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Official Gazette

Friday, December 13, 2019

Decree specifies fines for monetary-banking violations

Updated: 08:48’ - 01/12/2019
The Government on November 14 issued a decree specifying administrative sanctions for violations in the monetary and banking sectors.

Under Decree 88/2019/ND-CP, from December 31, caution will be imposed on individuals who buy or sell a foreign-currency amount valued at under USD 1,000 from an unlicensed institution.

Conducting foreign exchange transactions at Vietcombank’s Dong Nai branch __Photo: Internet

A similar punishments will be applied to those who pay for goods or services with a foreign-currency amount equivalent to under USD 1,000.

Similar violations involving an amount of between USD 1,000 and USD 10,000 will face a fine of VND 10-20 million.

A fine of between VND 20 and VND 30 million will be imposed on institutions that fail to list exchange rates at transaction bureaus in accordance with law or list ambiguous information causing customer confusion.

The same fine will be given to individuals who buy or sell a foreign-currency amount equivalent to between USD 10,000 and under USD 100,000 from/to an unlicensed institution, or pay such amount for goods or services.

Violations involving USD 100,000 or more will be subject to a fine of VND 80-100 million.

A fine of up to VND 250 million will be imposed for illegally importing or exporting foreign currencies or Vietnam dong in cash.

Credit institutions that conduct illegal foreign exchange transactions with one another or with customers will be fined between VND 150 and 200 million.

Those that enter into foreign exchange agency contracts with unqualified institutions will face a VND 30-50 million fine, which is the same for those that fail to perform their duty as foreign exchange agents in accordance with law.- (VLLF)
 

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