Decree No. 80/2019/ND-CP amending the Decree No. 73/2016/ND-CP

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Decree No. 80/2019/ND-CP dated November 01, 2019 of the Government on amending and supplementing a number of articles of the Government’s Decree No. 73/2016/ND-CP of July 1, 2016, detailing the Law on Insurance Business and the Law Amending and Supplementing a Number of Articles of the Law on Insurance Business; and the Government’s Decree No. 98/2013/ND-CP of August 28, 2013, on sanctioning of administrative violations in insurance business and lottery business, which had a number of articles amended and supplemented under the Government’s Decree No. 48/2018/ND-CP of March 21, 2018

Issuing body:	Government	Effective date:	Known Please log in to a subscriber account to use this function. Don’t have an account? Register here
Official number:	80/2019/ND-CP	Signer:	Nguyen Xuan Phuc
Type:	Decree	Expiry date:	Updating
Issuing date:	01/11/2019	Effect status:	Known Please log in to a subscriber account to use this function. Don’t have an account? Register here
Fields:	Administrative violation , Commerce - Advertising , Insurance

SUMMARY

Life insurance enterprises committing violations on money laundering shall be fined up to VND 100 millions

On November 11, 2019, the Government issues the Decree No. 80/2019/ND-CP on amending and supplementing a number of articles of Decree No. 73/2016/ND-CP dated July 1, 2016 of the Government on details of implementation of the Law on Insurance Business and the Law on amendments to a number of articles of the Law on Insurance Business; Decree No. 98/2013/ND-CP dated August 28, 2013 of the Government on penalties for administrative violation in insurance business and lottery business that has been amended and supplemented a number of articles in Decree No. 48/2018/ND-CP dated March 21, 2018 of the Government.

Accordingly, this Decree supplements one section on sanction for violations against regulations on prevention of money laundering and terrorism financing in life insurance business. To be specific, Life insurance enterprises committing violations on the regulations on identification and updating of client information shall be sanctioned as follows:

- A fine of from VND 20 million to 30 million shall be imposed for failure in updating of client identification information such as information of clients open accounts or set up transactions with the financial organizations, clients who make infrequent transactions of high value or carry out the transaction of electronic money transfer but lack the information about the name, address, account number of the originator…

- A fine of from VND 40 million to 80 million shall be imposed for enterprises fail to promulgate and complying with internal regulations on money laundering prevention; and failure in implementation of internal audit on money laundering prevention;

- A fine of from VND 50 million to VND 100 million shall be imposed for failure in promulgate regulations on of risk management procedures for transactions related to new technologies. In addition, failure on possessing a risk management system to identify foreign clients being individuals with political influence also be fined up to VND 100 million.

This Decree takes effect on November 01, 2019.

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Effect status: Known

THE GOVERNMENT		THE SOCIALIST REPUBLIC OF VIETNAM Independence - Freedom - Happiness
No. 80/2019/ND-CP		Hanoi, November 01, 2019

DECREE

Amending and supplementing a number of articles of the Government’s Decree No. 73/2016/ND-CP of July 1, 2016, detailing the Law on Insurance Business and the Law Amending and Supplementing a Number of Articles of the Law on Insurance Business; and the Government’s Decree No. 98/2013/ND-CP of August 28, 2013, on sanctioning of administrative violations in insurance business and lottery business, which had a number of articles amended and supplemented under the Government’s Decree No. 48/2018/ND-CP of March 21, 2018^{^[1]}

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

Pursuant to the December 9, 2000 Law on Insurance Business;

Pursuant to the November 24, 2010 Law Amending and Supplementing a Number of Articles of the Law on Insurance Business;

Pursuant to the June 14, 2019 Law Amending and Supplementing a Number of Articles of the Law on Insurance Business and the Law on Intellectual Property;

Pursuant to the June 18, 2012 Anti-Money Laundering Law;

Pursuant to the June 12, 2013 Counter-Terrorism Law;

Pursuant to the June 20, 2012 Law on Handling of Administrative Violations;

At the proposal of the Minister of Finance;

The Government promulgates the Decree amending and supplementing a number of articles of the Government’s Decree No. 73/2016/ND-CP of July 1, 2016, detailing the Law on Insurance Business and the Law Amending and Supplementing a Number of Articles of the Law on Insurance Business; and the Government’s Decree No. 98/2013/ND-CP of August 28, 2013, on sanctioning of administrative violations in insurance business and lottery business, which had a number of articles amended and supplemented under the Government’s Decree No. 48/2018/ND-CP of March 21, 2018.

Article 1. To amend and supplement a number of articles of the Government’s Decree No. 73/2016/ND-CP of July 1, 2016, detailing the Law on Insurance Business and the Law Amending and Supplementing a Number of Articles of the Law on Insurance Business

1. To amend and supplement Article 1 as follows:

“1. This Decree details and guides a number of articles of the Law on Insurance Business, Law Amending and Supplementing a Number of Articles of the Law on Insurance Business, and Law Amending and Supplementing a Number of Articles of the Law on Insurance Business and Law on Intellectual Property, regarding:

a/ The establishment and operation of life insurance businesses, non-life insurance businesses, health insurance businesses and reinsurance businesses (below collectively referred to as insurance businesses), branches of foreign non-life insurance businesses (below referred to as foreign branches), insurance brokerage businesses, insurance agents, cross-border insurance service providers, representative offices of foreign insurance businesses or insurance brokerage businesses, and funds for the protection of the insured;

b/ The financial management regime applicable to insurance businesses, foreign branches and insurance brokerage businesses;

c/ Conditions on individuals directly engaged in insurance auxiliary activities in insurance auxiliary service providers; criteria in the field of insurance auxiliary services; professional liability insurance for provision of insurance auxiliary services; provision of cross-border insurance auxiliary services; and supervision of provision of insurance auxiliary services.

2. This Decree applies to:

a/ Insurance businesses;

b/ Foreign branches;

c/ Insurance brokerage businesses and insurance agents;

d/ Individuals and organizations that provide insurance auxiliary services;
dd/ Other related organizations and individuals.”

^{^[1]} Công Báo Nos 871-872 (11/11/2019)

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Decree No. 80/2019/ND-CP amending the Decree No. 73/2016/ND-CP

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VIETNAMESE DOCUMENTS

ENGLISH DOCUMENTS

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