LEGAL DOCUMENTS

Home / Document / Penalties for administrative violations in the monetary and banking sector (Decree 88/2019/ND-CP)

Text information

+ Issuing authority: Government

+ Document type: Other documents

Date of issuance: June 25, 2025

Effective date: July 1, 2025

Status: Still valid

Overview Summary

View full text

Penalties for administrative violations in the monetary and banking sector (Decree 88/2019/ND-CP)

Place of issuance:	Goverment	Effective date:	31/12/2019
Date of issue:	14/11/2019	Status:	Still in effect

GOVERMENT	SOCIAL REPUBLIC OF VIETNAM Independence - Freedom - Happiness
Number: 88 / 2019 / ND-CP	Hanoi, date 14 month 11 year 2019

DECREE

REGULATIONS ON PENALTIES FOR ADMINISTRATIVE VIOLATIONS IN THE FIELD OF CURRENCY AND BANKING

Based on the Law on Organization of the Government dated June 19, 2015;

Based on the Law on Handling Administrative Violations dated June 20, 2012;

Based on the Law on the State Bank of Vietnam dated June 16, 2010;

Based on the Law on Credit Institutions dated June 16, 2010, and the Law amending and supplementing a number of articles of the Law on Credit Institutions dated November 20, 2017;

Based on the Law on Deposit Insurance dated June 18, 2012;

Based on the Law on Prevention and Combatting Money Laundering dated November 18, 2012;

Based on the Law on Counter-Terrorism dated June 12, 2013;

Based on the Law on Negotiable Instruments dated November 29, 2005;

Based on the Foreign Exchange Ordinance dated December 13, 2005, and the Ordinance amending and supplementing a number of articles of the Foreign Exchange Ordinance dated March 18, 2013;

As requested by the Governor of the State Bank of Vietnam;

The government has issued a Decree stipulating penalties for administrative violations in the monetary and banking sector.

Chapter I

GENERAL RULES

Article 1. Scope

1. This Decree stipulates administrative violations, forms of penalties, penalty levels, remedial measures, authority to impose administrative penalties, and authority to draw up administrative violation reports in the monetary and banking sector.

2. Administrative violations in the monetary and banking sector include:

a) Violations of regulations regarding the management and use of licenses;

b) Violations of regulations concerning organization, governance, and operation;

c) Violations of regulations concerning shares, stocks, and capital contributions;

d) Violations of regulations regarding capital mobilization and service fees;

d) Violations of regulations on granting credit, receiving mandates, entrusting funds, and interbank operations;

e) Violating regulations on the provision of credit information services;

g) Violations of regulations concerning foreign exchange activities and gold trading;

h) Violations of regulations concerning payment, currency management, and treasury operations;

i) Violating regulations on the purchase and investment in fixed assets and real estate business of credit institutions and branches of foreign banks;

k) Violating regulations on ensuring the safety of operations of credit institutions and branches of foreign banks;

l) Violations of regulations on deposit insurance;

m) Violations of regulations on anti-money laundering; and anti-terrorism financing;

n) Violations of regulations regarding information and reporting procedures;

o) Violating regulations regarding obstructing inspections and failing to comply with requests from competent authorities;

p) Violations of regulations on the purchase, sale, and handling of debt;

q) Violations of regulations on information technology security in banking operations.

Article 2. Subjects liable to administrative penalties for violations

1. This Decree applies to organizations and individuals who commit administrative violations in the monetary and banking sector.

2. The organizations stipulated in Clause 1 of this Article include:

a) Credit institutions; subsidiaries of credit institutions (branches, transaction offices, representative offices, domestic business units; branches, representative offices, wholly-owned banks abroad); branches of foreign banks; representative offices of foreign credit institutions, other foreign organizations engaged in banking activities;

b) Enterprises; subsidiaries of enterprises (branches, representative offices);

c) Cooperatives, cooperative unions; subordinate units of cooperatives and cooperative unions (branches, representative offices);

d) Other organizations established and operating in Vietnam.

Article 3. Forms of punishment, amount of fines, authority to impose fines, and measures to remedy consequences.

1. Main forms of punishment:

a) Warning;

b) Fine.

2. Additional sanctioning forms:

a) Temporary revocation of licenses for the following purposes: foreign exchange agency registration certificate for a period of 01 to 03 months; foreign exchange collection and disbursement license and other foreign exchange activities for electronic game businesses with foreign visitors, casino business for a period of 03 to 06 months; individual foreign exchange desk establishment license for a period of 01 to 06 months; gold bullion trading license for a period of 06 to 09 months;

b) Temporary suspension applies to: foreign exchange activities for a period of 03 to 06 months, trust operations for a period of 01 to 03 months, debt trading activities for a period of 03 to 06 months, the provision of credit information services for a period of 01 to 03 months, and the use of third-party information technology services for a period of 01 to 03 months;

c) Confiscation of evidence and means used to commit administrative violations, confiscation of licenses that have been altered or erased, confiscation of foreign currency, Vietnamese Dong, and gold.

3. Fines and authority to impose fines:

a) The maximum fine for violations in the monetary and banking sector is VND 2.000.000.000 for organizations and VND 1.000.000.000 for individuals;

b) The fines stipulated in Chapter II of this Decree are the fines applicable to individuals; the fine for organizations committing the same administrative violation is twice the fine for individuals;

c) The fine for violations committed by individuals working at people's credit funds or microfinance institutions shall be 10% of the fine stipulated in Chapter II of this Decree; the fine for people's credit funds, microfinance institutions, and their affiliated units shall be twice the fine for individuals working at people's credit funds or microfinance institutions;

d) The authority to impose fines for each position specified in Chapter III of this Decree is the authority to impose fines applicable to individuals. The authority to impose fines applicable to organizations is twice the authority to impose fines applicable to individuals.

4. Remedies:

Depending on the nature and severity of the violation, organizations and individuals committing administrative violations in the monetary and banking sector may be subject to one or more of the following remedial measures as specifically stipulated in Chapter II of this Decree:

a) To compel the payment into the state budget of any illegal profits obtained from the violation; to compel debt recovery; to compel recovery of capital used improperly; to compel recovery of any outstanding credit balances exceeding the permitted limits;

b) Compelling divestment in subsidiaries and affiliated companies; compelling the sale of shares exceeding the prescribed ratio; compelling the transfer of shares or capital contributions; compelling the reinstatement of transferred shares;

c) Compelling the establishment of funds in accordance with the law; compelling compliance with safety ratios within a maximum period of 06 months; compelling the classification of assets and the establishment of risk provisions; compelling the reversal of risk provisions used improperly, transferring processed debts using risk provisions to be accounted for on the balance sheet in accordance with the law; compelling the immediate cancellation of internal regulations that are not in accordance with the law; compelling compliance with the law on information technology security in banking operations; compelling the maintenance of all conditions for the issuance of a certificate of eligibility to provide credit information services;

d) To compel the return/recovery of entrusted assets to the consignor; to compel the immediate return of collected insurance premiums, and the immediate recovery of insurance payments; to compel the restoration of the debt to its original state before the debt purchase and sale transaction was carried out;

d) To immediately correct any inaccurate information; to require the submission of a complete and accurate report; and to require the immediate payment of any outstanding insurance premiums;

e) Forcing counterfeit money to be stamped or punched with holes;

g) To order the destruction of all evidence and means used to commit the violation;

h) To maintain the prescribed ratio of fixed assets directly used in operations to charter capital, allocated capital, and supplementary capital reserve fund, in accordance with regulations;

i) Mandating the immediate public posting of a copy of the deposit insurance participation certificate; mandating the procedures for approving the listing of shares on a foreign stock market or suspending the listing of shares on a foreign stock market for violations;

k) No expansion of the scope, scale, or geographical area of operations is permitted until the violations have been rectified;

l) Dividends are not allowed to be distributed due to violations;

m) Not permitted to enter into card payment contracts with other card payment organizations;

n) Propose or request the competent authority to consider and apply measures such as: revoking licenses; revoking certificates of registration for foreign exchange agents; revoking licenses for opening and using foreign exchange accounts abroad; revoking licenses for establishing individual foreign exchange bureaus; revoking licenses for trading in gold bars; suspending or dismissing individuals holding management, executive, or supervisory positions; prohibiting individuals who violate and/or are responsible for violations from holding management, executive, or supervisory positions at credit institutions or branches of foreign banks; requesting credit institutions or branches of foreign banks to dismiss individuals and implement other disciplinary measures as prescribed by law for individuals who violate the regulations within the jurisdiction of the credit institution or branch of a foreign bank;

o) Replace elected or appointed individuals, or propose to the competent authority to dismiss elected or appointed individuals who violate regulations.

Chapter II

ADMINISTRATIVE VIOLATIONS, FORMS OF PENALTY, AND AMOUNT OF FINE

Section 1. VIOLATIONS OF REGULATIONS ON THE MANAGEMENT AND USE OF LICENSES

Article 4. Violations of regulations concerning licenses issued by the State Bank of Vietnam.

1. A fine of VND 20.000.000 to VND 40.000.000 shall be imposed for the act of using an organization's name on documents and papers in business operations that does not match the name of the organization as stated in the license.

2. A fine of VND 40.000.000 to VND 50.000.000 shall be imposed for failing to meet the conditions for opening a business as stipulated in Clause 2, Article 26 of the Law on Credit Institutions.

3. A fine of between VND 100.000.000 and VND 150.000.000 shall be imposed on one of the following acts of violation:

a) Lending, leasing, buying, selling, or transferring licenses;

b) Erasing or altering a license in a way that changes its content but does not warrant criminal prosecution, except in cases stipulated in point b, clause 4, Article 27 of this Decree.

4. A fine of between VND 150.000.000 and VND 200.000.000 shall be imposed on one of the following acts of violation:

a) Fraudulent or falsified documents proving eligibility for a license in the license application file, but not to the extent of being subject to criminal prosecution, except in cases stipulated in Clause 2 of Article 18 and Point a of Clause 4 of Article 27 of this Decree;

b) Operating outside the scope of the license, except as stipulated in Clause 6 of Article 17, Point o of Clause 4, Point c of Clause 8 of Article 23, Point c of Clause 5, Clause 6 of Article 24, and Point c of Clause 4 of Article 27 of this Decree.

5. A fine of VND 300.000.000 to VND 400.000.000 shall be imposed for continuing operations after being subjected to restrictive, suspension, or temporary suspension measures by competent authorities as prescribed in point c, clause 2, Article 59 of the Law on the State Bank of Vietnam.

6. A fine of VND 400.000.000 to VND 500.000.000 shall be imposed for operating without a license, except in cases stipulated in point c, clause 8, Article 23, clause 8, Article 24, and clause 5, Article 27 of this Decree.

7. Additional sanctioning forms:

The evidence, which is the license that has been altered or tampered with, shall be confiscated in connection with the act specified in point b, clause 3 of this Article.

8. Remedies:

a) To compel the payment into the state budget of any illegal profits obtained from committing acts violating the provisions of Clauses 3, 4, 5, and 6 of this Article;

b) Request the competent authority to revoke the license for violations specified in clauses 4 and 5 of this Article;

c) Propose or request the competent authority to consider and apply measures to suspend for 01 to 3 months or dismiss from management, executive, or supervisory positions; and prohibit individuals who violate and/or are responsible for violations of the provisions of Clauses 03, 4, 5, and 6 of this Article from holding management, executive, or supervisory positions at credit institutions or branches of foreign banks.

Request credit institutions and branches of foreign banks to dismiss and take other disciplinary measures in accordance with the law against individuals who violate regulations within the jurisdiction of the credit institution or branch of a foreign bank.

Article 5. Violations of regulations regarding changes that require written approval from the State Bank of Vietnam.

1. A fine of VND 20.000.000 to VND 40.000.000 shall be imposed for the act of carrying out banking activities or operations without written approval from the State Bank of Vietnam.

2. A fine of VND 50.000.000 to VND 100.000.000 shall be imposed for committing any of the following acts without written approval from the State Bank of Vietnam:

a) Change of name of credit institution, foreign bank branch;

b) Temporarily suspending business operations for 05 working days or more, except in cases of suspension due to force majeure;

c) Establishing branches and transaction offices domestically; establishing representative offices and business units domestically; establishing branches, representative offices, and wholly-owned banks abroad of credit institutions; and commencing operations of branches and transaction offices domestically.

3. A fine of VND 100.000.000 to VND 150.000.000 shall be imposed for the following acts: buying and selling or transferring ownership stakes; buying and selling or transferring capital contributions of contributing members; buying and selling or transferring shares of major shareholders; buying and selling or transferring shares resulting in a major shareholder becoming a regular shareholder and vice versa without written approval from the State Bank of Vietnam.

4. A fine of VND 150.000.000 to VND 200.000.000 shall be imposed for changing the charter capital or allocated capital without written approval from the State Bank of Vietnam.

5. A fine of VND 200.000.000 to VND 250.000.000 shall be imposed for committing any of the following acts without written approval from the State Bank of Vietnam:

a) Changes to the location of the head office or branches of credit institutions, or the location of the head office of foreign bank branches;

b) Listing shares on a foreign stock market.

6. A fine of VND 250.000.000 to VND 300.000.000 shall be imposed for committing any of the following acts without written approval from the State Bank of Vietnam:

a) Establishing or acquiring subsidiaries or affiliated companies as stipulated in Clauses 2 and 3 of Article 103 and Clause 3 of Article 110 of the Law on Credit Institutions;

b) Contributing capital, purchasing shares, transferring capital contributions, and repurchasing capital contributions of credit institutions as stipulated in Article 71 and point b, clause 4, Article 103 of the Law on Credit Institutions;

c) Participation in international payment systems;

d) Repurchasing shares from shareholders where, after full payment for the repurchased shares, the charter capital is reduced as stipulated in Article 57 of the Law on Credit Institutions.

7. A fine of VND 400.000.000 to VND 500.000.000 shall be imposed for the act of dividing, separating, merging, consolidating, or converting the legal form of a credit institution or branch of a foreign bank without written approval from the competent authority.

8. Remedies:

a) Dividends shall not be distributed for violations of the regulations specified in point d, clause 6 of this Article until the charter capital is restored;

b) Compulsory divestment in subsidiaries and affiliated companies for violations of the regulations specified in points a and b of Clause 6 of this Article;

c) To compel the completion of the procedures for approving the listing of shares on a foreign stock market within a period of 01 to 03 months, or to suspend the listing of shares on a foreign stock market, for violations of the provisions of point b, clause 5 of this Article;

d) Propose or request the competent authority to consider and apply measures to suspend for 01 to 3 months or dismiss from management, executive, or supervisory positions; prohibit individuals who violate and/or are responsible for violations of the provisions of Clauses 03, 5, and points b and d of Clause 6 of this Article from holding management, executive, or supervisory positions at credit institutions or branches of foreign banks.

Section 2. VIOLATIONS OF REGULATIONS ON ORGANIZATION, GOVERNANCE, AND OPERATION

Article 6. Violations of regulations on organization, governance, and operation.

1. A fine of between VND 20.000.000 and VND 30.000.000 shall be imposed on one of the following acts of violation:

a) Violating regulations concerning the Board of Directors, Board of Members, and Supervisory Board as stipulated in Articles 43, 44, 62, Clause 1 of Article 70, Article 81, and Article 84 of the Law on Credit Institutions;

b) Failing to maintain full compliance with the conditions and standards for members of the Board of Directors, Supervisory Board, and General Director (Director) as stipulated in the Law on Credit Institutions;

c) Failure to hold or holding a General Meeting of Shareholders or a Meeting of Members in violation of regulations.

2. A fine of VND 30.000.000 to VND 50.000.000 shall be imposed for the act of electing or appointing individuals who are not permitted to jointly hold the positions stipulated in Article 34 and Clause 3 of Article 83 of the Law on Credit Institutions.

3. A fine of between VND 100.000.000 and VND 150.000.000 shall be imposed on one of the following acts of violation:

a) Electing or appointing individuals who are not permitted to hold positions as stipulated in Clauses 2 and 3 of Article 33 of the Law on Credit Institutions;

b) Electing or appointing individuals to positions specified in Clause 5 of Article 50 and Clause 2 of Article 75 of the Law on Credit Institutions who do not meet the standards and conditions prescribed by law.

4. A fine of VND 150.000.000 to VND 200.000.000 shall be imposed for the act of electing or appointing individuals to positions who do not meet the standards and conditions stipulated in Clauses 1, 2, 3, and 4 of Article 50 of the Law on Credit Institutions.

5. A fine of between VND 200.000.000 and VND 250.000.000 shall be imposed on one of the following acts of violation:

a) Electing or appointing individuals who are not permitted to hold positions as stipulated in Clause 1, Article 33 of the Law on Credit Institutions;

b) Electing or appointing personnel not included in the list of prospective personnel approved by the State Bank of Vietnam.

6. Remedies:

Replace elected or appointed individuals, or propose to the competent authority to dismiss elected or appointed individuals who violate the provisions of Clauses 2, 3, 4, and 5 of this Article.

Article 7. Violations of regulations on the promulgation of charters and internal regulations.

1. A fine of between VND 10.000.000 and VND 20.000.000 shall be imposed on one of the following acts of violation:

a) Not submitting to the State Bank of Vietnam one or more internal regulations as prescribed by law, except as stipulated in Article 40 of this Decree;

b) Failure to submit to the State Bank of Vietnam the charter, or amended and supplemented charter, of the credit institution as prescribed in Clause 3, Article 31 of the Law on Credit Institutions;

c) Issuing internal regulations that are incomplete according to legal requirements.

2. A fine of between VND 40.000.000 and VND 80.000.000 shall be imposed on one of the following acts of violation:

a) Failure to issue one or more internal regulations as required by law;

b) Issuing internal regulations that contain provisions contrary to the law.

3. Remedies:

The internal regulations that are not in accordance with the law must be immediately revoked for violations of the provisions of point b, clause 2 of this Article.

Article 8. Violations of regulations concerning internal control systems and independent audits.

1. A fine of VND 20.000.000 to VND 30.000.000 shall be imposed for the act of failing to report the results of internal audits, independent audits, and reports on the internal control system as prescribed by law.

2. A fine of between VND 30.000.000 and VND 50.000.000 shall be imposed on one of the following acts of violation:

a) Failure to select an independent auditing organization as stipulated in Clause 1, Article 42 of the Law on Credit Institutions;

b) Failure to notify the State Bank of Vietnam about the selected independent auditing firm within 30 days as stipulated in Clause 2, Article 42 of the Law on Credit Institutions.

3. A fine of between VND 80.000.000 and VND 100.000.000 shall be imposed on one of the following acts of violation:

a) Internal audits fail to carry out the tasks stipulated in Clause 2, Article 41 of the Law on Credit Institutions and other relevant legal regulations;

b) Failure to conduct independent audits as prescribed in Clause 1, Article 42 of the Law on Credit Institutions and other legal regulations; failure to conduct a re-audit in cases where the audit report contains a qualified opinion from an independent auditing organization as prescribed in Clause 3, Article 42 of the Law on Credit Institutions and other legal regulations;

c) Failure to implement senior management oversight, internal control, risk management, and internal assessment of capital adequacy levels as required by law.

4. A fine of VND 100.000.000 to VND 150.000.000 shall be imposed for the act of failing to establish a dedicated internal audit team under the Supervisory Board.

5. A fine of VND 200.000.000 to VND 250.000.000 shall be imposed for the act of failing to establish an internal control system as prescribed in Clauses 1 and 2 of Article 40 of the Law on Credit Institutions.

Section 3. VIOLATIONS OF REGULATIONS CONCERNING SHARES, STOCK, AND CAPITAL CONTRIBUTIONS

Article 9. Violations of regulations concerning shares, stocks, and limits on capital contributions, transfers, and repayment of capital contributions.

1. A fine of between VND 50.000.000 and VND 100.000.000 shall be imposed on one of the following acts of violation:

a) No shares shall be issued in the form of certificates within 30 days from the date of commencement of operations for newly established credit institutions, or within 30 days from the date shareholders fully pay for the shares they committed to purchase for credit institutions increasing their charter capital;

b) Founding shareholders do not hold the minimum number of shares required in terms of percentage and duration as stipulated in Clause 5, Article 55 of the Law on Credit Institutions;

c) Violating regulations regarding capital contribution limits, ownership ratios, transfer, and return of capital contributions by contributing members as prescribed by law.

2. A fine of between VND 100.000.000 and VND 150.000.000 shall be imposed on one of the following acts of violation:

a) Owning shares exceeding the prescribed ratios in Clauses 1, 2, and 3 of Article 55 of the Law on Credit Institutions;

b) Repurchasing shares from shareholders where, after full payment for the repurchased shares, the bank fails to meet the safety ratios for banking operations as stipulated in Clause 1, Article 130 of the Law on Credit Institutions;

c) Transferring shares in violation of the provisions of Clause 4, Article 56 of the Law on Credit Institutions.

3. Remedies:

a) To compel the sale of shares exceeding the prescribed ratio within a maximum period of 06 months from the date the administrative penalty decision takes effect for the violation specified in point a, clause 2 of this Article;

b) To compel compliance with the safety assurance ratio within a maximum period of 06 months for violations of the regulations specified in point b, clause 2 of this Article;

c) Dividends shall not be distributed for violations of the provisions of Clause 2 of this Article until the violation is rectified;

d) Propose or request the competent authority to consider and apply measures to suspend for a period of 01 to 03 months or dismiss from management, executive, or supervisory positions; prohibit individuals who violate and/or are responsible for violations of the provisions of Clause 2 of this Article from holding management, executive, or supervisory positions at credit institutions or branches of foreign banks.

d) Compulsory transfer of shares in accordance with the law for violations of the provisions of point c, clause 2 of this Article.

Article 10. Violations of regulations on capital contribution and share purchase.

1. A fine of VND 100.000.000 to VND 150.000.000 shall be imposed for the act of using capital sources other than charter capital and reserve funds to contribute capital or purchase shares in violation of the provisions of Clause 1, Article 103 and Clause 1, Article 110 of the Law on Credit Institutions.

2. A fine of VND 150.000.000 to VND 200.000.000 shall be imposed for conducting business activities as stipulated in Clause 2, Article 103 of the Law on Credit Institutions without establishing or acquiring a subsidiary or affiliated company.

3. A fine of VND 200.000.000 to VND 250.000.000 shall be imposed for the act of purchasing or holding shares of other credit institutions in violation of the conditions and exceeding the limits prescribed by the State Bank of Vietnam.

4. A fine of between VND 250.000.000 and VND 300.000.000 shall be imposed on one of the following acts of violation:

a) Violations of the limits on capital contributions and share purchases stipulated in Article 129 of the Law on Credit Institutions;

b) Violating regulations on capital contribution and share purchase as stipulated in Article 135 of the Law on Credit Institutions.

5. Remedies:

a) Mandatory recovery of funds misused in violation of the provisions of Clause 1 of this Article;

b) Forcing the transfer of capital contributions or shares in violation of regulations as stipulated in Clause 4 of this Article;

c) Dividends shall not be distributed in cases of violations of the provisions of this Article until the violation is rectified;

d) To compel the payment into the state budget of any illegal profits obtained from committing acts violating the provisions of Clauses 1, 2, and 3 of this Article;

d) Prohibiting the expansion of the scope, scale, and geographical area of operations until the violations stipulated in this Article have been rectified;

e) Propose or request the competent authority to consider and apply measures to suspend from 1 to 3 months or dismiss from management, executive, or supervisory positions; and prohibit individuals who violate and/or are responsible for violations of the provisions of Clauses 01, 2, 03, and 4 of this Article from holding management, executive, or supervisory positions at credit institutions or branches of foreign banks.

Article 11. Violations of regulations on offering and transferring shares.

1. A fine of VND 150.000.000 to VND 200.000.000 shall be imposed for the act of transferring shares during the period of holding office as stipulated in Clause 1, Article 56 of the Law on Credit Institutions.

2. A fine of VND 250.000.000 to VND 300.000.000 shall be imposed for the act of transferring shares during the period of handling the consequences according to the resolution of the General Meeting of Shareholders or the decision of the State Bank of Vietnam, due to the personal responsibility of a member of the Board of Directors, a member of the Supervisory Board, or the General Director (Director), except for one of the cases specified in points a, b, and c of Clause 2, Article 56 of the Law on Credit Institutions.

3. Remedies:

a) The transferred shares as stipulated in this Article shall be reinstated within a maximum period of 06 months from the date the administrative penalty decision takes effect;

b) Propose or request the competent authority to consider and apply measures to suspend for a period of 01 to 03 months or dismiss from management, executive, or supervisory positions; and prohibit individuals who violate and/or are responsible for violations of the provisions of this Article from holding management, executive, or supervisory positions at credit institutions or branches of foreign banks.

Section 4. VIOLATIONS OF REGULATIONS ON CAPITAL MOBILIZATION AND SERVICE FEES

Article 12. Violations of regulations on receiving deposits

1. A fine of between VND 20.000.000 and VND 40.000.000 shall be imposed on one of the following acts of violation:

a) Failure to disclose or publicly post information that is required to be disclosed or publicly posted regarding the receipt of deposits and the issuance of securities as prescribed by law;

b) Accepting deposits or issuing securities that do not conform to the content that has been publicly announced or listed;

c) Receiving deposits and paying out deposits without following the procedures prescribed by law.

2. A fine of between VND 100.000.000 and VND 150.000.000 shall be imposed on one of the following acts of violation:

a) Receiving deposits or issuing securities to individuals who are not eligible to deposit money or purchase securities as stipulated by law;

b) Receiving deposits or issuing securities in violation of the law, except for cases specified in Clause 1 and Point a of Clause 2 of this Article.

Article 13. Violations of regulations on interest rates for capital mobilization, service fees, business, and provision of derivative products.

1. A fine of between VND 10.000.000 and VND 20.000.000 shall be imposed on one of the following acts of violation:

a) Failure to publicly list deposit interest rates and service fees as required by regulations;

b) Listing deposit interest rates and service fees in an unclear manner, causing confusion for customers;

c) Collecting service fees in violation of legal regulations, except for cases specified in point a, clause 4, Article 14 and point m, clause 4, Article 23 of this Decree.

2. A fine of VND 20.000.000 to VND 40.000.000 shall be imposed for the act of applying deposit interest rates or service fees higher than those listed.

3. A fine of VND 50.000.000 to VND 100.000.000 shall be imposed for violations of regulations on interest rates for capital mobilization; trading and providing derivative products on interest rates, currencies, commodity prices and other financial assets, except for cases specified in Clauses 1 and 2 of this Article and Point a, Clause 8, Article 23 of this Decree.

4. Remedies:

a) To compel the payment into the state budget of any illegal profits obtained from violating the service fee rates stipulated in this Article;

b) Propose or request the competent authority to consider and apply measures to suspend from 3 to 01 months or dismiss from management, executive, or supervisory positions; prohibit individuals who violate and/or are responsible for violations of the provisions of Clause 03 of this Article from holding management, executive, or supervisory positions at credit institutions or branches of foreign banks.

Section 5. VIOLATIONS OF REGULATIONS ON CREDIT GRANT, TRUST, DELEGATES AND INTERBANK ACTIVITIES

Article 14. Violations of regulations on credit granting

1. A fine of between VND 10.000.000 and VND 15.000.000 shall be imposed on one of the following acts of violation:

a) Maintaining credit records in a manner inconsistent with legal regulations;

b) Issuing guarantee commitments not in the format designed by the credit institution or foreign bank branch;

c) Failure to publicly display information, or failure to provide complete information and documents to customers as required by law.

2. A fine of VND 15.000.000 to VND 20.000.000 shall be imposed for the act of failing to inspect and supervise the use of loan capital and debt repayment by customers in accordance with the law.

3. A fine of between VND 20.000.000 and VND 30.000.000 shall be imposed on one of the following acts of violation:

a) Drafting credit contracts or agreements that do not contain all the contents required by law;

b) Waiving or reducing interest rates on credit without issuing internal regulations; waiving or reducing interest rates on credit in violation of internal regulations;

c) Transferring overdue debts or restructuring repayment terms in violation of legal regulations;

d) Applying credit interest rates that are not in accordance with the law;

d) Collecting interest on overdue debts in violation of the law;

e) Collecting overdue loan payments in violation of the law.

4. A fine of between VND 30.000.000 and VND 40.000.000 shall be imposed on one of the following acts of violation:

a) Collecting fees related to credit granting activities in violation of the law;

b) Using disbursement methods that are not in accordance with regulations, except as stipulated in point g, clause 4, Article 23 of this Decree.

5. A fine of between VND 40.000.000 and VND 50.000.000 shall be imposed on one of the following acts of violation:

a) Granting credit without a written contract or agreement;

b) Granting credit to organizations or individuals that do not meet the eligibility requirements as stipulated by law;

c) Granting unsecured credit or credit with preferential conditions to entities specified in Clause 1, Article 127 of the Law on Credit Institutions;

d) Violating regulations on credit granting as stipulated in Clause 3, Article 127 of the Law on Credit Institutions;

d) Lending to meet capital needs that are not permitted under the law;

e) Signing guarantee agreements or guarantee commitments without proper authority as prescribed by law;

g) Factoring in one or more cases where factoring is not permitted under the law.

6. A fine of between VND 80.000.000 and VND 120.000.000 shall be imposed on one of the following acts of violation:

a) Violating the credit granting limits stipulated in Clauses 2 and 4 of Article 127, and Clauses 1, 2, and 8 of Article 128 of the Law on Credit Institutions;

b) Granting credit in other forms without the approval of the State Bank of Vietnam;

c) Violating regulations on the maximum loan amount of credit institutions when lending for overseas investment.

7. A fine of VND 120.000.000 to VND 180.000.000 shall be imposed for violations of the limits and conditions for granting credit for investment and trading in stocks, and the limits and conditions for granting credit for investment and trading in corporate bonds by credit institutions and branches of foreign banks.

8. A fine of VND 250.000.000 to VND 300.000.000 shall be imposed for the act of granting credit to organizations and individuals as stipulated in Clauses 1, 3, 4, 5 and 6 of Article 126 of the Law on Credit Institutions.

9. Remedies:

a) Mandatory recovery of the outstanding credit balance exceeding the limit within a maximum period of 06 months from the date the administrative penalty decision takes effect for violations of the provisions in point a, clause 6, and clause 7 of this Article;

b) To compel debt recovery within a maximum period of 06 months from the date the administrative penalty decision takes effect for violations of the regulations specified in points b and d of clause 5, point b of clause 6, and clause 8 of this Article;

c) Compel major shareholders and founding shareholders to transfer their shares or capital contributions in accordance with the law within a maximum period of 06 months from the date the administrative penalty decision takes effect for violations of the provisions in points b, c, d of clause 5, and point a of clause 6 of this Article;

d) Propose or request the competent authority to consider and apply measures to suspend for a period of 01 to 03 months or dismiss from management, executive, or supervisory positions; prohibit individuals who violate and/or are responsible for violations of the provisions of Clause 5, Point a of Clause 6, Clause 7, and Clause 8 of this Article from holding management, executive, or supervisory positions at credit institutions or branches of foreign banks.

Article 15. Violations of regulations on receiving and entrusting mandates.

1. A fine of between VND 80.000.000 and VND 100.000.000 shall be imposed on one of the following acts of violation:

a) Accepting mandates, or delegating mandates to entities other than those stipulated by law, in violation of legal regulations;

b) Drafting a trust agreement that does not comply with legal regulations.

2. A fine of VND 100.000.000 to VND 150.000.000 shall be imposed for the act of receiving or granting mandates without complying with the mandate principles as prescribed by law.

3. Additional sanctioning forms:

The entrusted banking operations of credit institutions and branches of foreign banks shall be suspended for a period of 01 to 03 months for violations of the regulations in this Article.

4. Remedies:

a) To compel the return/recovery of entrusted assets to the trustee in the event of a violation of the provisions of this Article;

Article 16. Violations of regulations on the purchase of corporate bonds

1. A fine of VND 15.000.000 to VND 30.000.000 shall be imposed for the act of failing to supervise the use of funds raised from the issuance of corporate bonds.

2. A fine of VND 30.000.000 to VND 40.000.000 shall be imposed for the act of drafting a corporate bond purchase contract that does not contain all the contents prescribed by law.

3. A fine of VND 40.000.000 to VND 50.000.000 shall be imposed for the act of purchasing corporate bonds without a contract.

4. A fine of between VND 100.000.000 and VND 150.000.000 shall be imposed on one of the following acts of violation:

a) To appraise and examine the bond issuance plan and conditions of the enterprise to consider and decide whether to purchase corporate bonds when the conditions stipulated by law have not been fully met;

b) Failing to assess and verify the bond issuance plan and conditions of the enterprise;

c) Violating regulations regarding the purchase of convertible corporate bonds;

d) Purchasing corporate bonds issued for the purpose of restructuring the company's debts.

5. Remedies:

a) To compel debt recovery within a maximum period of one year from the date the administrative penalty decision takes effect for the violation specified in Clause 4 of this Article;

b) Propose or request the competent authority to consider and apply measures to suspend for a period of 01 to 03 months or dismiss from management, executive, or supervisory positions; and prohibit individuals who violate and/or are responsible for violations of the provisions of Clause 4 of this Article from holding management, executive, or supervisory positions at credit institutions or branches of foreign banks.

Article 17. Violations of regulations in interbank operations

1. A fine of between VND 10.000.000 and VND 20.000.000 shall be imposed on one of the following acts of violation:

a) Updating and maintaining information on lending and borrowing transactions; buying and selling securities with a maturity date in violation of the law;

b) Failure to confirm the transaction as required;

c) Drafting loan or repurchase agreements for securities that do not comply with the form and content regulations prescribed by law.

2. A fine of between VND 20.000.000 and VND 30.000.000 shall be imposed on one of the following acts of violation:

a) Failure to comply with regulations regarding the terms of lending, borrowing, depositing, receiving deposits, and buying and selling securities with a maturity date;

b) Not carrying out transactions involving lending, borrowing, depositing, receiving deposits, or buying and selling securities denominated in Vietnamese Dong with a maturity date through the interbank electronic payment system as prescribed by law;

c) Failure to follow the prescribed procedures for buying and selling securities;

d) Conducting lending, borrowing, depositing, or receiving deposit transactions outside the scope of authorization.

3. A fine of VND 30.000.000 to VND 40.000.000 shall be imposed for conducting lending or borrowing transactions outside the premises of a foreign bank branch in Vietnam.

4. A fine of between VND 40.000.000 and VND 50.000.000 shall be imposed on one of the following acts of violation:

a) Failure to comply with general principles when conducting lending and borrowing transactions; buying and selling securities with a maturity date between credit institutions and branches of foreign banks; depositing money with other credit institutions in violation of the law;

b) Failing to review and reassess customers as required to redefine credit limits for each customer;

c) Failure to comply with regulations regarding the provision of information to lenders for the purpose of customer assessment and determining transaction limits.

5. A fine of VND 80.000.000 to VND 120.000.000 shall be imposed for the act of buying or selling securities on a forward basis that are not permitted to be bought or sold.

6. A fine of VND 150.000.000 to VND 200.000.000 shall be imposed for the act of borrowing, lending, buying, or selling securities denominated in foreign currency outside the scope of foreign exchange activities licensed by the State Bank of Vietnam.

7. Remedies:

Propose or request the competent authority to consider and apply measures to suspend for 01 to 6 months or dismiss from management, executive, or supervisory positions; and prohibit from holding management, executive, or supervisory positions at credit institutions or branches of foreign banks for individuals who violate and/or are responsible for violations of the provisions of Clauses 5 and 03 of this Article.

Section 6. VIOLATIONS OF REGULATIONS ON THE PROVISION OF CREDIT INFORMATION SERVICES

Article 18. Violations of regulations on the principles and conditions for providing credit information services.

1. A fine of between VND 20.000.000 and VND 40.000.000 shall be imposed on one of the following acts of violation:

a) Failure to ensure that at least one of the conditions for granting a Certificate of Eligibility to operate credit information services is maintained;

b) Agreements and commitments in the provision of credit information services are not drawn up in the correct form as prescribed by law;

c) Failure to disclose information as required by law.

2. A fine of VND 40.000.000 to VND 60.000.000 shall be imposed for fraudulent acts or forgery of documents proving eligibility to obtain a certificate of eligibility to operate credit information services in the application dossier, provided that such acts do not constitute a criminal offense.

3. A fine of VND 200.000.000 to VND 250.000.000 shall be imposed for the act of providing credit information services without a Certificate of Eligibility to operate credit information services issued by the State Bank of Vietnam.

4. Remedies:

a) To compel the payment into the state budget of any illegal profits obtained from committing acts violating the provisions of Clauses 2 and 3 of this Article;

b) Request the competent authority to revoke the certificate of eligibility to operate credit information services for violations of the regulations specified in Clauses 2 and 3 of this Article;

c) Requiring the maintenance of all conditions for granting a Certificate of Eligibility to operate credit information services for violations of the provisions in point a, clause 1 of this Article.

Article 19. Violations of regulations on the collection and processing of credit information.

1. A fine of between VND 20.000.000 and VND 40.000.000 shall be imposed on one of the following acts of violation:

a) Collecting credit information outside the scope prescribed by law;

b) Collecting credit information of borrowers without their consent, except in cases where the information is collected at the request of a competent state agency;

c) Using negative information about borrowers to create credit information products in violation of the law;

d) Obstructing the lawful collection of credit information by organizations and individuals.

2. A fine of VND 40.000.000 to VND 80.000.000 shall be imposed for intentionally falsifying credit information.

3. A fine of VND 80.000.000 to VND 100.000.000 shall be imposed for the act of illegally collecting information classified as State secrets.

4. Additional sanctioning forms:

a) Confiscate the means used to commit the violation specified in Clause 3 of this Article;

b) Suspend the provision of credit information services for a period of 01 to 3 months for violations of the regulations specified in Clauses 2 and 03 of this Article.

5. Remedies:

Immediate correction of false information is required for violations of the regulations specified in Clause 2 of this Article.

Article 20. Violations of regulations on the security and storage of credit information.

A fine of between VND 20.000.000 and VND 40.000.000 shall be imposed for any of the following violations:

1. Failure to implement regulations and procedures for information technology security and safety in the provision of credit information services;

2. Credit information of borrowers shall not be retained for a minimum period of 05 years from the date the credit information service provider receives it;

3. Failure to conduct annual reviews and assessments of internal regulations regarding their appropriateness and compliance with legal requirements.

Article 21. Violations of regulations on the exploitation and use of products and services and the exchange and provision of credit information.

1. A fine of between VND 10.000.000 and VND 20.000.000 shall be imposed on one of the following acts of violation:

a) Providing or copying credit information products for third parties in violation of the law;

b) No recommendations are given to users regarding the principles and scope of use of credit information products.

2. A fine of between VND 20.000.000 and VND 40.000.000 shall be imposed on one of the following acts of violation:

a) Modifying credit information products to provide to third parties in violation of the law;

b) Providing or exchanging credit information, or providing credit information products without the borrower's consent as stipulated in the agreement, in violation of the law;

c) Hindering the lawful use of credit information by organizations and individuals;

d) Failure to publicly list the prices for providing credit information products as required by law.

3. Additional sanctioning forms:

Suspension of credit information service provision for a period of 01 to 03 months for violations of the regulations specified in Clause 2 of this Article.

4. Remedies:

The offender shall be required to pay into the state budget any illegal profits obtained from committing acts violating the provisions of point a, clause 1 and clause 2 of this Article.

Article 22. Violations of regulations on correcting errors in borrower credit information.

A fine of between VND 10.000.000 and VND 15.000.000 shall be imposed for any of the following violations:

1. Failure to respond to written requests for correction of errors or failure to notify the results of the error correction as required by law;

2. Failure to correct or coordinate the correction of errors in borrowers' credit information as required by law.

Section 7. VIOLATIONS OF REGULATIONS ON FOREIGN EXCHANGE AND GOLD TRADING ACTIVITIES

Article 23. Violations of regulations on foreign exchange activities

1. A warning penalty will be issued for any of the following violations:

a) Buying and selling foreign currency between individuals where the value of the foreign currency bought or sold is less than 1.000 US dollars (or other foreign currency of equivalent value);

b) Buying or selling foreign currency at an organization not authorized to collect foreign currency where the value of the foreign currency bought or sold is less than 1.000 US dollars (or other foreign currency of equivalent value);

c) Paying for goods and services in foreign currency with a value of less than US$1.000 (or other foreign currency of equivalent value) is not in accordance with the law.

2. A fine of between VND 10.000.000 and VND 20.000.000 shall be imposed on one of the following acts of violation:

a) Buying and selling foreign currency between individuals where the value of the foreign currency bought or sold is from US$1.000 to less than US$10.000 (or other foreign currency of equivalent value); buying and selling foreign currency between individuals where the value of the foreign currency bought or sold is less than US$1.000 (or other foreign currency of equivalent value) in cases of repeat offenses or multiple violations;

b) Buying or selling foreign currency at an organization not authorized to collect foreign currency where the value of the foreign currency bought or sold is from US$1.000 to less than US$10.000 (or other foreign currency of equivalent value); buying or selling foreign currency at an organization not authorized to collect foreign currency where the value of the foreign currency bought or sold is less than US$1.000 (or other foreign currency of equivalent value) in cases of repeat offenses or multiple violations;

c) Paying for goods and services in foreign currency with a value of less than US$1.000 (or other foreign currency of equivalent value) in violation of the law in cases of repeat offenses or multiple violations; paying for goods and services in foreign currency with a value from US$1.000 to less than US$10.000 (or other foreign currency of equivalent value) in violation of the law.

3. A fine of between VND 20.000.000 and VND 30.000.000 shall be imposed on one of the following acts of violation:

a) Failure to display the buying and selling exchange rates for foreign currencies at the transaction location as required by law;

b) Listing the buying and selling exchange rates for foreign currencies, but the form and content of the exchange rate listing are unclear, causing confusion for customers;

c) Failure to publicly list and announce the exchange rates between Vietnamese Dong, foreign currencies, and conventional currencies in the business of electronic games with prizes for foreigners and casino operations; listing and publicly announcing the exchange rates between the face value of conventional currencies and Vietnamese Dong, foreign currencies, in the business of electronic games with prizes for foreigners and casino operations in violation of the law;

d) Failure to comply with legal regulations regarding registration and notification to the State Bank of Vietnam branch in the province or city for changes related to foreign exchange agency activities;

d) Failure to comply with legal regulations regarding notification and procedures for requesting approval from the State Bank of Vietnam for changes, additions, or terminations of contracts related to the provision of foreign currency receipt and payment services;

e) Failure to comply with legal regulations regarding the procedures for requesting the State Bank of Vietnam's approval of adjustments, amendments, and supplements to licenses for foreign currency collection and disbursement and other foreign exchange activities, in cases of changes to the name of businesses operating electronic games with prizes for foreigners, the name of businesses operating casinos, or the name of organizations opening foreign currency accounts abroad;

g) Failure to comply with legal regulations on administrative procedures for: procedures for accepting the transfer of foreign currency abroad before investment; registration and registration of changes to foreign loans and international bond issuances; registration and registration of changes to overseas loans and debt recovery guarantees for non-residents; registration and registration of changes to foreign exchange transactions related to overseas investment activities; registration of overseas bonus share programs; registration of proprietary trading limits; registration of temporary proprietary trading limits; registration of entrusted funds limits; registration of temporary entrusted funds limits and other administrative procedures related to capital transactions; administrative procedures for other cases of indirect overseas investment;

h) Buying and selling foreign currency between individuals where the value of the foreign currency bought or sold is from US$10.000 to less than US$100.000 (or other foreign currency of equivalent value);

i) Buying or selling foreign currency at an organization not authorized to collect foreign currency where the value of the foreign currency bought or sold is from US$10.000 to less than US$100.000 (or other foreign currency of equivalent value);

k) Paying for goods and services in foreign currency with a value ranging from US$10.000 to less than US$100.000 (or other foreign currency of equivalent value) in violation of the law;

l) Buying or selling foreign currency at rates other than those stipulated by the State Bank of Vietnam, except for cases specified in points d and m of Clause 4 of this Article; collecting foreign currency transaction fees contrary to the law.

4. A fine of between VND 30.000.000 and VND 50.000.000 shall be imposed on one of the following acts of violation:

a) Signing a foreign exchange agency contract with an organization that does not meet the eligibility requirements to act as a foreign exchange agent; failing to guide and supervise foreign exchange agents as required by law;

b) Failing to fulfill the responsibilities of a foreign exchange agent as prescribed by law; acting as a foreign exchange agent for two or more credit institutions simultaneously, contrary to legal regulations;

c) Payment for negotiable instruments in foreign currency in violation of the regulations on foreign exchange operations stipulated in Article 9 of the Law on Negotiable Instruments and related legal provisions;

d) Failure to comply with legal regulations regarding the opening, closing, and use of accounts in Vietnam for any of the following activities: foreign investment in Vietnam; Vietnamese investment abroad; borrowing and repaying foreign debt; lending and recovering foreign debt; issuing securities abroad by resident organizations; issuing securities in Vietnam by non-resident organizations; and other capital transactions;

d) Regulations on exchange rates, commissions, brokerage fees in cash or in kind, and promotional expenses in foreign currency trading activities in any form that cause the actual buying, selling, or conversion rates to exceed the exchange rate range prescribed by law;

e) Acting as a foreign currency payment agent simultaneously for two or more economic organizations in violation of the law;

g) Carrying out capital withdrawals and debt repayments for foreign loans; disbursing and recovering debts for loans to foreign countries; recovering guaranteed debts for non-residents; transferring funds for foreign investment in Vietnam and Vietnamese investment abroad in violation of the law;

h) Transferring or carrying foreign currency or Vietnamese Dong out of the country or into Vietnam in violation of the law, except for administrative violations in the customs field;

i) Authorizing or sub-authorizing economic organizations or credit institutions to act as agents for foreign currency disbursement and payment in violation of the law;

k) Failure to comply with legal regulations regarding the opening, closing, and use of specialized foreign currency accounts in the provision of foreign currency receipt and payment services;

l) Failure to properly fulfill the responsibilities of credit institutions, economic organizations acting as agents for foreign currency disbursement and payment, and economic organizations directly receiving and disbursing foreign currency in updating accounting records and retaining documents in accordance with legal regulations;

m) Failure to comply with legal regulations regarding fee collection and the application of exchange rates in the provision of foreign currency receipt and payment services;

n) Transactions, quotations, pricing, recording prices in contracts, agreements, listings, advertising prices of goods, services, land use rights and other similar forms (including conversion or adjustment of prices of goods, services, contract value, agreement value) in foreign currency in violation of the law;

o) Failure to comply with the regulations stipulated in the License for establishing a personal foreign exchange desk.

5. A fine of between VND 80.000.000 and VND 100.000.000 shall be imposed on one of the following acts of violation:

a) Opening, closing, or using foreign currency accounts abroad in violation of the law;

b) Providing payment and money transfer services for transactions related to foreign loans, foreign lending, foreign debt recovery, guarantees for non-residents, foreign investment in Vietnam, Vietnamese investment abroad, and other capital transactions that are not in accordance with the law;

c) Incorrect conversion of conventional currency denominations in violation of legal regulations for businesses operating electronic games, especially those catering to foreigners, and businesses operating casinos;

d) Failure to comply with legal regulations regarding the opening, closing, and use of specialized foreign currency accounts in the business of electronic games with prizes for foreigners and casino operations;

d) Failure to deposit foreign currency cash exceeding the reserve limit into a dedicated foreign currency account opened at an authorized bank in cases where foreign currency cash revenue from the operation of electronic gaming with prizes for foreigners or casino operations exceeds the reserve limit as prescribed by law;

e) Buying and selling foreign currency between individuals where the value of the foreign currency bought or sold is 100.000 US dollars or more (or other foreign currencies of equivalent value);

g) Buying or selling foreign currency at an organization not authorized to collect foreign currency where the value of the foreign currency bought or sold is 100.000 US dollars or more (or other foreign currency of equivalent value);

h) Paying for goods and services in foreign currency with a value of US$100.000 or more (or other foreign currency of equivalent value) in violation of the law.

6. A fine of between VND 100.000.000 and VND 150.000.000 shall be imposed on one of the following acts of violation:

a) Granting credit or repaying domestic debts in foreign currency in violation of the law, except as stipulated in Article 14 of this Decree;

b) Do not sell the foreign currency earned to credit institutions as prescribed by law, except in the cases specified in point b, clause 5 of this Article.

7. A fine of between VND 150.000.000 and VND 200.000.000 shall be imposed on one of the following acts of violation:

a) Failure to comply with legal regulations on foreign borrowing and debt repayment; foreign lending and debt recovery; guarantees for non-residents and other capital transactions, except as stipulated in points g of clause 3, points d and g of clause 4 and point b of clause 5 of this Article;

b) Conducting foreign exchange transactions between credit institutions, or between credit institutions and customers, in violation of the regulations of the State Bank of Vietnam, except for cases specified in point a, clause 8 of this Article;

c) Failure to comply with the foreign exchange position as prescribed by law.

8. A fine of between VND 200.000.000 and VND 250.000.000 shall be imposed on one of the following acts of violation:

a) Conducting business or supplying exchange rate and foreign exchange derivative products in violation of the law;

b) Exporting or importing foreign currency cash or Vietnamese Dong cash in violation of the law;

c) Engaging in foreign exchange activities without a license issued by a competent authority, or when the foreign exchange license has expired, been revoked, or does not conform to the content stipulated in the license, except as provided in points d and o of clause 4, and points a and d of clause 5 of this Article.

9. Additional sanctioning forms:

a) Confiscate foreign currency and Vietnamese Dong for violations of the provisions in Clause 2, Points h, i, k of Clause 3, Point h of Clause 4, Points e, g, h of Clause 5, and Point b of Clause 6 of this Article;

b) Revoking the foreign exchange agent registration certificate for a period of 01 to 03 months for violations of the regulations specified in point b, clause 4 of this Article;

c) Revoking the license to collect and disburse foreign currency and other foreign exchange activities for the business of electronic games with prizes for foreigners and casino business activities for a period of 03 to 06 months for violations of the regulations specified in points d and e of Clause 4 of this Article (for activities that do not involve license adjustments);

d) Revoking the license to establish a private foreign exchange counter for a period of 01 to 06 months for violations of the regulations specified in point o, clause 4 of this Article;

d) Suspend foreign exchange operations for a period of 03 to 06 months for credit institutions and branches of foreign banks that violate the provisions of point c, clause 8 of this Article.

10. Remedies:

We request that the competent authority revoke the foreign exchange agent registration certificate, the license to open and use foreign exchange accounts abroad, and the license to establish individual foreign exchange desks in cases of repeated violations of the regulations specified in point b, clause 4, and point a, clause 5 of this Article.

Article 24. Violations of regulations on gold trading activities

1. A warning penalty will be issued for any of the following violations:

a) Buying or selling gold bars with credit institutions or businesses that do not have a license to trade in gold bars;

b) Using gold as a means of payment.

2. A fine of between VND 10.000.000 and VND 20.000.000 shall be imposed on one of the following acts of violation:

a) Buying or selling gold bars with credit institutions or businesses that do not have a license to trade in gold bars in cases of repeat offenses or multiple violations;

b) Using gold as a means of payment in cases of repeat offenses or multiple violations.

3. A fine of between VND 30.000.000 and VND 50.000.000 shall be imposed on one of the following acts of violation:

a) Failure to publicly display the buying and selling prices of gold bars at the transaction location as required by law;

b) Violation of the responsibilities of credit institutions and businesses engaged in the buying and selling of gold bars when there are changes in the network of branches or business locations for buying and selling gold bars as prescribed by law.

4. A fine of between VND 80.000.000 and VND 100.000.000 shall be imposed on one of the following acts of violation:

a) Engaging in the business of buying and selling gold bars in violation of the law, except for cases specified in point a, clause 8 of this Article;

b) Carrying gold when exiting or entering the country in violation of the law, except for administrative violations in the customs field.

5. A fine of between VND 140.000.000 and VND 180.000.000 shall be imposed on one of the following acts of violation:

a) Conducting the business of buying and selling gold bars through authorized dealers;

b) Failure to comply with legal regulations regarding the gold market status;

c) Exporting and importing gold jewelry and handicrafts; raw gold in the form of powder, solution, solder flakes, gold salts, and semi-finished gold jewelry that are not in accordance with the registered business activities as prescribed by law.

6. A fine of VND 200.000.000 to VND 250.000.000 shall be imposed for the act of using imported raw gold in violation of the raw gold import license to produce gold jewelry and handicrafts.

7. A fine of VND 250.000.000 to VND 300.000.000 shall be imposed for the act of producing gold bars in violation of the law.

8. A fine of between VND 300.000.000 and VND 400.000.000 shall be imposed on one of the following acts of violation:

a) Engaging in the business of buying and selling gold bars without a license to trade in gold bars;

b) Exporting or importing raw gold without a license issued by a competent state agency in accordance with the law;

c) Engaging in other gold trading activities without a license issued by the competent authority as required by law.

9. Additional sanctioning forms:

a) Confiscate the gold for violations of the regulations specified in points a and c of Clause 8 of this Article;

b) Revoking the business license for buying and selling gold bars for a period of 06 to 09 months for violations of the regulations specified in point a, clause 5 of this Article.

10. Remedies:

We request that the competent authority revoke the license to trade in gold bars in case of repeated violations of the regulations specified in point a, clause 5 of this Article.

Section 8. VIOLATIONS OF REGULATIONS CONCERNING PAYMENT, MONEY MANAGEMENT AND TREASURY

Article 25. Violations of regulations on interbank payments

1. A fine of between VND 10.000.000 and VND 20.000.000 shall be imposed on one of the following acts of violation:

a) Failure to comply with regulations on clearing and settlement organization, clearing and settlement, and interbank settlement;

b) Do not return incorrect payment documents on the same working day, except in cases of force majeure;

c) Pay the recipient's account after the specified time;

d) Submitting deposit documents outside of the prescribed timeframe.

2. A fine of between VND 20.000.000 and VND 40.000.000 shall be imposed on one of the following acts of violation:

a) Failure to immediately return a validly rejected Credit Transfer Order; rejection of a validly authorized Debit Transfer Order;

b) Entrusting unauthorized persons to initiate or transmit transactions through clearing and interbank payment systems.

3. A fine of between VND 100.000.000 and VND 150.000.000 shall be imposed on one of the following acts of violation:

a) Hindering the operation of the clearing and interbank payment system;

b) Disclosing or revealing unauthorized information relating to the interbank payment system.

Article 26. Violations of regulations on payment activities

1. A fine of VND 3.000.000 to VND 5.000.000 shall be imposed for the act of improperly altering or erasing information on payment instruments and payment documents, provided that such alterations do not constitute a criminal offense.

2. A fine of between VND 5.000.000 and VND 10.000.000 shall be imposed on one of the following acts of violation:

a) Receiving and processing customer inquiries and complaints in violation of legal regulations;

b) Providing false information during the use of payment services.

3. A fine of between VND 10.000.000 and VND 15.000.000 shall be imposed on one of the following acts of violation:

a) Failure to comply with legal regulations regarding payment and money transfer deadlines, except for payments between credit institutions and the State Bank of Vietnam;

b) Violations of regulations regarding notification and posting of payment service fee schedules and card service fee schedules.

4. A fine of between VND 20.000.000 and VND 30.000.000 shall be imposed on one of the following acts of violation:

a) Providing false information during the payment service provision process;

b) Signing payment orders without proper authority or using someone else's electronic signature;

c) Opening, using, and authorizing the use of payment accounts in violation of the law during the use of payment services.

5. A fine of between VND 40.000.000 and VND 50.000.000 shall be imposed on one of the following acts of violation:

a) Leasing or lending from 01 to less than 10 payment accounts;

b) Falsifying documents when providing or using payment services, but not to the extent of incurring criminal liability.

6. A fine of between VND 50.000.000 and VND 100.000.000 shall be imposed on one of the following acts of violation:

a) Opening payment accounts for customers and allowing customers to use payment accounts in violation of the law during the provision of payment services;

b) Renting or lending out 10 or more payment accounts;

c) Counterfeiting payment instruments, possessing, transferring, or using counterfeit payment instruments, but not to the extent of incurring criminal liability;

d) Issuing, supplying, or using illegal means of payment that do not yet warrant criminal prosecution.

7. A fine of between VND 100.000.000 and VND 150.000.000 shall be imposed on one of the following acts of violation:

a) Accessing or attempting to access, stealing data, damaging, or illegally altering software programs or electronic databases used in payment systems; exploiting computer network system errors for personal gain, but not to the extent of being subject to criminal prosecution;

b) Opening or maintaining anonymous or fraudulent payment accounts;

c) Using payment accounts to conduct transactions for fraudulent or deceptive purposes.

8. A fine of between VND 150.000.000 and VND 200.000.000 shall be imposed for violations of regulations on cash payments.

9. Additional sanctioning forms:

Confiscate the evidence and means used to commit the violations specified in Clause 1, Point b of Clause 5, and Points c and d of Clause 6 of this Article.

10. Remedies:

a) To compel the payment into the state budget of any illegal profits obtained from committing acts violating the provisions of Clauses 1, 4, 5, 6, 7, and 8 of this Article;

b) No expansion of the scope, scale, and geographical area of operations is permitted until the violations specified in points a, c, and d of Clause 6 and Clause 8 of this Article have been rectified.

Article 27. Violations of regulations on payment intermediaries

1. A fine of between VND 5.000.000 and VND 10.000.000 shall be imposed on one of the following acts of violation:

a) Providing false information during the use of payment intermediary services or during the provision of payment intermediary services;

b) Receiving and processing customer inquiries and complaints in violation of legal regulations;

c) Violating regulations regarding the tools used by the State Bank of Vietnam to supervise the provision of e-wallet services.

2. A fine of between VND 15.000.000 and VND 20.000.000 shall be imposed on one of the following acts of violation:

a) Violation of regulations regarding payment guarantee accounts;

b) Granting credit to customers using e-wallets, paying interest on e-wallet balances, or any action that may increase the monetary value in the e-wallet compared to the value of the money the customer deposits into the e-wallet;

c) Violating regulations regarding depositing and withdrawing money from e-wallets;

d) Failing to fulfill the responsibility of requiring customers to have a payment account opened at a bank before using the e-wallet service.

3. A fine of between VND 20.000.000 and VND 30.000.000 shall be imposed on one of the following acts of violation:

a) Providing or disclosing customer information at payment intermediary service providers in violation of the law;

b) Renting, leasing, borrowing, lending e-wallets or buying, selling e-wallet information from 01 to fewer than 10 e-wallets.

4. A fine of between VND 40.000.000 and VND 50.000.000 shall be imposed on one of the following acts of violation:

a) Fraudulent or falsified documents proving eligibility for a license to operate as a payment intermediary service provider in the license application file, but not to the extent of being subject to criminal prosecution;

b) Forging, erasing, or altering the content recorded in the license to a degree that does not yet constitute a criminal offense; transferring, leasing, or lending the license to operate as a payment intermediary service provider; entrusting or appointing another organization or individual to carry out the permitted activities under the license to operate as a payment intermediary service provider;

c) Operating outside the scope of the payment intermediary service license;

d) Renting, leasing, borrowing, lending electronic wallets or buying, selling electronic wallet information from 10 or more electronic wallets;

d) Falsifying documents when providing payment intermediary services, but not to the extent of incurring criminal liability.

5. A fine of VND 150.000.000 to VND 250.000.000 shall be imposed for providing payment intermediary services without a license.

6. Additional sanctioning forms:

Confiscate the evidence and means used to commit the acts specified in points b and d of clause 4 of this Article.

7. Remedies:

a) To compel the payment into the state budget of any illegal profits obtained from committing acts violating the provisions of Clause 2, Point b of Clause 3, Clause 4, and Clause 5 of this Article;

b) Request the competent authority to revoke the license for violations specified in points a, b, and c of Clause 4 of this Article.

Article 28. Violations of regulations on bank card operations

1. A warning penalty will be issued for any of the following violations:

a) Failure to inspect, maintain, and service automated teller machines;

b) Failure to update information regarding the installation, relocation, operating hours, or termination of automated teller machine (ATM) operations on the ATM management system and the official website of the payment service provider.

2. A fine of between VND 10.000.000 and VND 15.000.000 shall be imposed on one of the following acts of violation:

a) Failure to notify the authorities about the installation, relocation, change of operating hours, or termination of operation of automated teller machines as required by law;

b) Failure to ensure customer service hours for automated teller machines as stipulated by law;

c) Failing to maintain an operational customer support department that customers can contact at any time;

d) Failure to monitor cash levels in automated teller machines (ATMs), failure to ensure that ATMs have sufficient funds to meet customer withdrawal demands as required; failure to ensure compliance with the legal requirements regarding withdrawal limits for individual transactions at ATMs;

d) Failure to meet the technical requirements for software and network connectivity for automated teller machines as stipulated by law.

3. A fine of VND 15.000.000 to VND 20.000.000 shall be imposed for failing to ensure the transaction log requirements of automated teller machines as prescribed by law.

4. A fine of VND 20.000.000 to VND 30.000.000 shall be imposed for failing to implement measures to ensure the safety and security of automated teller machine operations.

5. A fine of between VND 30.000.000 and VND 50.000.000 shall be imposed on one of the following acts of violation:

a) Violation of the payment currency on the card;

b) Charging surcharges or discriminating against customers when cardholders pay for goods and services with their cards;

c) Renting, leasing, buying, selling cards or card information, opening card accounts on behalf of others (except for anonymous prepaid cards) in quantities from 01 to less than 10 cards;

d) Stealing or colluding to steal card information involving between 01 and less than 10 cards.

6. A fine of between VND 50.000.000 and VND 100.000.000 shall be imposed on one of the following acts of violation:

a) Renting, leasing, buying, selling cards or card information, or opening card accounts on behalf of others (except for anonymous prepaid cards) in quantities of 10 or more cards, without reaching the level of criminal liability;

b) Stealing or colluding to steal card information from 10 or more cards, but not to the extent of being prosecuted for criminal liability;

c) Issuing cards or processing card payments in violation of the law;

d) Card payments will not be refused in cases where the card is used to conduct transactions prohibited by law, the card has been reported lost by the cardholder, the card has expired, or the card is blocked.

7. A fine of between VND 100.000.000 and VND 150.000.000 shall be imposed on one of the following acts of violation:

a) Using the card to conduct transactions for fraudulent or deceptive purposes;

b) Clearing card transactions in violation of legal regulations;

c) Transferring card and QR code acceptance devices to other parties for use; accepting card payments without a card payment agreement; unauthorized use of card and QR code acceptance devices;

d) Carrying out, organizing the carrying out, or facilitating others to carry out fraudulent or counterfeit card transactions; payment transactions not conducted at card-accepting merchants (not involving the purchase of goods or provision of services).

8. Additional sanctioning forms:

Confiscate the evidence and means used to commit the acts specified in point c, clause 5, point a, clause 6, and points a, c, and d, clause 7 of this Article.

9. Remedies:

a) To compel the payment into the state budget of any illegal profits obtained from committing acts violating the provisions of points c and d of clause 5, points a and b of clause 6, and clause 7 of this Article;

b) It is prohibited to enter into card payment contracts with other card payment organizations until the violation related to point b, clause 5 of this Article has been rectified.

Article 29. Violations of regulations concerning negotiable instruments

1. A fine of VND 15.000.000 to VND 20.000.000 shall be imposed for the act of signing negotiable instruments without proper authorization.

2. A fine of between VND 20.000.000 and VND 30.000.000 shall be imposed on one of the following acts of violation:

a) Failure to comply with the regulations regarding the obligations of the acceptor as stipulated in Article 22 of the Law on Negotiable Instruments;

b) Collection through an authorized collector is not in accordance with Clauses 1, 2, and 3 of Article 39 of the Law on Negotiable Instruments.

3. A fine of between VND 30.000.000 and VND 50.000.000 shall be imposed on one of the following acts of violation:

a) Transferring a negotiable instrument when it is known that the negotiable instrument is overdue for payment, has been refused acceptance, refused payment, or has been reported lost, as stipulated in Clause 4, Article 15 of the Law on Negotiable Instruments;

b) Issuing checks when unable to pay.

4. A fine of between VND 60.000.000 and VND 120.000.000 shall be imposed on one of the following acts of violation:

a) Forging signatures on negotiable instruments;

b) Failure to comply with regulations on printing, delivery, and management of blank checks as stipulated in Clauses 2 and 3 of Article 64 of the Law on Negotiable Instruments.

5. Additional sanctioning forms:

Confiscate the evidence and means used to commit the violations stipulated in Clause 4 of this Article.

6. Remedies:

The offender shall be required to pay into the state budget any illegal profits obtained from committing acts violating the provisions of point b, clause 3 and clause 4 of this Article.

Article 30. Violations of regulations on currency and treasury management

1. A warning penalty will be issued for any of the following violations:

a) Failure to publicly display at the transaction location regulations on the collection and exchange of banknotes that do not meet the circulation standards of the State Bank of Vietnam;

b) The recipient loses the sample currency; the sample currency is not issued to the recipients; the sample currency is not recalled when there is a notice of suspension of circulation or when requested;

c) Failure to open and maintain complete records related to safekeeping operations as required by law.

2. A fine of between VND 5.000.000 and VND 10.000.000 shall be imposed on one of the following acts of violation:

a) Refusing to exchange banknotes that do not meet circulation standards for customers;

b) Failure to comply with regulations on classification, packaging, and delivery of precious metals and gemstones; packaging, sealing, delivery, storage, transportation, and inventory of cash, valuable assets, and securities, except as stipulated in point a of clause 3 and points b, c, d, and e of clause 5 of this Article.

3. A fine of between VND 10.000.000 and VND 15.000.000 shall be imposed on one of the following acts of violation:

a) Failure to issue or post regulations for entering and exiting the vault and cash transaction counter; failure to issue internal cash transaction procedures and cash transaction procedures for customers;

b) There is no plan for guarding or protecting the vault;

c) There are no regulations or fire prevention and fighting plans for the vault;

d) Do not carry out the selection and sorting of banknotes that do not meet the standards for circulation.

4. A fine of VND 15.000.000 to VND 20.000.000 shall be imposed for the act of failing to install safety equipment and fire prevention and fighting equipment for cash vaults as prescribed by law.

5. A fine of between VND 20.000.000 and VND 40.000.000 shall be imposed on one of the following acts of violation:

a) Exchanging currency in violation of the law;

b) Not keeping cash, valuables, or valuable documents safe during lunchtime breaks as required by law;

c) Using and storing keys to vault doors, storage rooms, safes, and keys to cash containers on specialized vehicles in a manner inconsistent with legal regulations;

d) Transporting cash, valuable assets, and valuable documents without using specialized vehicles but without written regulations from competent authorities regarding the transportation and protection procedures and measures to ensure the safety of the assets;

d) Failure to specify in writing the conditions and procedures for receiving and returning assets to customers, and the responsibilities of relevant departments in ensuring asset security when providing asset management and safekeeping services, safe deposit box rental, and other treasury services.

6. A fine of between VND 40.000.000 and VND 50.000.000 shall be imposed on one of the following acts of violation:

a) Using a vault that does not conform to the structure and technical standards prescribed by law;

b) Using vault doors that do not meet the technical standards prescribed by law.

Article 31. Violations of regulations on the protection of Vietnamese currency.

1. A warning penalty will be issued for any of the following violations:

a) Failure to promptly notify the competent authorities when discovering new types of counterfeit money;

b) Failure to promptly notify the competent authorities when discovering signs of possession, circulation, or transportation of counterfeit money;

c) Assigning staff to work as cashiers, treasurers, or tellers who have not received training in identifying genuine and counterfeit money;

d) Failure to surrender counterfeit money as required by law.

2. A fine of between VND 5.000.000 and VND 10.000.000 shall be imposed on one of the following acts of violation:

a) Counterfeit money was discovered but not seized;

b) Discovering suspected counterfeit money but not seizing it;

c) Failure to record or seize counterfeit money, or to stamp or punch holes as required by the State Bank of Vietnam's regulations on handling counterfeit or suspected counterfeit money when seizing or temporarily detaining counterfeit money.

3. A fine of VND 10.000.000 to VND 15.000.000 shall be imposed for the act of illegally destroying or damaging Vietnamese currency.

4. A fine of VND 40.000.000 to VND 50.000.000 shall be imposed for the act of copying, printing, or using the layout, part or all of the images, details, or patterns of Vietnamese currency in violation of the law.

5. Additional sanctioning forms:

All evidence and means used to commit the violations specified in Clauses 2, 3, and 4 of this Article shall be confiscated and handed over to the competent authority for processing.

6. Remedies:

a) Forcing the stamping and punching of counterfeit money in accordance with the State Bank of Vietnam's regulations on handling counterfeit and suspected counterfeit money for violations specified in point c, clause 2 of this Article;

b) To order the destruction of all evidence and means used to commit the violations specified in Clause 4 of this Article;

c) To compel the payment into the state budget of any illegal profits obtained from committing acts violating the provisions of Clause 4 of this Article.

Section 9. VIOLATIONS OF REGULATIONS ON PURCHASE, INVESTMENT IN FIXED ASSETS AND REAL ESTATE BUSINESS OF CREDIT INSTITUTIONS AND BRANCHES OF FOREIGN BANKS

Article 32. Violations of regulations on the purchase and investment in fixed assets

1. A fine of VND 100.000.000 to VND 150.000.000 shall be imposed for violations related to the purchase and investment in fixed assets directly serving operations exceeding 50% of the charter capital and supplementary capital reserve fund for credit institutions, or exceeding 50% of the allocated capital and supplementary capital reserve fund for branches of foreign banks.

2. Remedies:

a) To require the maintenance of the ratio of fixed assets directly serving operations to charter capital, allocated capital, and supplementary capital reserve fund in accordance with the provisions of Article 140 of the Law on Credit Institutions for violations of the provisions of Clause 1 of this Article for a maximum period of 06 months from the date the administrative penalty decision takes effect;

b) To compel the payment into the state budget of any illegal profits obtained from committing acts violating the provisions of Clause 1 of this Article.

Article 33. Violations of regulations on real estate business

1. A fine of VND 200.000.000 to VND 250.000.000 shall be imposed for the act of engaging in real estate business, except for cases stipulated in Clauses 1, 2 and 3 of Article 132 of the Law on Credit Institutions.

2. Remedies:

The offender shall be required to pay into the state budget any illegal profits obtained from committing acts violating the provisions of Clause 1 of this Article.

Section 10. VIOLATIONS OF REGULATIONS ON ENSURING THE SAFETY OF OPERATIONS OF CREDIT INSTITUTIONS AND BRANCHES OF FOREIGN BANKS

Article 34. Violations of regulations on maintaining mandatory reserves and mandatory purchase of State Bank bills.

1. A warning penalty will be issued for any of the following violations:

a) Failure to maintain the required reserve levels as stipulated by law;

b) Failure to comply with the mandatory requirement to purchase State Bank of Vietnam treasury bills.

2. A fine of VND 10.000.000 to VND 20.000.000 shall be imposed for failing to maintain the required reserves as stipulated by law in cases of repeat offenses or multiple violations.

3. Remedies:

Propose or request the competent authority to consider and apply measures to suspend for a period of 01 to 03 months or dismiss from management, executive, or supervisory positions; and prohibit individuals who violate and/or are responsible for violations of the provisions of Clause 2 of this Article from holding management, executive, or supervisory positions at credit institutions or branches of foreign banks.

Article 35. Violations of regulations on safety assurance ratios

1. A fine of between VND 200.000.000 and VND 220.000.000 shall be imposed for violations of the law regarding any of the following safety ratios:

a) The maximum percentage of short-term funds that can be used for medium-term and long-term lending;

b) The ratio of outstanding loans to total deposits;

c) The proportion of government bonds and government-guaranteed bonds purchased and invested in.

2. A fine of VND 250.000.000 to VND 300.000.000 shall be imposed for violations of legal regulations on the solvency ratio.

3. A fine of VND 300.000.000 to VND 350.000.000 shall be imposed for violations of the minimum capital adequacy ratio as prescribed by law.

4. Remedies:

a) To compel compliance with the prescribed safety ratio within a maximum period of 06 months from the date the administrative penalty decision takes effect for violations of the regulations specified in Clauses 1, 2, and 3 of this Article;

b) Prohibiting the expansion of the scope, scale, and geographical area of operations, and the addition of new business activities, until the violations stipulated in Clauses 1, 2, and 3 of this Article have been rectified;

c) Propose or request the competent authority to consider and apply measures to suspend for 01 to 3 months or dismiss from management, executive, or supervisory positions; prohibit individuals who violate and/or are responsible for violations of the provisions of Clauses 2 and 03 of this Article from holding management, executive, or supervisory positions at credit institutions or branches of foreign banks.

Article 36. Violations of regulations on asset classification, off-balance sheet commitments, and the creation and use of provisions for risk management.

1. A fine of between VND 150.000.000 and VND 200.000.000 shall be imposed on one of the following acts of violation:

a) Incorrect classification of assets and off-balance sheet commitments in violation of legal regulations;

b) Making provisions for risk in violation of the law, except in cases where the improper making of provisions for risk is a consequence of a violation specified in point a, clause 1 of this Article;

c) Using reserves to handle risks in a manner inconsistent with legal regulations;

d) There are no adequate and thorough measures in place to recover the debt for which provisions have been used to manage the risk.

2. Remedies:

a) Mandatory classification of assets, establishment of risk provisions; reversal of risk provisions used improperly, transfer of processed debts using risk provisions accounted for on the balance sheet in accordance with the law within a maximum period of 01 month from the date the administrative penalty decision takes effect for the violation specified in Clause 1 of this Article;

b) Propose or request the competent authority to consider and apply measures to suspend from 1 to 01 months or dismiss from management, executive, or supervisory positions; prohibit individuals who violate and/or are responsible for violations of the provisions of Clause 03 of this Article from holding management, executive, or supervisory positions at credit institutions or branches of foreign banks.

Article 37. Violations of regulations on the establishment and use of funds.

1. A fine of VND 20.000.000 to VND 40.000.000 shall be imposed for the act of establishing or using funds in violation of the law.

2. Remedies:

The competent authority shall allocate funds in accordance with the law within 15 days from the date the administrative penalty decision takes effect for the violation specified in Clause 1 of this Article.

Section 11. VIOLATIONS OF DEPOSIT INSURANCE REGULATIONS

Article 38. Violations of regulations on deposit insurance

1. A warning penalty will be issued for any of the following violations:

a) Failure to publicly display copies of deposit insurance participation certificates at all deposit-taking transaction points;

b) Failing to pay deposit insurance premiums in full or on time as required by law;

c) Violation of the deadline for submitting applications for deposit insurance participation certificates as stipulated in Clause 1, Article 14 of the Law on Deposit Insurance.

2. A fine of VND 30.000.000 to VND 40.000.000 shall be imposed for the act of failing to pay deposit insurance fees as prescribed by law.

3. A fine of VND 40.000.000 to VND 60.000.000 shall be imposed for the act of paying deposit insurance benefits to insured depositors outside the time limit stipulated in Article 23 of the Law on Deposit Insurance.

4. A fine of between VND 60.000.000 and VND 80.000.000 shall be imposed on one of the following acts of violation:

a) Obtain insurance for uninsured deposits as stipulated in Article 19 of the Law on Deposit Insurance;

b) Fraudulent activities, falsification of records, documents, or papers related to deposit insurance that do not yet warrant criminal prosecution.

5. A fine of between VND 100.000.000 and VND 150.000.000 shall be imposed on one of the following acts of violation:

a) Failure to pay or insufficient payment of insurance benefits;

b) Obstructing, hindering, or causing damage to the legitimate rights and interests of the deposit insurance organization, participating deposit insurance organizations, deposit policyholders, and agencies and organizations related to deposit insurance;

c) Abusing one's position and authority to violate regulations of the law on deposit insurance.

6. Remedies:

a) Immediately and publicly display a copy of the deposit insurance participation certificate for violations specified in point a, clause 1 of this Article;

b) The depositor shall be compelled to immediately pay the outstanding insurance premium for the violation specified in point b, clause 1 of this Article and shall be subject to a penalty of 0,05% of the overdue amount for each day of delay, as stipulated in clause 1, Article 21 of the Law on Deposit Insurance;

c) To immediately refund the collected insurance premiums and recover the insurance payouts resulting from violations of the provisions of Clause 4 of this Article;

d) Propose or request the competent authority to consider and apply measures to suspend for a period of 01 to 03 months or dismiss from management, executive, or supervisory positions; prohibit individuals who violate and/or are responsible for violations of the regulations specified in point b, clause 4 and points a and c, clause 5 of this Article from holding management, executive, or supervisory positions at credit institutions or branches of foreign banks.

Section 12. VIOLATIONS OF REGULATIONS ON PREVENTING AND COMBATING MONEY LAUNDERING; PREVENTING AND COMBATING TERRORIST FINANCING

Article 39. Violations of regulations on identifying and updating customer information.

1. A fine of VND 20.000.000 to VND 30.000.000 shall be imposed for the act of failing to update customer identification information as prescribed in Articles 8 and 10 of the Law on Prevention and Combat of Money Laundering and the Law on Prevention and Combat of Terrorism.

2. A fine of VND 30.000.000 to VND 40.000.000 shall be imposed for failing to ensure the confidentiality of information and reporting documents as stipulated in Article 29 of the Law on Anti-Money Laundering and the Law on Anti-Terrorism.

Article 40. Violations of internal regulations on anti-money laundering.

A fine of between VND 60.000.000 and VND 100.000.000 shall be imposed for any of the following violations:

1. Failure to issue risk management procedures for transactions involving new technologies as stipulated in Article 15 of the Law on Prevention and Combatting Money Laundering;

2. Failure to establish regulations on customer classification based on risk as stipulated in Clause 1, Article 12 of the Law on Prevention and Combatting Money Laundering;

3. Failure to issue internal regulations or issuing internal regulations lacking one or more of the provisions stipulated in Article 20 of the Law on Prevention and Combatting Money Laundering.

Article 41. Violations of regulations on identifying and classifying customers according to risk level.

1. A fine of VND 30.000.000 to VND 50.000.000 shall be imposed for the failure to apply customer identification measures and enhanced due diligence measures as stipulated in Clauses 2, 3 and 4 of Article 12 of the Law on Prevention and Combat of Money Laundering and Article 34 of the Law on Prevention and Combat of Terrorism.

2. A fine of VND 50.000.000 to VND 100.000.000 shall be imposed for the act of failing to classify customers according to the level of risk for money laundering and terrorist financing as prescribed by law.

Article 42. Violations of regulations concerning the identification of foreign customers as politically influential individuals.

A fine of VND 100.000.000 to VND 150.000.000 shall be imposed for the act of not having a risk management system to identify foreign customers who are politically influential individuals as prescribed in Clauses 2 and 3 of Article 13 of the Law on Prevention and Combat of Money Laundering.

Article 43. Violations of regulations on internal auditing in anti-money laundering, customer and transaction review, and correspondent banking relationships.

1. A fine of VND 20.000.000 to VND 40.000.000 shall be imposed for failing to vet customers and related parties against warning lists before establishing relationships or providing banking services to customers.

2. A fine of between VND 40.000.000 and VND 80.000.000 shall be imposed on one of the following acts of violation:

a) The measures stipulated in Article 14 of the Law on Prevention and Combatting Money Laundering shall not be applied when establishing correspondent banking relationships with foreign partner banks;

b) Failure to report to the competent state authorities as required by law when customers and related parties are on warning lists;

c) Failure to conduct internal audits on anti-money laundering as required by law.

Article 44. Violations of regulations concerning reporting of large-value transactions, suspicious transactions, electronic money transfers, reporting of money laundering activities aimed at financing terrorism, and reporting of terrorist financing activities.

1. A fine of VND 20.000.000 to VND 30.000.000 shall be imposed for the act of failing to report within the prescribed time limit as stipulated by law on anti-money laundering and anti-terrorism financing.

2. A fine of between VND 30.000.000 and VND 50.000.000 shall be imposed on one of the following acts of violation:

a) Failure to report large-value transactions;

b) Failure to report suspicious transactions;

c) Failure to report electronic money transfer transactions.

3. A fine of VND 80.000.000 to VND 100.000.000 shall be imposed for the following acts: failure to report money laundering activities aimed at financing terrorism as stipulated in Article 30 of the Law on Prevention and Combat of Money Laundering; failure to report when there is suspicion that a client or a client's transaction is related to terrorist financing; or failure to report when there is a client on the blacklist as prescribed by the Law on Prevention and Combat of Terrorism.

4. A fine of VND 150.000.000 to VND 200.000.000 shall be imposed for the following acts: failing to provide special supervision over transactions of unusually large or complex value; transactions with organizations or individuals in countries or territories on the list published by the Financial Action Task Force for anti-money laundering purposes or on the warning list as stipulated in Article 16 of the Law on Prevention and Control of Money Laundering; and failing to regularly check and clarify immediately when there is suspicion that a customer's transaction is related to terrorist financing.

Article 45. Violations of regulations on delaying transactions, freezing accounts; sealing or temporarily seizing assets.

1. A fine of between VND 40.000.000 and VND 80.000.000 shall be imposed on one of the following acts of violation:

a) Failure to report delays in transactions when the parties involved in the transaction are on a blacklist or there is reason to believe that the requested transaction is related to criminal activity as defined in Clause 3, Article 33 of the Law on Prevention and Combatting Money Laundering;

b) Failure to report the freezing of accounts, sealing, or temporary seizure of assets when there is a decision by a competent state agency as stipulated in Article 34 of the Law on Prevention and Combatting Money Laundering;

c) Failure to immediately report when implementing the suspension of circulation or freezing of all money and assets related to terrorist financing.

2. A fine of between VND 100.000.000 and VND 150.000.000 shall be imposed on one of the following acts of violation:

a) No transaction delay measures shall be applied when the parties involved in the transaction are on a blacklist or there is reason to believe that the requested transaction is related to criminal activity as defined in Clause 1, Article 33 of the Law on Prevention and Combatting Money Laundering;

b) Do not freeze accounts, seal assets, or seize assets when there is a decision by a competent state agency as stipulated in Article 34 of the Law on Prevention and Combatting Money Laundering;

c) Not immediately implementing measures to suspend circulation and freeze all money and assets related to terrorist financing.

Article 46. Violations of regulations on prohibited acts in the prevention and combating of money laundering and terrorist financing.

1. A fine of VND 30.000.000 to VND 60.000.000 shall be imposed for obstructing the provision of information serving the work of preventing and combating money laundering and terrorist financing.

2. A fine of between VND 100.000.000 and VND 150.000.000 shall be imposed on one of the following acts of violation:

a) Setting up or maintaining anonymous accounts or accounts using fake names;

b) Illegally providing services for receiving cash, checks, other monetary instruments or store of value instruments and making payments to beneficiaries at a different location.

3. A fine of between VND 200.000.000 and VND 250.000.000 shall be imposed on one of the following acts of violation:

a) Organizing or facilitating money laundering activities that do not yet warrant criminal prosecution;

b) Establishing and maintaining business relationships with banks established in a country or territory but which do not have a physical presence in that country or territory and are not subject to the management or supervision of competent regulatory authorities;

c) Failure to report acts of terrorist financing;

d) Taking advantage of the temporary suspension of circulation, blockade, sealing, temporary seizure, or handling of money and assets related to terrorist financing to infringe upon the interests of the State, and the legitimate rights and interests of agencies, organizations, and individuals.

4. Remedies:

Propose or request the competent authority to consider and apply measures to suspend for 01 to 3 months or dismiss from management, executive, or supervisory positions; and prohibit from holding management, executive, or supervisory positions at credit institutions or branches of foreign banks for individuals who violate and/or are responsible for violations of the provisions of Clauses 2 and 03 of this Article.

Section 13. VIOLATIONS OF REGULATIONS ON INFORMATION AND REPORTING REQUIREMENTS

Article 47. Violations of regulations on reporting, management and provision of information

1. A fine of between VND 5.000.000 and VND 10.000.000 shall be imposed on one of the following acts of violation:

a) Violating regulations regarding deadlines and requirements for completeness and accuracy for the second or more times in a fiscal year for statistical reports with a frequency of less than one month;

b) Submitting reports late as prescribed by law, except in cases specified in point a of this clause, points a and c of clause 5 of this Article, and clause 1 of Article 44 of this Decree;

c) Failure to retain and preserve records and documents within the time limits prescribed by law, except in cases specified in point a, clause 1, Article 14 of this Decree;

d) Inaccurate data is submitted two or more times in a fiscal year, except as stipulated in point b, clause 5 of this Article.

2. A fine of VND 10.000.000 to VND 15.000.000 shall be imposed for the act of failing to submit sufficient reports or submitting reports with insufficient content as prescribed by law, except for the cases specified in Clauses 2 and 3 of Article 44 and Clause 1 of Article 45 of this Decree.

3. A fine of between VND 20.000.000 and VND 30.000.000 shall be imposed on one of the following acts of violation:

a) Failure to register changes with the competent state authority as prescribed in point b, clause 4, Article 29 of the Law on Credit Institutions;

b) Do not publish the changes to the regulations specified in points a, b, c, and d of Clause 1, Article 29 of the Law on Credit Institutions on the State Bank of Vietnam's media outlets and in a daily newspaper for three consecutive issues or on a Vietnamese online newspaper within seven working days from the date of approval by the State Bank of Vietnam.

4. A fine of between VND 30.000.000 and VND 40.000.000 shall be imposed on one of the following acts of violation:

a) The report is untruthful;

b) Providing information related to the operations of the State Bank of Vietnam, credit institutions, branches of foreign banks, and customer information of credit institutions and branches of foreign banks in violation of the law;

c) Failure to provide information, records, and documents as required by law;

d) Disclosing or using customer information of credit institutions or branches of foreign banks for purposes other than those stipulated by law.

5. A fine of between VND 40.000.000 and VND 50.000.000 shall be imposed on one of the following acts of violation:

a) Failure to submit reports on credit information indicators to the State Bank of Vietnam on time;

b) Reporting inaccurate, untimely, incomplete, or technically incorrect credit information indicators to the State Bank of Vietnam;

c) Failure to report credit information to the State Bank of Vietnam as required by the State Bank of Vietnam's regulations on credit information activities;

d) Failure to report statistics on international money transfer transactions (inflows and outflows) as required by law.

6. A fine of between VND 50.000.000 and VND 100.000.000 shall be imposed on one of the following acts of violation:

a) Failure to immediately report the risk of insolvency to the competent authority;

b) Failure to provide information as requested by the State Bank of Vietnam and other competent state agencies as stipulated in Clause 4, Article 18 of the Law on Prevention and Combatting Money Laundering.

7. Remedies:

a) A complete and accurate report must be resubmitted regarding violations of the regulations specified in points a, b, and d of Clause 1, Clause 2, and Clause 5 of this Article;

b) Prohibiting the expansion of the scope, scale, and geographical area of operations, and the addition of new business activities, until the violations specified in point a, clause 5, and point a, clause 7 of this Article have been rectified;

c) Propose or request the competent authority to consider and apply measures to suspend for a period of 01 to 03 months or dismiss from management, executive, or supervisory positions; prohibit individuals who violate and/or are responsible for violations of the provisions of point a, clause 6 of this Article from holding management, executive, or supervisory positions at credit institutions or branches of foreign banks.

Section 14. VIOLATIONS OF REGULATIONS CONCERNING OBSTRUCTION OF INSPECTIONS AND FAILURE TO PERFORM REQUESTS FROM AUTHORIZED PERSONS

Article 48. Violations of regulations concerning obstruction of inspections and failure to comply with requests from competent authorities.

1. A fine of VND 2.000.000 to VND 3.000.000 shall be imposed for obstructing or hindering inspections and examinations by competent authorities.

2. A fine of VND 5.000.000 to VND 10.000.000 shall be imposed for the act of evading inspection and examination by competent authorities.

3. A fine of VND 10.000.000 to VND 20.000.000 shall be imposed for refusing to provide information, documents, or electronic data to the inspection team or authorized person.

4. A fine of between VND 20.000.000 and VND 30.000.000 shall be imposed on one of the following acts of violation:

a) Failure to provide sufficient documents, records, and data as requested by the inspection team;

b) Willfully removing, moving, or otherwise altering the sealed contents of: warehouses, funds, safes, accounting books and documents, credit records, or other evidence that is sealed or temporarily held;

c) Not freezing or unfreezing accounts as requested by competent authorities in accordance with the law.

5. A fine of between VND 30.000.000 and VND 50.000.000 shall be imposed on one of the following acts of violation:

a) Providing false documents or data;

b) Unlawfully interfering with the handling of matters by competent authorities and the Banking sector's inspection and supervision agencies;

c) Concealing, altering documents, records, or changing evidence while under inspection.

6. A fine of between VND 50.000.000 and VND 100.000.000 shall be imposed on one of the following acts of violation:

a) Transferring capital and assets abroad after they have been frozen;

b) Not depositing capital or assets into the State Bank of Vietnam or credit institutions as required by the State Bank of Vietnam after they have been frozen;

c) Not freezing the capital and assets of foreign bank branches as requested by the State Bank of Vietnam.

Article 49. Violations of regulations concerning the obligations of entities subject to banking inspection and supervision.

1. A fine of between VND 5.000.000 and VND 10.000.000 shall be imposed on one of the following acts of violation:

a) Failure to provide timely, complete, and accurate information and documents as requested by the State Bank of Vietnam;

b) Failure to implement recommendations, risk warnings, and operational safety warnings from the State Bank of Vietnam;

c) Failure to report or provide explanations regarding recommendations, risk warnings, and operational safety concerns from the State Bank of Vietnam.

2. A fine of VND 40.000.000 to VND 50.000.000 shall be imposed for the act of failing to comply with conclusions, recommendations, and decisions on inspection matters.

3. Remedies:

Section 15. VIOLATIONS OF REGULATIONS ON THE PURCHASE, SALE, AND DEBT COLLECTION

Article 50. Violations of regulations on the purchase and sale of debt by credit institutions.

1. A fine of VND 50.000.000 to VND 80.000.000 shall be imposed for the act of failing to establish a Debt Purchase and Sale Council when carrying out debt purchase and sale.

2. A fine of between VND 80.000.000 and VND 100.000.000 shall be imposed for any of the following violations:

a) Selling the debt that has been used to secure other civil obligations, except in cases where the secured party agrees in writing to the sale of the debt;

b) The debt seller repurchases the sold debts, except as stipulated in Article 148d of the Law on Credit Institutions, as amended and supplemented in 2017.

3. Additional sanctioning forms:

Suspension of debt trading activities for a period of 03 to 06 months for violations under Clause 1 of this Article.

4. Remedies:

The offender shall be compelled to restore the debt to its original state before the debt purchase and sale transaction took place for violations of the provisions of Clause 2 of this Article.

Article 51. Violations of regulations on the purchase, sale, and handling of non-performing loans by the Asset Management Company of Vietnamese credit institutions.

1. A fine of between VND 5.000.000 and VND 10.000.000 shall be imposed on one of the following acts of violation:

a) Managing purchased non-performing loans and inspecting and monitoring collateral related to non-performing loans in violation of legal regulations;

b) Authorizing credit institutions and inspecting and supervising the implementation of authorized activities in violation of the law;

c) Implementing debt restructuring measures or providing financial support to borrowers in violation of the law;

d) Contributing capital or purchasing shares in violation of legal regulations;

d) Making and using risk provisions for bad debts purchased at market value in violation of legal regulations.

2. A fine of between VND 10.000.000 and VND 15.000.000 shall be imposed on one of the following acts of violation:

a) Buying and selling non-performing loans in violation of the law;

b) Handling of collateral assets for purchased non-performing loans in violation of legal regulations.

3. A fine of VND 15.000.000 to VND 20.000.000 shall be imposed for violations involving the performance of activities authorized by the Asset Management Company of a Vietnamese credit institution after the sale of debt in violation of legal regulations.

Section 16. VIOLATIONS OF INFORMATION TECHNOLOGY SECURITY REGULATIONS IN BANKING OPERATIONS

Article 52. Violations of regulations on information technology security in banking operations.

1. A fine of between VND 10.000.000 and VND 20.000.000 shall be imposed on one of the following acts of violation:

a) Failing to assess information technology risks and operational risks before using third-party information technology services, as required by law;

b) Failure to conduct a security assessment of the information systems providing online transaction services to customers before officially putting them into operation.

2. A fine of between VND 20.000.000 and VND 30.000.000 shall be imposed on one of the following acts of violation:

a) Failing to disseminate and update the organization's information security regulations to all individuals within the organization at least once a year;

b) Failure to perform or inadequate performance of data backup procedures to ensure data security as required by law;

c) Failure to implement cybersecurity solutions to control network connections and detect and prevent network intrusion attacks on information systems providing online transaction services to customers;

d) Failure to authenticate customers accessing the service when providing internet banking services in accordance with the law;

d) Failing to instruct customers on measures to ensure the safety and security of information when using online banking services;

e) Failure to maintain logs of information system and user activity, errors, and information security incidents as required by law.

3. Additional sanctioning forms:

Suspension of the use of third-party information technology services for a period of 1 to 01 months for violations specified in point a, clause 03 of this Article.

4. Remedies:

Strict adherence to legal regulations regarding information technology security in banking operations is mandatory.

Chapter III

AUTHORITY TO IMPOSE ADMINISTRATIVE PENALTIES AND AUTHORITY TO DRAW UP ADMINISTRATIVE VIOLATION RECORDS

Article 53. Authority to impose administrative penalties for violations

1. Bank inspectors on duty have the right to:

a) Caution;

b) Fines up to 500.000 VND;

c) Confiscation of evidence and means used in administrative violations with a value up to 500.000 VND.

2. The Chief Inspector of the State Bank of Vietnam branch has the right to:

a) Caution;

b) Fines up to 50.000.000 VND;

c) Confiscation of evidence and means used in administrative violations with a value up to 50.000.000 VND;

d) Applying additional penalties and remedial measures as prescribed in Clauses 2 and 4 of Article 3 of this Decree.

3. The Director of the Banking Inspection and Supervision Department has the authority to:

a) Caution;

b) Fines up to 250.000.000 VND;

c) Confiscation of evidence and means used in administrative violations with a value up to 250.000.000 VND;

d) Applying additional penalties and remedial measures as prescribed in Clauses 2 and 4 of Article 3 of this Decree.

4. The Chief Inspector of Banking Supervision has the right to:

a) Caution;

b) Fines up to 1.000.000.000 VND;

c) Applying additional penalties and remedial measures as prescribed in Clauses 2 and 4 of Article 3 of this Decree.

5. The head of the inspection team, appointed by the Governor of the State Bank of Vietnam or the Chief Inspector of Banking Supervision, has the authority to impose penalties as prescribed in Clause 3 of this Article.

The head of the inspection team, appointed by the Director of the State Bank of Vietnam branch in the province or centrally-administered city, the Director of the Banking Inspection and Supervision Department, or the Chief Inspector of the State Bank of Vietnam branch, has the authority to impose penalties as prescribed in Clause 2 of this Article.

Article 54. Authority to impose administrative penalties in the monetary and banking sector by other officials.

1. The authority of the Chairman of the People's Committee to impose administrative penalties, apply supplementary penalties, and remedial measures is exercised in accordance with the provisions of Article 38 of the Law on Handling Administrative Violations.

2. The authority of the People's Police to impose administrative penalties, apply supplementary penalties, and remedial measures is exercised in accordance with the provisions of Article 39 of the Law on Handling Administrative Violations.

3. The authority of the Border Guard to impose administrative penalties, apply supplementary penalties, and implement remedial measures is governed by the provisions of Article 40 of the Law on Handling Administrative Violations.

4. The authority of the Coast Guard to impose administrative penalties, apply supplementary penalties, and implement remedial measures is governed by the provisions of Article 41 of the Law on Handling Administrative Violations.

5. The authority of market management to impose administrative penalties, apply supplementary penalties, and implement remedial measures is governed by the provisions of Article 45 of the Law on Handling Administrative Violations.

6. The authority of the specialized tourism inspectorate to impose administrative penalties, apply supplementary penalties, and take remedial measures is governed by the provisions of Article 46 of the Law on Handling Administrative Violations.

7. The authority of customs to impose administrative penalties, apply supplementary penalties, and remedial measures shall be exercised in accordance with the provisions of Article 42 of the Law on Handling Administrative Violations.

Article 55. Delineation of authority to impose administrative sanctions in the monetary and banking sector.

1. Authority of the Chairpersons of People's Committees at all levels to impose administrative penalties for violations.

a) The Chairman of the People's Committee at the commune level shall impose penalties for administrative violations stipulated in Clause 1 of Article 23 and Clause 1 of Article 24 of this Decree;

b) The Chairman of the People's Committee at the district level shall impose penalties for administrative violations stipulated in Clauses 1, 2, Points a, b, c, h, i, k, l of Clause 3, Points h, o and n of Clause 4 of Article 23 and Clauses 1, 2 and 3 of Article 24 of this Decree;

c) The Chairman of the Provincial People's Committee shall impose penalties for administrative violations stipulated in Clauses 1 and 2, Points a, b, c, h, i, k, l of Clause 3, Points h, o, and n of Clause 4, Points c, e, g, h of Clause 5, Point c of Clause 8 of Article 23, Clauses 1, 2, 3, and 4, Points a and c of Clause 5, Clauses 6, 7, and 8 of Article 24, and Point c of Clause 7 of Article 28 of this Decree.

2. Authority of Market Management agencies to impose administrative penalties for violations.

a) Market inspectors shall impose penalties for administrative violations as stipulated in Clause 1 of Article 23 and Clause 1 of Article 24 of this Decree;

b) The Head of the Market Management Team shall impose penalties for administrative violations as stipulated in Clauses 1 and 2 of Article 23 and Clauses 1 and 2 of Article 24 of this Decree;

c) The Director of the Provincial Market Management Department and the Director of the Market Management Operations Department under the General Department of Market Management shall impose penalties for administrative violations stipulated in Clauses 1 and 2, Points a, b, h, i, k, l of Clause 3, Points n and o of Clause 4 of Article 23 and Clauses 1 and 2, Point a of Clause 3 of Article 24 of this Decree;

d) The Director General of the Market Management Department shall impose penalties for administrative violations stipulated in Clauses 1 and 2, Points a, b, h, i, k, l of Clause 3, Points n and o of Clause 4, Points e, g, h of Clause 5, Point c of Clause 8 of Article 23, Clauses 1 and 2, Point a of Clause 3, Point a of Clause 4, Clauses 6 and 7, Points a and c of Clause 8 of Article 24 of this Decree.

3. Authority of the Border Guard to impose administrative penalties for violations.

a) Border Guard soldiers, station chiefs, and team leaders of Border Guard soldiers shall impose penalties for administrative violations stipulated in Clause 1 of Article 23 and Clause 1 of Article 24 of this Decree;

b) The Head of the Border Guard Post, the Commander of the Border Guard Squadron, and the Commander of the Border Guard Command at the Port/Border Gate shall impose penalties for administrative violations stipulated in Clauses 1 and 2 of Article 23 and Clauses 1 and 2 of Article 24 of this Decree;

c) The Commander of the Provincial Border Guard, the Commander of the Border Guard Naval Squadron under the Border Guard Command, shall impose penalties for administrative violations stipulated in Clauses 1 and 2, Points h, i, and k of Clause 3, Point h of Clause 4, Points e, g, and h of Clause 5 of Article 23, and Clauses 1, 2, and 4 of Article 24 of this Decree.

4. Authority of the Coast Guard to impose administrative penalties for violations.

a) Coast Guard officers and heads of Coast Guard operational teams shall impose penalties for administrative violations as stipulated in Clause 1 of Article 23 and Clause 1 of Article 24 of this Decree;

b) The Head of the Coast Guard Operations Team and the Head of the Coast Guard Station shall impose penalties for administrative violations as stipulated in Clause 1 of Article 23 and Clause 1 of Article 24 of this Decree;

c) The Commander of the Coast Guard Squadron shall impose penalties for administrative violations stipulated in Clauses 1 and 2 of Article 23 and Clauses 1 and 2 of Article 24 of this Decree;

d) The Commander of the Coast Guard Squadron shall impose penalties for administrative violations stipulated in Clauses 1 and 2, Points h, i, and k of Clause 3, Article 23, and Clauses 1 and 2, Article 24 of this Decree;

d) The Commander of the Coast Guard Region shall impose penalties for administrative violations stipulated in Clauses 1 and 2, Points h, i, and k of Clause 3, Article 23, and Clauses 1 and 2, Article 24 of this Decree;

e) The Commander of the Coast Guard shall impose penalties for administrative violations stipulated in Clauses 1 and 2, Points h, i, and k of Clause 3, Point h of Clause 4, Points e, g, and h of Clause 5 of Article 23, and Clauses 1, 2, and Point a of Clause 4 of Article 24 of this Decree.

5. The competent authority of the Public Security agency shall impose penalties for administrative violations stipulated in Clauses 1 and 2, points a, b, c, h, i, k, l of Clause 3, points h, n, o of Clause 4, points c, e, g, h of Clause 5, point c of Clause 8 of Article 23; Clauses 1, 2, 3, and 4, points a and c of Clause 5, Clauses 6, 7, and 8 of Article 24; point b of Clause 2, Clauses 5, 6, and 7 of Article 26; point a of Clause 1, Clauses 3, 4, and 5 of Article 27; points c and d of Clause 5, Clauses 6 and 7 of Article 28; Article 31; Article 46; and Article 48 of this Decree.

6. Authority of the specialized tourism inspectorate to impose administrative penalties for violations.

a) Inspectors and persons assigned to perform specialized inspection duties who are carrying out their official duties may impose penalties for administrative violations as stipulated in Clause 1, Article 23 of this Decree;

b) The Chief Inspector of the Department, the Head of the specialized inspection team at the Department level, shall impose penalties for administrative violations stipulated in Clauses 1 and 2, Points a, b, c, h, i, k, l of Clause 3, and Points b, n, o of Clause 4 of Article 23 of this Decree;

c) The Head of the Ministry-level specialized inspection team and the Chief Inspector of the Ministry shall impose penalties for administrative violations stipulated in Clauses 1 and 2, Points a, b, c, h, i, k, l of Clause 3, Points b, n, o of Clause 4, and Points e, g, h of Clause 5 of Article 23 of this Decree.

7. Authority of customs to impose administrative penalties for violations.

The Director General of the General Department of Customs shall impose penalties for administrative violations stipulated in point b, clause 8, Article 23, point c, clause 5, and point b, clause 8, Article 24 of this Decree.

8. Authority of the Banking Sector Inspectorate and Supervisory Board to impose administrative penalties for violations.

The competent authority of the Banking Sector Inspectorate and Supervisory Board has the authority to draw up administrative violation reports, impose administrative penalties, and apply remedial measures for administrative violations as stipulated in Chapter II of this Decree, in accordance with their assigned authority, functions, duties, and powers.

Article 56. Authority to draw up administrative violation reports

The following individuals have the authority to draw up administrative violation reports:

1. The persons authorized to impose penalties as stipulated in Articles 53 and 54 of this Decree;

2. Persons belonging to the People's Army and People's Public Security forces in the agencies specified in Article 54 of this Decree who are performing official duties or tasks according to legal regulations or administrative documents issued by competent agencies or persons; aircraft commanders, ship captains, ship chiefs, and those assigned by aircraft commanders, ship captains, or ship chiefs to prepare minutes;

3. Civil servants in the banking sector are performing their duties and tasks as assigned in legal regulations or administrative documents issued by competent authorities or individuals.

Chapter IV

TERMS ENFORCEMENT

Article 57. Enforcement

This Decree takes effect from December 31, 2019 and replaces Decree No. 96/2014/ND-CP dated October 17, 2014 of the Government on administrative sanctions in the field of currency and banking.

Article 58. Transitional provisions

1. For administrative violations related to currency and banking that occurred before the effective date of this Decree but were only discovered afterwards, and are still within the statute of limitations for penalties or are in the process of being considered or resolved, the provisions that are most favorable to the violating organization or individual shall apply.

2. For administrative sanctions decisions in the monetary and banking sector that were issued or fully implemented before the effective date of this Decree, if the individual or organization sanctioned still has a complaint, the provisions of Government Decree No. 96/2014/ND-CP dated October 17, 2014, on administrative sanctions in the monetary and banking sector shall be applied to resolve the complaint.

Article 59. Responsible for implementing

The Governor of the State Bank of Vietnam, Ministers, Heads of ministerial-level agencies, Heads of government agencies, and Chairpersons of People's Committees of provinces and centrally-administered cities are responsible for implementing this Decree.

Recipients:
- Party Central Committee Secretariat;
- Prime Minister, Deputy Prime Ministers;
- Ministries, ministerial-level agencies and government-attached agencies;
- People's Councils, People's Committees of provinces and centrally-run cities;
- Central Office and Party Committees;
- Office of the General Secretary;
- Office of the President;
- National Council and Committees of the National Assembly;
- Congress office;
- Supreme People's Court;
- People's Procuratorate of the Supreme;
- State Audit;
- National Financial Supervisory Committee;
- Bank for Social Policy;
- Vietnam Development Bank;
– Central Committee of the Vietnam Fatherland Front;
- Central agency of unions;
- VPCP: Chairman, Deputy Chairmen, TT Assistant, General Director of the Portal, departments, agencies, units, Official Gazette;
– Save: VT, KTTH (2).