Decree No. 88/2019/ND-CP penalties for administrative violations against currency and banking regulations
To fine up to VND 300 million with organization using bank card to conduct transactions for fraudulent purposes
On November 14, 2019, the Government issues the Decree No. 88/2019/ND-CP on penalties for administrative violations against currency and banking legal regulations.
Accordingly, the fines of VND 100 million to 150 million shall be applied to individual violating any of the following activities:
First, using bank cards to conduct transactions for fraudulent purposes; clearing bank card transactions against the related laws.
Second, transferring devices that accept cards and QR Codes to other users; accepting card payments without a card payment contract; unauthorizedly using devices that accept cards, QR Codes.
Third, implementing, organizing or facilitating other people to conduct fraudulent and forged card transactions; non-card payment transactions (without purchase of goods and provision of services).
This Decree also imposes a fine from VND 20 million to 30 million with individual fails to publicly post the buying and selling rates of foreign exchange trading at the transaction location or posts buying, selling exchange rates in unclear formats, with unclear details, causing misleading to the clients. In addition, individual that fail to publicize the buying, selling prices of gold bullions at the transaction locations shall be fined from VND 30 million to 50 million.
These above fines applied to individuals; with the same violating action, the fines applied to organizations double the rates applied to individuals.
This Decree takes effect on December 31, 2019.
For further details of the Decree 88/2019/ND-CP, Click here
translation of the Official Gazette of the Vietnam News Agency
SOCIALIST REPUBLIC OF VIETNAM
Hanoi, November 14, 2019
On penalties for administrative violations against
currency and banking legal regulations
Pursuant to the Law on Organization of the Government dated June 19, 2015;
Pursuant to the Law on Handling of 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; the Law dated November 20, 2017 amending and supplementing a number of articles of the Law on Credit Institutions;
Pursuant to the Law on Deposit Insurance dated June 18, 2012;
Pursuant to the Law on Prevention of Money Laundering dated June 18, 2012;
Pursuant to the Law on Anti-terrorism dated June 12, 2013;
Pursuant to the Law on Negotiable Instruments dated November 29, 2005;
Pursuant to the Ordinance on Foreign Exchange Control dated December 13, 2005, the Ordinance amending, supplementing a number of articles of the Ordinance on Foreign Exchange Control dated March 18, 2013;
At the request of the Governor of the State bank of Vietnam;
The Government hereby issues a Decree regulating penalties for administrative violations against currency and banking legal regulations.
Article 1. Scope of regulation
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 the fields off currency and banking.
2. Administrative violations in the fields off currency and banking 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;