Decree No. 88/2019/ND-CP penalties for administrative violations against currency and banking regulations

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ATTRIBUTE

Decree No. 88/2019/ND-CP dated November 14, 2019 of the Government on penalties for administrative violations against currency and banking legal regulations
Issuing body: GovernmentEffective date:
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Official number:88/2019/ND-CPSigner:Nguyen Xuan Phuc
Type:DecreeExpiry date:Updating
Issuing date:14/11/2019Effect status:
Known

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Fields:Administrative violation , Finance - Banking

SUMMARY

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.

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Effect status: Known

THE GOVERNMENT
--------

SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
---------------

No. 88/2019/ND-CP

Hanoi, November 14, 2019

 

DECREE
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.

 

Chapter I
GENERAL PROVISIONS

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;

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 provision of credit information services;

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 of credit institutions and foreign bank branches;

k) Violations against regulations on credit institutions’ and foreign bank branches’ operation safety;

l) Violations against regulations on deposit insurance;

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

n) Violations against regulations on information communication, reporting;

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

p) Violation against regulations on debt purchase, sale and handling;

q) Violation against regulations on banking information technology safety.

Article 2. Subjects of application

1. This Decree applies to organizations and individuals that commit administrative violations in the fields of currency and banking.

2. Organizations prescribed in Clause 1 of this Article include:

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