From August 1, the Banking Supervision Agency under the State Bank of Vietnam (SBV) will be upgraded into a general department with more duties and rights.
Under Prime Minister Decision No. 35/2014/QD-TTg of June 12, defining the functions, tasks, powers and organizational structure of the Banking Supervision Agency, the new general department will have 11 affiliated departments and offices instead of nine under the current regulations.
The new agency will advise and assist the SBV in performing the state management of credit institutions and foreign bank branches, inspection, settlement of complaints and denunciations, anti-corruption, anti-money laundering activities and deposit insurance; conducting administrative, specialized and banking supervision in the areas under the SBV management; and implementing anti-money laundering and counter-terrorism financing policies in accordance with law and as assigned by the SBV Governor.
It will also assume responsibility for submitting to the SBV Governor draft laws, strategies, programs and projects on renovation and development of credit institutions before obtaining approval from the Prime Minister.
The new regulation will replace Decision No. 83/2009/QD-TTg of May 27, 2009.-