisted parties or the transactions alleged to be related to the violations defined in Clause 3 of Article 33 of the Law on money laundering prevention and combat;

b) Failing to report the acts of asset freezing and/or detention as a result of the issuance of related decision from the competent authorities as prescribed in Article 34 of the Law on money laundering prevention and combat.

2. The fines of VND 100,000,000 – 150,000,000 shall be applied to any of the following violations:

a) Failing to delay the transactions related to the parties named in the black lists or those alleged to be related to the violations defined in Clause 1 of Article 33 of the Law on money laundering prevention and combat;

b) Failing to freeze the bank accounts and/or freeze or detain the assets which are so decided by the competent authorities as prescribed in Article 34 of the Law on money laundering prevention and combat.

Article 46. Violations against regulations on prohibited acts related to money laundering prevention and/or combat

1. The fines of VND 30,000,000 – 60,000,000 shall be applied to the acts of hindering the provision of information to support money laundering prevention and combat tasks.

2. The fines of VND 100,000,000 – 150,000,000 shall be applied to any of the following violations:

a) Opening or sustaining anonymous bank accounts or the accounts with false names;

b) Providing illegitimate monetary services related to cash, cheques, other monetary instruments or valuable monetary retention instruments and payment to the beneficiaries at different locations.

3. The fines of VND 200,000,000 – 250,000,000 shall be applied to any of the following violations:

a) Arranging or facilitating money laundering;

b) Establishing and maintaining business relationship with a bank located in a country or territory where one’s business is not actually situated and such business is not under the control and/or supervision of the related competent authorities.

4. The following consequence improvement measures shall be applied:

a) Violating individuals and/or those responsible for the violations stated in Clauses 2 and 3 of this Article shall be considered for suspension of and/or suspended for 1 – 3 months or removed from the administration, managerial, inspection titles they are holding; be prevented from holding such titles at credit organizations, foreign bank branches, by the competent authorities.

Section 13. VIOLATIONS AGAINST REGULATIONS ON COMMUNICATION, REPORTING

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

1. The fines of VND 5,000,000 – 10,000,000 shall be applied to any of the following violations:

a) Submitting required reports behind schedule regulated by the related law, unless otherwise prescribed in Clause 01 of Article 44 herein;

b) Failing to retain, protect required documents, materials for a sufficient period of time in accordance with the related laws, unless otherwise regulated in Point a of Clause 01 of Article 15 herein;

c) Submitting reports with imprecise data for 2 times and more in a fiscal year.

2. The fines of VND 10,000,000 – 15,000,000 shall be applied to the failure of submitting reports inadequately or the submitted reports are inadequately detailed as regulated by the related law; unless otherwise regulated in Clauses 2 and 3 of Article 44, Clause 01 of Article 45 herein.

3. The fines of VND 20,000,000 – 30,000,000 shall be applied to any of the following violations:

a) Failing to register the amendments with the competent authorities as defined in Point b of Clause 4 of Article 29 of the Law on credit organizations;

b) Failing to publicizing the changed procedural details as stated in Points a, b, c and d of Clause 01 of Article 29 of the Law on credit organizations on the information media of the State Bank and a daily newspaper, in 3 successive publications, or an e-newspaper of Vietnam within 7 working days since the date the related approval is received from the State Bank.

4. The fines of VND 30,000,000 – 40,000,000 shall be applied to any of the following violations:

a) Unreliable reports;

b) Providing the information related to the activities of the State Bank, credit organizations, foreign bank branches without prior approval from the competent authorities as prescribed in the related laws or without prior acceptance from the related clients, unless otherwise defined in Articles 13 and 14 of the Law on credit organizations;

c) Failing to provide information, documents and/or materials as required by the related laws;

d) Failing to ensure confidentiality of the information, reports as stated in Article 29 of the Law on money laundering prevention and combat.

5. The fines of VND 40,000,000 – 50,000,000 shall be applied to any of the following violations:

a) Submitting the reports on credit information indicators to the State Bank behind schedule;

b) Reporting imprecise, inadequate or technically improper credit information indicators in an untimely manner to the State Bank;

c) Failing to report the required credit information to the State Bank (Vietnam Credit Information Center) as regulated by the State Bank regarding credit information activities;

d) Failing to provide summary reports on international remittance transactions as required by the related laws.

6. The fines of VND 50,000,000 – 100,000,000 shall be applied to any of the following violations:

a) Failing to immediately report the risk of insolvency to the competent authorities;

b) Failing to provide the information requested by the State Bank and competent governmental agencies as regulated in Clause 4 of Article 18 of the Law on money laundering prevention and combat.

7. The following consequence improvement measures shall be applied:

a) Restricting the expansion of business operation scope, scale and area and additional business line supplementation during the period violations have not been rectified in case of the violations stated in Point a of Clause 4, Point a of Clause 6 of this Article;

b) Foreign credit organizations, bank branches shall submit the missing reports with precise details in case of the violations stated in Clause 2 and Point a of Clause 4 of this Article;

c) Violating individuals and/or those responsible for the violations stated in Point a of Clause 6 of this Article shall be considered for suspension of and/or suspended for 1 – 3 months or removed from the administration, managerial, controlling titles they are holding; be prevented from holding such titles at credit organizations, foreign bank branches, by the competent authorities.

Section 14. VIOLATIONS RELATED TO INSPECTION HINDRANCE, INCONFORMITY AGAINST COMPETENT OFFICERS

Article 48. Violations against regulations on inspection hindrance, inconformity against competent officers

1. The fines of VND 2,000,000 – 3,000,000 shall be applied to the acts of hindering and/or causing difficulties to the inspection carried out by the competent governmental officers.

2. The fines of VND 5,000,000 – 10,000,000 shall be applied to the elusion from the inspection carried out the competent governmental officers.

3. The fines of VND 10,000,000 – 20,000,000 shall be applied to the failure of providing information, documents, e-data to the Inspection Teams or competent officers.

4. The fines of VND 20,000,000 – 30,000,000 shall be applied to any of the following violations:

a) Failing to provide documents, proofs, data adequately as requested by the Inspection Team;

b) Unilaterally removing, relocating or performing other acts that change the initial sealing status of: Stores, funds, safes, accounting records and/or proofs, credit loan documents or sealed and/or detained exhibits;

c) Failing to freeze a bank account, cancel the freezing of a bank account as requested by the competent officers in accordance with the related laws.

5. The fines of VND 30,000,000 –50,000,000 shall be applied to any of the following violations:

a) Providing incorrect documents, data;

b) Illegitimately intervening the settlement of an issue carried out by the competent authority and Inspectors of the banking industry;

c) Concealing, correcting proofs, records or exchanging exhibits during the inspection period.

Article 49. Violations against regulations on the duties of bank inspectors

1. The fines of VND 5,000,000 – 10,000,000 shall be applied to any of the following violations:

a) Failing to provide the information requested by the State Bank in a timely manner, with adequacy and precision;

b) Failing to give advices, cautions to the State Bank regarding operation risks and safety;

c) Failing to report, provide explanations on the advices, warnings related to operation risks and safety given by the State Bank.

2. The fines of VND 80,000,000 – 120,000,000 shall be applied to the unconformity to inspection conclusions, recommendations, disciplinary decisions.

3. The following consequence improvement measures shall be applied:

Violating individuals and/or those responsible for the violations stated in Clause 2 of this Article shall be considered for suspension of and/or suspended for 1 – 3 months or removed from the administration, managerial, controlling titles they are holding; be prevented from holding such titles at credit organizations, foreign bank branches, by the competent authorities.

Chapter III

PROCEDURE, COMPETENCE RELATED TO ADMINISTRATIVE VIOLATION PENALTIES AND ADMINISTRATIVE VIOLATION MINUTING

Article 50. Procedure on administrative violation penalties and administrative violation penalty minutes template

The procedure on, minutes and decision templates to be used during administrative violation penalties shall conform to the regulations defined in the Law on administrative violation penalties and governmental Decree No. 81/2013/ND-CP dated 19 July 2013 which details a number of articles and the implementation of the said Law on administrative penalties.

Article 51. Competence regarding administrative violation penalties

1. While performing their duties, the banking inspectors are entitled to:

a) Give warnings;

b) Imposing fines up to VND 500,000;

c) Confiscating the exhibits, instruments serving administrative violations valued up to VND 500,000;

d) Applying consequence improvement measures as defined in Clause 3 of Article 7, Point a of Clause 6 of Article 31, Point a of Clause 4 of Article 35, Point a of Clause 2 of Article 36, Clause 2 of Article 37, Point c of Clause 6 of Article 38 herein.

2. Chief Inspector, supervisors of the State Bank are entitled to:

a) Give warnings;

b) Imposing fines up to VND 500,000;

c) Intra vires revoking licenses, certificates issued by the competent authorities on one or more than one banking activities, services and other activities related to currency, banking business or suspending within fixed terms one or more than one banking activities and other business activities licensed by the State Bank which violate the laws on currency and banking;

d) Confiscating the exhibits, instruments serving the administrative violations valued up to VND 50,000,000;

dd) The consequence improvement measures defined in Chapter II herein shall be applied.

3. Director General of the Inspection Department [of the State Bank] and the supervisors are entitled to:

a) Give warnings;

b) Imposing fines up to VND 250,000,000;

d) Confiscating the exhibits, instruments serving the administrative violations valued up to VND 250,000,000;

dd) The consequence improvement measures defined in Chapter II herein shall be applied.

4. Chief Inspector and supervisors of the State Bank are entitled to:

a) Give warnings;

b) Imposing fines up to VND 1,000,000,000;

c) Applying additional penalties and violation consequence improvement measures defined in Chapter II herein.

5. Leader of an inspection team appointed by the State Bank’s Governor, Chief Inspector, supervisors [of the State Bank] is authorized to apply the penalties as defined in Clause 3 of this Article.

Leader of an inspection team, appointed by the Director of a provincial, city branch of the State Bank, under the Central management, Director General of the Inspection Department and/or supervisors [of the State Bank], Chief Inspector and/or supervisors of any branch of the State Bank, is authorized to apply the penalties as defined in Clause 2 of this Article.

6. Penalty application competence authorized to other agencies that are entitled to administrative violation penalties shall conform to the regulations herein, as follows:

a) Chairmen of the provincial People’s Committees, Directors General of the Police Department on Economic Management Order Offence Investigations, Criminal Police Department, Police Department on Narcotics Investigations, Immigration Department are entitled to issue administration violation decisions, as prescribed herein, against the individuals and/or organizations, who are not credit organizations, foreign bank branches, committing offences against regulations on foreign exchange management and gold trading as defined in Clause 01; Point g and I of Clause 2; Clause 3; Points b and c of Clause 4 and Clause 7 of Article 24; Clauses 2 and 3, Points a, b, d and dd of Clause 4, Point a of Clause 5 and Clause 7 of Article 25 herein; simultaneously, notification of such offences shall be given to the State Bank;

b) Director General of the Hi-tech Criminal Prevention Department is entitled to issued administrative violation decisions as prescribed herein against individuals and/or organizations committing offences as defined in Clause 4 of Article 27, Clauses 4, 6 and 7 of Article 28; simultaneously, notification of such offences shall be given to the State Bank.

Article 52. Competence regarding administrative violation minuting

1. The following officers are competent to issue administrative violation minutes:

a) The officers competent to enforce administrative violation penalties as defined herein, who are performing their duties;

b) Civil servants who are performing state management duties with regard to currency and banking issues.

2. The officers competent to enforce administrative violation penalties as defined in Article 45 of the Law on administrative violation penalties shall minute administrative offences against individuals and/or organizations, who are not credit organizations, foreign bank branches, committing offences as prescribed in Clause 1, Point c of Clause 6 of Article 24 and Points a, b of Clause 2 of Article 25 herein, and forward such minutes to other competent officers as defined in Article 45 of the said Law on administrative penalties for penalty enforcement as stated herein; simultaneously, such offences shall be notified to the State Bank, its branches in the provinces and/or cities under the Central management.

Chapter IV

IMPLEMENTATION

Article 53. Implementation validity

This Decree is enforced as of 12 December 2014 and supersedes governmental Decree No. 202/2004/ND-CP dated 10 December 2004 regarding administrative violation penalties in currency and banking activities, Decree No. 95/2011/ND-CP dated 20 December 2011 amending and/or supplementing a number of articles defined in the said Decree 202/2004/ND-CP.

Article 54. Transitional stage

1. In case administrative violations related to currency and banking activities that have taken place before the effective date of this Decree but discovered after that, however, they are still in penalty enforcement period or being reviewed and/or processed, the penalty regulations which are advantageous to the violating organizations and/or individuals shall be applied.

2. In case of the administrative violation penalty decisions related to currency and banking activities that have been issued or enforced before the effective date of this Decree but still been complained by the violating individuals and/or organizations, the regulations defined in governmental Decree No. 202/2004/ND-CP dated 10 December 2004 regarding administrative violation penalties related to currency and banking activities, Decree No. 95/2011/ND-CP dated 20 December 2011 amending and/or supplementing some articles stated in the said Decree 202/2004/ND-CP shall be applied.

Article 55. Implementation responsibilities

Governor of the State Bank, Ministers, Heads of ministerial agencies and governmental agencies, Chairmen of the People’s Committees of the provinces and cities under the Central management shall enforce the implementation of this Decree./.

ON BEHALF OF GOVERNMENT
PRIME MINISTER

Nguyen Tan Dung

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Thuộc tính Văn bản pháp luật 96/2014/ND-CP
Loại văn bản	Nghị định
Số hiệu	96/2014/ND-CP
Cơ quan ban hành	Chính phủ
Người ký	Nguyễn Tấn Dũng
Ngày ban hành	17/10/2014
Ngày hiệu lực	12/12/2014
Ngày công báo	...
Số công báo
Lĩnh vực	Tiền tệ - Ngân hàng, Vi phạm hành chính
Tình trạng hiệu lực	Hết hiệu lực 31/12/2019
Cập nhật	4 năm trước
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Decree No. 96/2014/NĐ-CP penalties for administrative violations against currency banking
Loại văn bản	Nghị định
Số hiệu	96/2014/ND-CP
Cơ quan ban hành	Chính phủ
Người ký	Nguyễn Tấn Dũng
Ngày ban hành	17/10/2014
Ngày hiệu lực	12/12/2014
Ngày công báo	...
Số công báo
Lĩnh vực	Tiền tệ - Ngân hàng, Vi phạm hành chính
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Decree 88/2019/ND-CP penalties for administrative violations in monetary and banking sector

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Ngày hiệu lực: 12/12/2014

Hiệu lực: Hết hiệu lực

Ngày hết hiệu lực: 31/12/2019

Cập nhật: 4 năm trước

Nội dung Lược đồ Bản PDF Lịch sử VB liên quan

Nghị định 88/2019/ND-CP

Decree No. 88/2019/ND-CP dated November 14, 2019 providing for penalties for administrative violations in monetary and banking sector

Ban hành: 14/11/2019

Ngày hiệu lực: 31/12/2019

Hiệu lực: Còn hiệu lực

Cập nhật: 4 năm trước

Nội dung Lược đồ Lịch sử VB liên quan

Văn bản gốc Decree No. 96/2014/NĐ-CP penalties for administrative violations against currency banking

Lịch sử hiệu lực Decree No. 96/2014/NĐ-CP penalties for administrative violations against currency banking

17/10/2014
Văn bản được ban hành
Trạng thái: Chưa có hiệu lực
12/12/2014
Văn bản có hiệu lực
Trạng thái: Có hiệu lực
31/12/2019
Được thay thế
Được thay thế bởi Decree 88/2019/ND-CP penalties for administrative violations in monetary and banking sector

Nghị định 96/2014/ND-CP

Decree No. 96/2014/NĐ-CP dated October 17, 2014, penalties for administrative violations against currency and banking legal regulations

Nội dung toàn văn Decree No. 96/2014/NĐ-CP penalties for administrative violations against currency banking

Thuộc tính Văn bản pháp luật 96/2014/ND-CP

Download Văn bản pháp luật 96/2014/ND-CP

Lược đồ Decree No. 96/2014/NĐ-CP penalties for administrative violations against currency banking

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Văn bản hợp nhất

Văn bản liên quan Decree No. 96/2014/NĐ-CP penalties for administrative violations against currency banking

Văn bản gốc Decree No. 96/2014/NĐ-CP penalties for administrative violations against currency banking

Lịch sử hiệu lực Decree No. 96/2014/NĐ-CP penalties for administrative violations against currency banking