Decree No. 88/2019/ND-CP on administrative penalties for violations in the field of currency and banking

 

DECREE

Provisions on administrative penalties for violations

in the field of currency and banking

||| Pursuant to the Law on Organization of the Government dated June 19, 2015;

Pursuant to the Law on Handling Administrative Offenses dated June 20, 2012;

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

Pursuant to the Law on Credit Institutions dated June 16, 2010, and the Law Amending and Supplementing Certain Provisions of the Law on Credit Institutions dated November 20, 2017;

Pursuant to the Law on Deposit Insurance dated June 18, 2012;

Based on the Law on Prevention and Combating Money Laundering dated June 18, 2012;

Pursuant to the Law on Prevention and Combating Terrorism dated June 12, 2013;

Pursuant to the Law on Transferable Securities dated November 29, 2005;

Pursuant to the Decree-Law on Foreign Exchange dated December 13, 2005, and the Decree-Law Amending and Supplementing Certain Provisions of the Decree-Law on Foreign Exchange dated March 18, 2013;

At the proposal of the Governor of the State Bank of Vietnam;

The Government promulgates this Decree on administrative sanctions for violations in the field of currency and banking.

PART I
GENERAL PROVISIONS

Article 1. Scope of Regulation

1. This Decree stipulates administrative violations, forms of penalties, penalty amounts, measures to remedy consequences, administrative violation penalty authority, and authority to issue administrative violation records in the field of currency and banking.

2. Administrative violations in the field of currency and banking include:

a) Violation of regulations on management and use of licenses;

b) Violations concerning organization, governance, and operation;

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

d) Violations concerning capital raising and service fees;

đ) Violations concerning credit provision, agency services, and interbank operations;

e) Violation of regulations on providing credit information services;

g) Violations concerning foreign exchange and gold trading activities;

h) Violation of regulations on payment, currency management, and cash vaults;

i) Violation of regulations on purchasing, investing in fixed assets, and real estate business of credit institutions and foreign bank branches;

k) Violations concerning safety measures for credit institutions and foreign bank branches;

l) Violation of deposit insurance regulations;

m) Violation of regulations on preventing money laundering and financing terrorism;

n) Violations concerning reporting and information systems;

o) Violation of regulations on obstructing inspection, failing to comply with authorized requests;

p) Violations concerning purchase, sale, and debt handling;

q) Violations concerning information technology security in banking operations.

1. Organizations and individuals committing administrative violations related to plant seeds, plant protection, and plant quarantine within the territory of Vietnam.

1. This Decree applies to organizations and individuals committing administrative violations in the field of currency and banking.

2. Organizations referred to in Clause 1 of this Article include:

a) Credit institutions; dependent units of credit institutions (branches, transaction offices, representative offices, domestic public service units; overseas branches, representative offices, wholly-owned foreign banks); foreign bank branches; representative offices of foreign credit institutions and other foreign organizations engaged in banking activities;

b) Enterprises; affiliated units 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 penalties, maximum fine amounts, fine authority, and remedial measures

1. Principal forms of administrative penalty:

a) Warning;

b) Fine.

2. Additional forms of punishment:

b) Temporary cessation of foreign exchange operations for a period of from three months to six months, entrustment business for a period of from one month to three months, debt buying and selling operations for a period of from three months to six months, credit information service provision operations for a period of from one month to three months, third-party information technology service utilization for a period of from one month to three months;

c) Confiscation of contraband items and means used in administrative violations, confiscation of tampered or altered licenses, confiscation of foreign currencies, Vietnamese dong, and gold;

3. Levels of fines and authority to impose fines:

a) The maximum fine amount for administrative violations in the field of currency and banking by organizations is 2,000,000,000 VND, and for individuals is 1,000,000,000 VND;

b) The fine amounts specified in Chapter II of this Decree apply to individuals; the fine amount for organizations committing the same administrative violation is twice the fine amount for individuals;

c) The fine amount for individuals working at people's credit funds and microfinance organizations is ten percent of the fine amount specified in Chapter II of this Decree; the fine amount for people's credit funds, microfinance organizations, and their dependent units is twice the fine amount for individuals working at people's credit funds and microfinance organizations;

d) The fine authority of each position specified in Chapter III of this Decree applies to individuals. The fine authority for organizations is twice the fine authority for individuals;

4. Measures to remedy consequences:

Depending on the nature and degree of violation, organizations and individuals committing administrative violations in the field of currency and banking may be subject to one or several remedial measures as specifically provided in Chapter II of this Decree:

a) Compel submission of illegal profits obtained through the violation to the state budget; compel recovery of debts; compel recovery of improperly used capital; compel recovery of excess credit balances beyond limits;

b) Compel divestment of equity in subsidiary companies and associated companies; compel sale of shares exceeding prescribed ratios; compel transfer of shares and equity contributions; compel restoration of transferred shares;

c) Compel establishment of reserves in accordance with the law; compel compliance with safety ratios within a maximum period of six months; compel classification of assets and risk provisions; compel reversal of improperly used risk provisions, transferring internally accounted-off balance sheet losses processed by risk provisions according to the law; compel immediate abolition of internal regulations not in accordance with the law; compel compliance with laws on information technology security in banking operations; compel maintenance of conditions necessary for issuance of credit information service provision certification;

d) Compel return/recovery of entrusted property to the entrusting party; compel immediate refund of collected insurance premiums, recovery of paid insurance premiums; compel restoration of pre-violation loan status;

đ) Compel immediate correction of erroneous information; compel submission of complete and accurate reports; compel immediate payment of missing insurance fees;

e) Compel stamping and punching counterfeit money;

g) Compel destruction of all contraband items and means used in the violation;

h) Compel maintenance of the ratio of fixed assets directly serving operations to charter capital, allocated capital, and supplementary reserve capital in accordance with regulations;

i) Compel to publicly post an authenticated copy of the participation in deposit insurance; compel to complete the listing approval procedures for shares on foreign securities markets or cease the listing of shares on foreign securities markets for the violation;

k) Prohibit from expanding the scope, scale, and operating territory during the period when the violation has not been fully rectified;

l) Prohibit from distributing dividends for the violation;

m) Shall not enter into card payment contracts with other card payment organizations;

o) Replace the elected, appointed, or proposed individuals for whom the competent authority decides to remove from office those who violate the regulations;

Chapter II
VIOLATIONS OF ADMINISTRATIVE REGULATIONS AND FORMS OF FINES AND AMOUNTS OF FINES

Section 1.

VIOLATIONS OF REGULATIONS ON MANAGEMENT AND USE OF LICENSES

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

1. A fine of from VND 20,000,000 to VND 40,000,000 for using the name of the organization recorded on documents and papers in activities that do not match the name recorded in the license.

2. Fine from VND 40,000,000 to VND 50,000,000 for failing to meet the conditions stipulated for commencing operations as prescribed in Clause 2, Article 26 of the Law on Credit Institutions;

3. A fine of VND 100,000,000 to VND 150,000,000 for any of the following violations:

a) Lending, renting, purchasing, selling, transferring licenses;

b) Erasing, altering licenses to change their contents without reaching the level of criminal prosecution, except in cases provided for in point b, Clause 4, Article 27 of this Decree;

4. Fine from VND 150,000,000 to VND 200,000,000 for any of the following violations:

a) Fraudulently falsifying documents proving compliance with licensing conditions in the application dossier without reaching the level of criminal prosecution, except in cases provided for in Clause 2, Article 18, point a, Clause 4, Article 27 of this Decree;

b) Operating outside the scope specified in the license, except in cases provided for in Clause 6, Article 17, point o, Clause 4, point c, Clause 8, Article 23, point c, Clause 5, Clause 6, Article 24, point c, Clause 4, Article 27 of this Decree;

5. Fine from VND 300,000,000 to VND 400,000,000 for continuing to operate after being subject to restriction, suspension, or temporary suspension measures by the competent authority as prescribed in point c, Clause 2, Article 59 of the Law on the State Bank of Vietnam;

6. Fine from VND 400,000,000 to VND 500,000,000 for operating without a license, except in cases provided for in point c, Clause 8, Article 23, Clause 8, Article 24, Clause 5, Article 27 of this Decree;

7. Additional forms of administrative sanction:

Confiscate the erased or altered license as the object of the crime for the violation prescribed in point b, Clause 3 of this Article;

8. Measures to remedy consequences:

a) Compel to pay into the state budget the unlawful profits obtained from implementing the violations prescribed in Clauses 3, 4, 5, and 6 of this Article;

b) Propose the competent authority to revoke the license for the violations prescribed in Clauses 4 and 5 of this Article;

c) Propose or request the competent authority to consider and apply measures to suspend operations for one to three months or remove from office managerial, administrative, supervisory positions; prohibit from assuming managerial, administrative, supervisory positions at credit institutions, foreign bank branches for the violating individuals and/or individuals responsible for the violations prescribed in Clauses 3, 4, 5, and 6 of this Article;

Require credit institutions, foreign bank branches to remove from office and implement other handling measures according to the law for the violating individuals within their jurisdiction.

Article 5. Violation of provisions on changes that must be approved in writing by the State Bank

1. A fine of VND 20,000,000 to VND 40,000,000 for conducting business content or banking operations without prior written approval from the State Bank.

2. A fine of VND 50,000,000 to VND 100,000,000 for implementing any of the following acts without prior written approval from the State Bank:

a) Changing the name of a credit institution or foreign bank branch;

b) Temporarily suspending business operations for five working days or more, except in cases of force majeure;

c) Establishing branches or transaction offices within the country; establishing representative offices or non-profit units within the country; establishing foreign branches, representative offices, or wholly-owned foreign banks of credit institutions; inaugurating domestic branches or transaction offices.

3. A fine of VND 100,000,000 to VND 150,000,000 for buying, selling, or transferring ownership shares of shareholders; buying, selling, or transferring equity shares of contributing members; buying, selling, or transferring large shareholder equity shares leading to a large shareholder becoming a regular shareholder and vice versa without prior written approval from the State Bank.

4. A fine of VND 150,000,000 to VND 200,000,000 for changing the charter capital level or authorized capital level without prior written approval from the State Bank.

5. A fine of VND 200,000,000 to VND 250,000,000 for implementing any of the following acts without prior written approval from the State Bank:

a) Changing the location of the main office or branch of a credit institution, or the location of the foreign bank branch's office;

b) Listing shares on a foreign securities market.

6. A fine of VND 250,000,000 to VND 300,000,000 for implementing any of the following acts without prior written approval from the State Bank:

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

b) Contributing capital, purchasing shares, transferring ownership shares, or acquiring ownership shares of credit institutions as stipulated in Article 71, Point b, Clause 4, Article 103 of the Law on Credit Institutions;

c) Participating in international payment systems;

d) Purchasing shares from shareholders such that after completing the purchase, the charter capital decreases as stipulated in Article 57 of the Law on Credit Institutions.

7. A fine of VND 400,000,000 to VND 500,000,000 for dividing, splitting, merging, consolidating, or converting the legal form of a credit institution or foreign bank branch without prior written approval from the competent authority.

8. Measures to remedy consequences:

a) Not allowing dividend distribution for violations stipulated in Point d, Clause 6 of this Article until the charter capital is restored;

b) Compelling withdrawal of investment in subsidiaries or associated companies for violations stipulated in Points a, b, Clause 6 of this Article;

c) Compelling the completion of procedures for listing shares on a foreign securities market within one to three months or stopping the listing of shares on a foreign securities market for violations stipulated in Point b, Clause 5 of this Article;

d) Requesting or requiring the competent authority to consider and apply measures to suspend from one to three months or remove from managerial, operational, supervisory positions; not allowing to hold managerial, operational, supervisory positions at credit institutions or foreign bank branches for individuals who violate and/or are responsible for violations stipulated in Clause 3, Clause 5, Points b, d, Clause 6 of this Article.

Require credit institutions, foreign bank branches to remove from office and implement other handling measures according to the law for the violating individuals within their jurisdiction.

Section 2.

VIOLATIONS OF PROVISIONS ON ORGANIZATION, MANAGEMENT, OPERATIONAL CONTROL

Article 6. Violations concerning organization, management, and operation

1. A fine of VND 20,000,000 to VND 30,000,000 for one of the following violations:

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

b) Failing to maintain adequate conditions and standards for members of the Board of Directors, Supervisory Board, General Director (Director) as prescribed by the Law on Credit Institutions;

c) Not organizing or organizing the Shareholders' Meeting, Members' Meeting in accordance with 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 allowed to concurrently hold positions as prescribed in Article 34 and Clause 3 Article 83 of the Law on Credit Institutions.

3. A fine of VND 100,000,000 to VND 150,000,000 for any of the following violations:

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

b) Electing or appointing positions as stipulated in Clause 5 Article 50, Clause 2 Article 75 of the Law on Credit Institutions without meeting the required qualifications and conditions as 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 positions that do not meet the required qualifications and conditions as stipulated in Clauses 1, 2, 3, and 4 Article 50 of the Law on Credit Institutions.

5. A fine of VND 200,000,000 to VND 250,000,000 for any of the following violations:

a) Electing or appointing cases where individuals are not allowed 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 candidates approved by the State Bank of Vietnam.

6. Measures to remedy consequences:

Replace the elected or appointed individuals or request the competent authority to issue a decision to remove the elected or appointed individuals violating the provisions of Clauses 2, 3, 4, and 5 of this Article.

Article 7. Violations concerning the issuance of charters and internal regulations

1. A fine of from 10,000,000 VND to 20,000,000 VND for one of the following violations:

a) Failing to submit one or more internal regulation documents to the State Bank as prescribed by law, except as provided for in Article 40 of this Decree;

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

c) Issuing internal regulations with incomplete contents as prescribed by law.

2. A fine of VND 40,000,000 to VND 80,000,000 for any of the following violations:

a) Failing to issue one or more internal regulations as prescribed by law;

b) Issuing internal regulations containing contents that do not comply with the provisions of law.

3. Measures to remedy consequences:

Compel the immediate cancellation of internal regulations that do not comply with the provisions of law for violations as prescribed in point b Clause 2 of this Article.

Article 8. Violations concerning the internal control system and independent audit

1. A fine of VND 20,000,000 to VND 30,000,000 shall be imposed for failing to report the results of internal audit, independent audit, and reports on the internal control system as prescribed by law.

2. A fine of VND 30,000,000 to VND 50,000,000 for any of the following violations:

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

b) Failing to notify the State Bank about the selected independent auditing organization within thirty days as prescribed in Clause 2 Article 42 of the Law on Credit Institutions.

3. A fine of from eighty million to one hundred million dong for any of the following violations:

a) Internal audit not implementing the contents prescribed in Clause 2 Article 41 of the Law on Credit Institutions and other legal provisions;

b) Failing to conduct independent audit as prescribed in Clause 1 Article 42 of the Law on Credit Institutions and other legal provisions, failing to conduct a re-audit in case the independent audit report contains a disclaimer as prescribed in Clause 3 Article 42 of the Law on Credit Institutions and other legal provisions;

c) Not implementing high-level management oversight, internal control, risk management, and internal capital adequacy assessment as prescribed by law.

4. A fine of VND 100,000,000 to VND 150,000,000 shall be imposed for failing to establish a dedicated internal audit department under the Supervisory Board.

5. A fine of VND 200,000,000 to VND 250,000,000 shall be imposed for failing to establish an internal control system as prescribed in Clauses 1, 2 Article 40 of the Law on Credit Institutions.

Section 3.

VIOLATIONS CONCERNING SHARES, SHARE CERTIFICATES, AND CONTRIBUTED CAPITAL

Article 9. Violations concerning shares, stocks, and limits on capital contribution, transfer, and refund of contributed capital

1. A fine of from fifty million to one hundred million dong for any of the following violations:

a) Failure to issue stock certificates within thirty days from the date of commencement of operations for newly established credit organizations or within thirty days from the date when shareholders have fully paid for subscribed shares for credit organizations increasing their charter capital;

b) Founding shareholders not holding the minimum number of shares as prescribed in Clause 5, Article 55 of the Law on Credit Organizations regarding ratio and time period;

c) Violation of regulations on limits on capital contribution, ownership ratio, transfer, and refund of contributed capital of contributing members as prescribed by law.

2. A fine of from one hundred million to one hundred and fifty million dong for any of the following violations:

a) Holding shares exceeding the ratio prescribed in Clauses 1, 2, and 3, Article 55 of the Law on Credit Organizations;

b) Repurchasing shares from shareholders such that after completing the repurchase, the safety ratios in banking operations prescribed in Clause 1, Article 130 of the Law on Credit Organizations are not met;

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

3. Measures to remedy consequences:

a) Compel the sale of shares exceeding the prescribed ratio within a maximum period of six months from the effective date of the administrative penalty decision for violations stipulated in point a, Clause 2 of this Article;

b) Compel compliance with safety ratios within a maximum period of six months for the violation prescribed at Point b, Clause 2 of this Article;

c) Not allowing dividend distribution for violations stipulated in Clause 2 of this Article until the violation is fully rectified;

d) Requesting or requiring competent authorities to consider and apply measures to suspend operations for one to three months or remove management positions for individuals who violate the provisions stipulated in Clause 2 of this Article and/or individuals responsible for such violations;

Require credit organizations and foreign bank branches to dismiss violators within their jurisdiction and take other measures as prescribed by law;

d) Compel the transfer of shares in accordance with the law for violations stipulated in point c, Clause 2 of this Article.

Article 10. Violations concerning capital contribution and share purchase

1. Fine from VND 100,000,000 to VND 150,000,000 for using sources of funds other than charter capital and reserve fund to contribute capital or purchase shares in violation of Clause 1, Article 103 and Clause 1, Article 110 of the Law on Credit Organizations;

2. Fine from VND 150,000,000 to VND 200,000,000 for conducting business activities prescribed in Clause 2, Article 103 of the Law on Credit Organizations without establishing or acquiring subsidiaries or associated companies;

3. Fine from VND 200,000,000 to VND 250,000,000 for purchasing or holding shares of other credit organizations in violation of conditions and limits set by the State Bank;

4. A fine of from 250,000,000 VND to 300,000,000 VND shall be imposed on any of the following violations:

a) Violation of capital contribution and share purchase limits prescribed in Article 129 of the Law on Credit Organizations;

b) Violation of regulations on capital contribution and share purchase prescribed in Article 135 of the Law on Credit Organizations.

5. Measures to remedy consequences:

a) Compel recovery of improperly used capital for violations stipulated in Clause 1 of this Article;

b) Compel transfer of capital contributions or shares in violation of the provisions stipulated in Clause 4 of this Article;

c) Prohibiting the distribution of dividends until the violation has been fully remedied;

d) Compel payment of illegal profits obtained from the implementation of violations stipulated in Clauses 1, 2, and 3 of this Article into the state budget;

đ) Prohibit expansion of scope, scale, and geographical area of operations during the period of non-compliance with violations stipulated in this Article;

e) Request or require competent authorities to consider and apply measures to suspend operations for one to three months or remove management positions for individuals who violate the provisions stipulated in Clauses 1, 2, 3, and 4 of this Article and/or individuals responsible for such violations.

Require credit institutions, foreign bank branches to remove from office and implement other handling measures according to the law for the violating individuals within their jurisdiction.

Article 11. Violations concerning the issuance and transfer of shares

1. A fine of from 150,000,000 VND to 200,000,000 VND shall be imposed for the act of transferring shares during the period specified in Clause 1 of Article 56 of the Law on Credit Institutions while holding a position as prescribed.

2. A fine of from 250,000,000 VND to 300,000,000 VND shall be imposed for the act of transferring shares during the period of handling consequences pursuant to the resolution of the Shareholders' Meeting or the decision of the State Bank due to the personal responsibility of members of the Board of Management, members of the Supervisory Board, General Director (Director), except for one of the cases prescribed in Points a, b, and c of Clause 2 of Article 56 of the Law on Credit Institutions.

3. Measures to remedy consequences:

a) Compel the restoration of the number of shares transferred as prescribed in this Article within a maximum period of six months from the date the administrative violation penalty decision takes effect;

b) Propose or request the competent authority to consider and apply measures to suspend from one month to three months or remove from managerial, operational, supervisory positions; not allow to hold managerial, operational, supervisory positions at credit institutions, foreign bank branches for individuals who violate and/or individuals responsible for the violations prescribed in this Article.

Require credit institutions, foreign bank branches to remove from office and implement other handling measures according to the law for the violating individuals within their jurisdiction.

Section 4.

VIOLATIONS OF PROVISIONS ON RAISING CAPITAL AND SERVICE FEES

Article 12. Violations concerning receiving deposits

1. A fine of from twenty million to forty million dong shall be imposed for one of the following violations:

a) Not publishing or not publicly displaying the contents that must be published or publicly displayed regarding receiving deposits and issuing securities as prescribed by law;

b) Implementing deposit receipt or security issuance not in accordance with the contents already published or publicly displayed;

c) Receiving deposits, paying out deposits not in accordance with procedures prescribed by law.

2. A fine of from one hundred million to one hundred and fifty million dong for any of the following violations:

a) Receiving deposits, issuing securities not in accordance with the objects eligible to make deposits, purchase securities as prescribed by law;

b) Receiving deposits, issuing securities not in accordance with the provisions of law, except for the case prescribed in Clause 1, Point a of Clause 2 of this Article.

Article 13. Violations concerning interest rates on capital raising, service fees, business operations, and derivative product supply

1. A fine of from 10,000,000 VND to 20,000,000 VND for one of the following violations:

a) Not publicly displaying interest rates on capital raising, service fee levels as prescribed;

b) Publicly posting interest rates for attracting capital, service fee levels unclearly, causing confusion for customers;

c) Collecting various types of service fees not in accordance with legal provisions, except for the case prescribed in Point a of Clause 4 of Article 14, Point m of Clause 4 of Article 23 of this Decree.

2. A fine of from 20,000,000 VND to 40,000,000 VND shall be imposed for the act of applying interest rates on capital raising, service fee levels higher than those publicly displayed.

3. A fine of from 50,000,000 VND to 100,000,000 VND shall be imposed for violations concerning interest rates on capital raising; business operations, and derivative product supply related to interest rates, currencies, commodity prices, and other financial assets, except for the cases prescribed in Clause 1, Clause 2 of this Article and Point a of Clause 8 of Article 23 of this Decree.

4. Measures to remedy consequences:

a) Compel the payment into the state budget of the unlawful profits obtained from implementing the acts of violating the service fee levels prescribed in this Article;

b) Propose or request the competent authority to consider and apply measures to suspend from one month to three months or remove from managerial, operational, supervisory positions; not allow to hold managerial, operational, supervisory positions at credit institutions, foreign bank branches for individuals who violate and/or individuals responsible for the violations prescribed in Clause 3 of this Article.

Require credit institutions, foreign bank branches to remove from office and implement other handling measures according to the law for the violating individuals within their jurisdiction.

Section 5.

VIOLATIONS OF PROVISIONS ON CREDIT GRANTING, AGENT ACTIVITIES, AND INTERBANK OPERATIONS

Article 14. Violations concerning credit provision

1. A fine of from ten million to fifteen million dong shall be imposed for one of the following violations:

a) Failing to retain credit provision files in accordance with the provisions of the law;

b) Issuing guarantee commitment letters not in the prescribed form designed by credit institutions or foreign bank branches;

c) Not publicly disclosing information, not providing complete information and documents to customers as required by law.

2. A fine of from VND 15,000,000 to VND 20,000,000 for failing to inspect and supervise the use of borrowed capital and repayment by customers as required by law.

3. Impose a fine of from VND 20,000,000 to VND 30,000,000 for one of the following violations:

a) Drafting credit agreements, credit arrangements not fully covering the contents as prescribed by law;

b) Waiving or reducing interest rates on credit provision before internal regulations are issued; waiving or reducing interest rates on credit provision not in accordance with internal regulations;

c) Transferring overdue debt, restructuring repayment terms not in accordance with the provisions of law;

d) Applying credit interest rates not in accordance with the provisions of law;

d) Collecting overdue interest not in accordance with the provisions of the law;

e) Collecting overdue loan repayments not in accordance with the provisions of the law.

4. Impose a fine of from VND 30,000,000 to VND 40,000,000 for one of the following violations:

a) Collecting various fees related to credit provision activities not in accordance with the provisions of the law;

b) Using disbursement methods not in accordance with the provisions, except in cases provided for in point g, Clause 4, Article 23 of this Decree;

5. A fine of from forty million to fifty million dong shall be imposed for one of the following violations:

a) Granting credit without a contract or written agreement;

b) Providing credit to organizations and individuals who do not meet the conditions stipulated by law;

c) Providing unsecured credit, providing credit with preferential terms for the subjects specified in Clause 1, Article 127 of the Law on Credit Institutions;

d) Violating the credit provision provisions set out in Clause 3, Article 127 of the Law on Credit Institutions;

đ) Providing loans to meet capital needs not allowed by law;

e) Signing guarantee commitment agreements not within the authorized scope as prescribed by law;

g) Guaranteeing payment for one or more cases that are not eligible for guarantee payment according to the provisions of the law.

6. A fine of from VND 80,000,000 to VND 120,000,000 shall be imposed for any of the following violations:

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

b) Granting credit in another form without the approval of the State Bank;

c) Violating the maximum lending level regulations when granting loans for foreign investment.

7. A fine of from VND 120,000,000 to VND 180,000,000 for violations regarding the limits and conditions for credit provision for investment in stocks, and the limits and conditions for credit provision for investment in corporate bonds of credit institutions and foreign bank branches.

8. A fine of from VND 250,000,000 to VND 300,000,000 for providing credit to organizations and individuals specified in Clauses 1, 3, 4, 5, and 6, Article 126 of the Law on Credit Institutions.

9. Remedial measures:

a) Compelling the recovery of excess credit balances beyond the limit within a maximum period of six months from the date the administrative violation penalty decision becomes effective for violations stipulated in point a, Clause 6, Clause 7 of this Article;

b) Compelling the recovery of debts within a maximum period of six months from the date the administrative violation penalty decision becomes effective for violations stipulated in points b, đ, Clause 5, point b, Clause 6, Clause 8 of this Article;

c) Compelling major shareholders and founding shareholders to transfer shares or contributions in accordance with the law within a maximum period of six months from the date the administrative violation penalty decision becomes effective for violations stipulated in points b, c, d, Clause 5, point a, Clause 6 of this Article;

d) Proposing or requesting competent authorities to consider and apply measures to suspend from one to three months or remove from managerial, operational, supervisory positions; prohibiting from assuming managerial, operational, supervisory positions at credit institutions and foreign bank branches for individuals who violate and/or individuals responsible for violations stipulated in Clause 5, point a, Clause 6, Clause 7, and Clause 8 of this Article.

Requiring credit institutions and foreign bank branches to dismiss and implement other handling measures in accordance with the law for individuals who violate within their authority, of credit institutions and foreign bank branches.

Article 15. Violation of provisions on entrusting and being entrusted

1. A fine of VND 80,000,000 to VND 100,000,000 shall be imposed for any of the following violations:

a) Accepting agency or acting as an agent for an incorrect subject or scope as prescribed by law;

b) Establishing an agency contract not in accordance with the provisions of law.

2. A fine of VND 100,000,000 to VND 150,000,000 shall be imposed for accepting agency or acting as an agent without complying with the principles of agency as prescribed by law.

3. Additional forms of punishment:

Suspend the entrusted business activities of credit institutions and foreign bank branches for a period of from one to three months for acts violating the provisions of this Article.

4. Measures to remedy consequences:

a) Order the return/recovery of entrusted assets to the entrusting party for acts violating the provisions of this Article;

b) Propose or request the competent authority to consider and apply measures to suspend from one month to three months or remove from managerial, operational, supervisory positions; not allow to hold managerial, operational, supervisory positions at credit institutions, foreign bank branches for individuals who violate and/or individuals responsible for the violations prescribed in this Article.

Require credit institutions, foreign bank branches to remove from office and implement other handling measures according to the law for the violating individuals within their jurisdiction.

Article 16. Violation of provisions on purchasing corporate bonds

1. Fine from VND 15,000,000 to VND 30,000,000 for the act of not supervising the use of funds received from issuing corporate bonds by enterprises.

2. Fine from VND 30,000,000 to VND 40,000,000 for the act of establishing a corporate bond purchase contract that does not contain all required contents as stipulated by law.

3. Fine from VND 40,000,000 to VND 50,000,000 for the act of purchasing corporate bonds without a contract.

4. A fine of from VND 100,000,000 to VND 150,000,000 for one of the following violations:

a) Appraise and inspect the issuance plan and conditions of corporate bonds to consider purchasing corporate bonds when not meeting all conditions as stipulated by law;

b) Not appraising and inspecting the issuance plan and conditions of corporate bonds;

c) Violating the provisions on purchasing convertible corporate bonds;

d) Purchasing corporate bonds issued with the purpose of restructuring enterprise debts.

5. Measures to remedy consequences:

a) Order recovery of debt within a maximum period of one year from the date the administrative violation penalty decision takes effect for acts violating the provisions of Clause 4 of this Article;

b) Propose or request competent authorities to consider and apply measures to suspend from one to three months or remove from managerial, executive, supervisory positions; prohibit from assuming managerial, executive, supervisory positions at credit institutions and foreign bank branches for individuals who violate and/or are responsible for acts violating the provisions of Clause 4 of this Article.

Require credit institutions and foreign bank branches to dismiss and implement other handling measures according to the law for individuals who violate within their authority.

Article 17. Violation of provisions in inter-bank operations

1. A fine of from 10,000,000 VND to 20,000,000 VND for one of the following violations:

a) Updating and retaining transaction information for loans, borrowings; purchasing and selling term securities not in accordance with the provisions of the law;

b) Not confirming the execution of transactions as prescribed;

c) Establish loan contracts, repurchase agreements on negotiable instruments not in accordance with the prescribed form and content under the law.

2. A fine of from twenty million dong to thirty million dong shall be imposed for one of the following violations:

a) Not complying with the prescribed terms for lending, borrowing, depositing money, receiving deposits, and buying and selling negotiable instruments with fixed terms;

b) Not conducting transactions for lending, borrowing; depositing money, receiving deposits; buying and selling negotiable instruments denominated in Vietnamese dong through the inter-bank electronic payment system as prescribed by law;

c) Not complying with the prescribed procedures for buying and selling negotiable instruments;

d) Conducting lending, borrowing, depositing, receiving deposits outside the authorized scope.

3. A fine of from thirty million to forty million Vietnamese dong for the act of conducting loan, borrowing transactions outside the branch office of foreign banks in Vietnam.

4. A fine of from forty million to fifty million Vietnamese dong for any of the following violations:

a) Not complying with general principles when conducting lending, borrowing transactions; buying and selling negotiable instruments with fixed terms between credit institutions and foreign bank branches; depositing money at other credit institutions not in accordance with the law;

b) Not re-evaluating customers as prescribed to determine new credit limits for each customer;

c) Not providing information to lenders as required to serve customer evaluation and transaction limit determination.

5. Fine from VND 80,000,000 to VND 120,000,000 for the act of buying and selling negotiable instruments with fixed terms that are not permitted to be traded.

6. Fine from VND 150,000,000 to VND 200,000,000 for the act of conducting borrowing, lending, buying, and selling negotiable instruments denominated in foreign currency beyond the authorized foreign exchange activities approved by the State Bank.

7. Measures to remedy consequences:

Propose or request competent authorities to consider and apply measures to suspend from one to three months or remove from managerial, executive, supervisory positions; prohibit from assuming managerial, executive, supervisory positions at credit institutions and foreign bank branches for individuals who violate and/or are responsible for acts violating the provisions of Clauses 5 and 6 of this Article.

Require credit institutions, foreign bank branches to remove from office and implement other handling measures according to the law for the violating individuals within their jurisdiction.

Section 6.

VI VIOLATIONS OF PROVISIONS ON THE ACTIVITIES OF PROVIDING CREDIT INFORMATION SERVICES

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

1. A fine of from twenty million to forty million dong shall be imposed for one of the following violations:

a) Failing to ensure the maintenance of at least one of the conditions required to obtain a Certificate of Eligibility for Providing Credit Information Services;

b) Agreements and commitments in the provision of credit information services are not established in the form prescribed by law;

c) Failing to publish information as prescribed by law.

2. A fine of from VND 40,000,000 to VND 60,000,000 shall be imposed on acts of fraudulently forging documents proving eligibility for obtaining a Certificate of Eligibility for Providing Credit Information Services in the application dossier without reaching the level of criminal prosecution.

3. A fine of from VND 200,000,000 to VND 250,000,000 shall be imposed on acts of providing credit information services without a Certificate of Eligibility for Providing Credit Information Services issued by the State Bank of Vietnam.

4. Measures to remedy consequences:

a) Compel the payment into the state budget of the unlawful profits obtained from the implementation of violations stipulated in Clauses 2 and 3 of this Article;

b) Requesting the competent authority to revoke the Certificate of Eligibility for Providing Credit Information Services for violations stipulated in Clauses 2 and 3 of this Article;

c) Compelling to maintain all conditions required to obtain a Certificate of Eligibility for Providing Credit Information Services for violations stipulated in Point a Clause 1 of this Article.

Article 19. Violations of provisions on collecting and processing credit information

1. A fine of from twenty million to forty million dong shall be imposed for one of the following violations:

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

b) Collecting credit information of borrowers without their consent, except when collecting information at the request of authorized state agencies;

c) Using negative information about borrowers to create credit information products contrary to the provisions of law;

d) Obstructing 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 on the intentional distortion of the content of credit information.

3. A fine of from VND 80,000,000 to VND 100,000,000 shall be imposed on acts of illegally collecting information within the scope and list classified as state secrets.

4. Additional forms of administrative punishment:

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

b) Suspend the provision of credit information services for a period of one to three months for violations stipulated in Clauses 2 and 3 of this Article.

5. Measures to remedy consequences:

Compel immediate correction of distorted information for violations stipulated in Clause 2 of this Article.

Article 20. Violations of provisions on security and retention of credit information

A fine of from VND 20,000,000 to VND 40,000,000 shall be imposed for any of the following violations:

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

2. Failing to retain customer borrowing credit information for a minimum period of five years from the date the organization providing credit information services receives it;

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

Article 21. Violations of provisions on exploitation, use of products and services, and exchange and provision of credit information

1. A fine of from 10,000,000 VND to 20,000,000 VND for one of the following violations:

a) Providing copies of credit information products to third parties not in accordance with legal provisions;

b) Failing to advise users about the principles and scope of use of credit information products;

2. A fine of VND 20,000,000 to VND 40,000,000 shall be imposed for any of the following violations:

a) Modifying credit information products to provide to third parties not in accordance with legal provisions;

b) Providing or exchanging credit information, or providing credit information products without the customer's consent as stipulated in the agreement, not in accordance with the provisions of the law;

c) Obstructing lawful activities using credit information by organizations and individuals;

d) Failing to publicly display the price for providing credit information products as prescribed by law.

3. Additional forms of punishment:

Suspension of the provision of credit information services for a period of from one month to three months for violations stipulated in Clause 2 of this Article.

4. Measures to remedy consequences:

Compel the submission of illegal profits obtained from implementing violations stipulated in Point a Clause 1 and Clause 2 of this Article to the state budget.

Article 22. Violations of provisions on correcting errors in credit information of borrowers

A fine of from 10,000,000 VND to 15,000,000 VND shall be imposed for any of the following violations:

1. Failing to respond to requests for correction of errors or failing to notify the results of error corrections as prescribed by law;

2. Failing to implement corrections of errors or failing to cooperate in correcting errors in credit information of borrowers as prescribed by law.

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

Article 23. Violations of foreign exchange activity regulations

1. Warning shall be imposed for any of the following violations:

a) Buying and selling foreign currency between individuals where the amount of foreign currency bought or sold is less than 1,000 US dollars (or equivalent foreign currency);

b) Buying and selling foreign currency at an organization not authorized to collect foreign currency where the value of the bought and sold foreign currency is under US$1,000 (or equivalent in other foreign currencies);

c) Paying for goods or services in foreign currency with a value of less than 1,000 US dollars (or equivalent foreign currency) not in accordance with the provisions of the law.

2. Impose a fine of from VND 10,000,000 to VND 20,000,000 for one of the following violations:

a) Buying and selling foreign currency between individuals where the value of the bought and sold foreign currency is from US$1,000 to under US$10,000 (or equivalent in other foreign currencies); buying and selling foreign currency between individuals where the value of the bought and sold foreign currency is under US$1,000 (or equivalent in other foreign currencies) in cases of recidivism or repeated violations;

b) Buying and selling foreign currency at an organization not authorized to collect foreign currency where the value of the bought and sold foreign currency is from US$1,000 to under US$10,000 (or equivalent in other foreign currencies); buying and selling foreign currency at an organization not authorized to collect foreign currency where the value of the bought and sold foreign currency is under US$1,000 (or equivalent in other foreign currencies) in cases of recidivism or repeated violations;

c) Paying for goods and services with foreign currency valued under US$1,000 (or equivalent in other foreign currencies) not in accordance with the provisions of the law in cases of recidivism or repeated violations; paying for goods and services with foreign currency valued from US$1,000 to under US$10,000 (or equivalent in other foreign currencies) not in accordance with the provisions of the law;

3. Impose a fine of from VND 20,000,000 to VND 30,000,000 for one of the following violations:

a) Not posting the buying and selling rates of foreign currency at the transaction location as prescribed by law;

b) Posting the buying and selling rates of foreign currency but the form and content of the posted rates are unclear, causing confusion for customers;

c) Not publicly posting or announcing the conversion rate between the Vietnamese dong, foreign currency, and the agreed-upon currency in the operation of electronic game businesses with rewards for foreigners and casino operations; publicly posting or announcing the conversion rate between the face value of the agreed-upon currency and the Vietnamese dong, foreign currency in the operation of electronic game businesses with rewards for foreigners and casino operations not in accordance with the provisions of the law;

đ) Not complying with the provisions of the law regarding the notification and procedures to request the State Bank's approval for cases involving changes, additions, or termination of contracts related to foreign currency service receipt and payment activities;

e) Not complying with the provisions of the law regarding the procedures to request the State Bank's approval for adjustments, modifications, or additions to the license for foreign currency collection and payment and other foreign exchange activities, in cases of changing the name of a business operating electronic games with rewards for foreigners, the name of a casino business, or the name of an organization opening foreign currency accounts abroad;

g) Not complying with the provisions of the law regarding administrative procedures for: pre-investment foreign currency transfer acceptance procedures; registration and change registration of foreign loans, international bond issuance; registration and change registration of foreign loan provision and non-resident debt recovery guarantee; registration and change registration of foreign exchange transactions related to overseas investment activities; registration of foreign share bonus issuance programs; registration of self-trading limits; temporary self-trading limit registration; registration of entrusted transaction limits; temporary entrusted transaction limit registration and other administrative procedures related to other capital transactions; administrative procedures for other indirect foreign investments;

h) Buying and selling foreign currency between individuals where the amount of foreign currency bought or sold is from 10,000 US dollars to less than 100,000 US dollars (or equivalent value in another foreign currency);

i) Buying and selling foreign currency at an organization not authorized to collect foreign currency where the value of the bought and sold foreign currency is from US$10,000 to under US$100,000 (or equivalent in other foreign currencies);

k) Paying for goods and services with foreign currency valued from US$10,000 to under US$100,000 (or equivalent in other foreign currencies) not in accordance with the provisions of the law;

l) Buying and selling foreign currency not in accordance with the exchange rate prescribed by the State Bank, except in cases provided for in point đ and point m Clause 4 of this Article; collecting transaction fees for foreign currency transactions not in accordance with the provisions of the law;

4. A fine of VND 30,000,000 to VND 50,000,000 shall be imposed for any of the following violations:

c) Making payments for transferable securities in foreign currency not in accordance with the provisions on foreign exchange activities set forth in Article 9 of the Law on Transferable Securities and related legal provisions;

d) Not complying with the provisions of the law regarding the establishment, closure, and use of accounts in Vietnam to carry out one of the following activities: foreign direct investment in Vietnam; overseas investment by Vietnam; foreign borrowing and repayment; foreign lending and debt recovery, overseas securities issuance by resident organizations; domestic securities issuance by non-resident organizations and other capital transactions;

đ) Setting exchange rates, commission fees, brokerage fees in cash or kind, and promotional payment methods in foreign currency transactions in any form leading to actual buying and selling exchange rates exceeding the legal exchange rate range;

e) Acting as an agency for foreign currency payments for two or more economic organizations simultaneously not in accordance with the provisions of the law;

g) Implementing the withdrawal of capital and repayment of foreign loans; disbursing and recovering debts on foreign loans; implementing debt recovery for non-resident guarantees; implementing money transfers to serve foreign direct investment in Vietnam and overseas investment by Vietnam not in accordance with the provisions of the law;

h) Transferring or carrying foreign currency, Vietnamese dong in and out of the country not in accordance with the provisions of the law, except for administrative violations in customs areas;

i) Delegating, re-delegating economic organizations, credit institutions to act as agencies for foreign currency payments not in accordance with the provisions of the law;

k) Failing to comply with the provisions of the law on opening, closing, and using special foreign currency accounts in providing services for receiving and paying foreign currency;

l) Not complying with the responsibilities of credit institutions and economic organizations acting as foreign currency payers, and directly receiving and paying foreign currency in updating accounting books and retaining documents in accordance with the provisions of the law;

m) Failing to comply with the provisions of the law on charging fees and applying exchange rates in providing services for receiving and paying foreign currency;

n) Trading, quoting, valuing, pricing in contracts, agreements, publicizing, advertising prices of goods, services, land use rights, and similar forms (including currency conversion or price adjustment of goods, services, contract values, agreements) in foreign currency not in accordance with the provisions of the law;

5. A fine of VND 80,000,000 to VND 100,000,000 shall be imposed for any of the following violations:

a) Opening, closing, and using foreign currency accounts abroad not in accordance with the provisions of the law;

b) Providing payment services, transferring funds for transactions related to foreign loans, lending, recovery of foreign debts, guarantees for non-residents, foreign investment in Vietnam, Vietnamese investment abroad, and other capital transactions not in accordance with the provisions of the law;

c) Converting the denomination of agreed currency not in accordance with the provisions of the law for enterprises operating electronic games for foreigners, casino businesses;

d) Not complying with the provisions of the law on opening, closing, and using special-purpose foreign currency accounts in the operation of electronic games for foreigners, casino businesses;

đ) Not depositing excess cash foreign currency balances into special-purpose foreign currency accounts opened at permitted banks when there is excess cash foreign currency revenue from the operation of electronic games for foreigners, casino businesses beyond the allowed balance as stipulated by law;

e) Buying or selling foreign currency between individuals where the value of the foreign currency bought or sold is US$100,000 or more (or equivalent in other foreign currencies);

g) Buying or selling foreign currency at organizations not authorized to receive foreign currency where the value of the foreign currency bought or sold is 100,000 US dollars or more (or equivalent in another currency);

h) Paying for goods and services in foreign currency with a value of 100,000 US dollars or more (or equivalent in another currency) not in accordance with the provisions of the law;

6. A fine of VND100,000,000 to VND150,000,000 shall be imposed for any of the following violations:

a) Granting credit or repaying domestic debt in foreign currency not in accordance with the provisions of the law, except as provided for in Article 14 of this Decree;

b) Not selling received foreign currency to credit institutions as required by law, except as provided for in point b Clause 5 of this Article;

7. A fine of VND150,000,000 to VND200,000,000 shall be imposed for any of the following violations:

a) Not complying with the provisions of the law regarding foreign borrowing and repayment; foreign lending and recovery of debts; guarantees for non-residents and other capital transactions, except as provided for in points g Clause 3, points d, g Clause 4, and point b Clause 5 of this Article;

b) Conducting foreign currency transactions between credit institutions or between credit institutions and customers in violation of the regulations of the State Bank of Vietnam, except as provided for in Point a Clause 8 of this Article;

c) Failing to comply with the foreign currency position as prescribed by law;

8. A fine of VND200,000,000 to VND250,000,000 shall be imposed for any of the following violations:

a) Operating derivative products, foreign exchange not in accordance with the provisions of the law;

b) Exporting, importing cash foreign currency, Vietnamese dong cash not in accordance with the provisions of the law;

9. Additional forms of punishment:

a) Confiscating the amount of foreign currency, Vietnamese dong for violations stipulated in Clause 2, points h, i, k Clause 3, point h Clause 4, points e, g, h Clause 5, point b Clause 6 of this Article;

c) Revoking the right to use the license for receiving and paying foreign currency and other foreign exchange activities for the operation of electronic games for foreigners, casino businesses for a period of 03 to 06 months for violations stipulated in points d, đ Clause 4 of this Article (for the content that does not involve adjusting the license);

đ) Suspending foreign exchange activities for a period of 03 to 06 months for credit institutions, foreign bank branches that violate the provisions stipulated in point c Clause 8 of this Article;

Recommending the competent authority to revoke the registration certificate for foreign currency exchange agencies, licenses for opening and using foreign currency accounts overseas, licenses for establishing individual foreign currency exchange counters in cases of repeat offenses for violations stipulated in point b Clause 4, point a Clause 5 of this Article.

Article 24. Violations concerning gold trading activities

1. Warning shall be imposed for any of the following violations:

a) Buying and selling gold bars with credit organizations or businesses without a license for buying and selling gold bars;

b) Using gold as a means of payment.

2. Impose a fine of from VND 10,000,000 to VND 20,000,000 for one of the following violations:

a) Buying and selling gold bars with credit organizations or businesses without a license for buying and selling gold bars in cases of recidivism or repeated violations;

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

3. A fine of VND 30,000,000 to VND 50,000,000 shall be imposed on any of the following violations:

a) Not publicly displaying the purchase price and sale price of gold bars at the transaction location as required by law;

b) Violating the responsibilities of credit organizations and businesses engaged in buying and selling gold bars when there are changes to their branch network or locations for buying and selling gold bars as required by law.

4. A fine of from 80,000,000 VND to 100,000,000 VND shall be imposed for one of the following violations:

a) Engaging in buying and selling gold bars contrary to the provisions of the law, except for the case stipulated in point a, Clause 8 of this Article;

b) Bringing gold across borders contrary to the provisions of the law, except for administrative violations in the customs sector.

5. A fine of from 140,000,000 VND to 180,000,000 VND shall be imposed for one of the following violations:

a) Conducting buying and selling of gold bars through authorized agents;

b) Not complying with the legal provisions on the state of gold;

c) Exporting or importing jewelry gold, art gold; raw gold in powder, solution, solder flake, gold salt forms, and semi-finished jewelry gold products not in accordance with the registered business scope as required by law.

6. A fine of from 200,000,000 VND to 250,000,000 VND shall be imposed for the act of using imported raw gold not in accordance with the import permit for raw gold to produce jewelry and art gold.

7. A fine of from 250,000,000 VND to 300,000,000 VND shall be imposed for engaging in the production of gold bars contrary to the provisions of the law.

8. A fine of from 300,000,000 VND to 400,000,000 VND shall be imposed for one of the following violations:

a) Engaging in the buying and selling of gold bars without a license for such activities;

b) Implementing exports or imports of raw gold without a permit issued by competent state authorities as required by law;

c) Engaging in other gold trading activities without a permit issued by competent authorities as prescribed by law.

9. Additional forms of punishment:

a) Confiscate the amount of gold involved in violations stipulated in points a and c, Clause 8 of this Article;

b) Suspend the right to use the license for buying and selling gold bars for a period of from six to nine months for violations stipulated in point a, Clause 5 of this Article.

10. Measures to address consequences:

Propose the competent authority to revoke the License for buying and selling gold bars in cases of repeat offenses for violations stipulated in point a, Clause 5 of this Article.

Section 8.

VIOLATIONS OF PROVISIONS ON PAYMENTS, FOREIGN EXCHANGE MANAGEMENT AND TREASURY

Article 25. Violations concerning inter-bank payments

1. A fine of from 10,000,000 VND to 20,000,000 VND for one of the following violations:

a) Failure to comply with the provisions on organizing clearing, netting, and inter-bank payments;

b) Not returning incorrect payment documents on the same working day, except in cases of force majeure;

c) Making payments to the recipient's account after the prescribed time period;

d) Submitting guarantee documents not in accordance with the prescribed time limit.

2. A fine of VND 20,000,000 to VND 40,000,000 shall be imposed for any of the following violations:

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

b) Allowing unauthorized persons to initiate and transmit transactions through the clearing and inter-bank payment systems.

3. A fine of VND 100,000,000 to VND 150,000,000 for any of the following violations:

a) Obstructing the operation of the clearing and inter-bank payment systems;

b) Disclosing or leaking unauthorized information related to the inter-bank payment system.

Article 26. Violations concerning payment activities

1. A fine of from 3,000,000 VND to 5,000,000 VND shall be imposed for the act of improperly altering or erasing payment instruments and payment documents without reaching the level of criminal prosecution.

2. Fine from 5,000,000 VND to 10,000,000 VND for any of the following violations:

a) Receiving and processing customer inquiries and complaints not in accordance with the law;

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

3. Fine from 10,000,000 VND to 15,000,000 VND for any of the following violations:

a) Not complying with the legal provisions on time limits for payments and money transfers, except for payments between credit institutions and the State Bank;

b) Violating regulations on the notification and public display of payment service fees and card service fees.

4. A fine of from VND 20,000,000 to VND 30,000,000 shall be imposed for any of the following violations:

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

b) Approving payment orders beyond authority or using another person's electronic signature;

c) Opening, using, and authorizing the use of payment accounts not in accordance with the law during the use of payment services.

5. A fine of from forty million to fifty million dong shall be imposed for one of the following violations:

a) Renting or lending from one to less than ten payment accounts;

b) Fabricating payment documents when providing or using payment services without reaching the level of criminal prosecution.

6. A fine of from 50,000,000 VND to 100,000,000 VND shall be imposed for any of the following violations:

a) Opening payment accounts for customers, allowing customers to use payment accounts not in accordance with the law during the provision of payment services;

b) Renting or lending ten or more payment accounts;

c) Counterfeiting payment instruments, retaining, transferring, or using counterfeit payment instruments without reaching the level of criminal prosecution;

d) Issuing, providing, or using illegal payment instruments without reaching the level of criminal prosecution.

7. A fine of from 100,000,000 VND to 150,000,000 VND shall be imposed for any of the following violations:

a) Intruding or attempting to intrude, stealing data, destroying, or illegally modifying software programs or electronic databases used in payments; exploiting system network computer errors for personal gain without reaching the level of criminal prosecution;

b) Opening or maintaining anonymous or fictitious payment accounts.

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

8. A fine of from 150,000,000 VND to 200,000,000 VND shall be imposed for violations of cash payment regulations.

9. Additional forms of punishment:

Confiscate the objects and means used to commit violations stipulated in Clause 1, point b, Clause 5, and points c and d, Clause 6 of this Article.

10. Measures to address consequences:

a) Order the payment of illegal profits obtained from committing violations stipulated in Clause 1, Clause 4, Clause 5, Clause 6, Clause 7, and Clause 8 of this Article into the state budget;

b) Prohibit expansion of the scope, scale, and operating area during the time that violations have not been fully rectified for violations stipulated in points a, c, and d, Clause 6, and Clause 8 of this Article.

Article 27. Violations concerning payment intermediation services

1. A fine of VND 5,000,000 to VND 10,000,000 shall be imposed for one of the following violations:

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

b) Receiving, processing claims, and complaints from customers in violation of legal regulations;

c) Violating the provisions on tools for the State Bank to monitor the provision of electronic wallet services;

2. A fine of from fifteen million to twenty million dong shall be imposed for one of the following violations:

a) Violating regulations on guarantee accounts for payments;

b) Granting credit to customers using electronic wallets, paying interest on the balance of electronic wallets, or any action that may increase the monetary value in electronic wallets above the amount deposited by customers;

c) Violating regulations on depositing money into electronic wallets and withdrawing money from electronic wallets;

d) Failing to require customers to have a bank settlement account opened before using electronic wallet services;

3. Impose a fine of from VND 20,000,000 to VND 30,000,000 for one of the following violations:

a) Providing or disclosing customer information at organizations providing payment intermediation services in violation of the law;

b) Renting, leasing, lending, borrowing electronic wallets or buying, selling information about electronic wallets from one to less than ten electronic wallets;

4. A fine of from forty million to fifty million Vietnamese dong for any of the following violations:

a) Fraudulently falsifying documents proving eligibility for obtaining a license to provide payment intermediation services in application files without reaching the level of criminal prosecution;

b) Falsifying, erasing, altering the content recorded in the license without reaching the level of criminal prosecution; transferring, renting, lending the license to provide payment intermediation services; entrusting or assigning another organization or individual to perform activities permitted under the license to provide payment intermediation services;

c) Operating outside the scope specified in the license to provide payment intermediation services;

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

đ) Falsifying documents when providing payment intermediation services without reaching the level of criminal prosecution;

5. Imposing a fine of VND 150,000,000 to VND 250,000,000 for providing payment intermediation services without a license;

6. Additional forms of punishment:

Seizing assets and means used to commit violations stipulated in point b and đ Clause 4 of this Article;

7. Measures to remedy consequences:

a) Compelling the submission of illegal profits obtained from committing violations stipulated in Clause 2, point b Clause 3, Clause 4, Clause 5 of this Article to the state budget;

b) Recommending the competent authority to revoke the license for violations stipulated in points a, b, c Clause 4 of this Article;

Article 28. Violations concerning banking card operations

1. Warning shall be imposed for any of the following violations:

a) Failure to perform inspection, maintenance, and repair of automatic transaction machines.

b) Failing to update information on the installation, relocation, change in operating hours, or termination of automatic teller machines on the management system and the official website of the service provider;

2. A fine of VND 10,000,000 to VND 15,000,000 shall be imposed for any of the following violations:

a) Failure to notify the installation, relocation, change in operating hours, and cessation of operation of automatic transaction machines as prescribed by law.

b) Failure to ensure the service time for customers using the automatic transaction machine system as prescribed by law.

c) Failure to maintain a customer support department available at all times for customer contact.

d) Failing to monitor cash reserves in automatic teller machines, ensuring they have sufficient funds to meet customer withdrawal needs as required by law; failing to ensure the withdrawal limit per transaction as prescribed by law;

đ) Failing to meet technical requirements for software and network connections for automatic teller machines as prescribed by law;

3. A fine of from VND 15,000,000 to VND 20,000,000 shall be imposed on the act of failing to ensure compliance with the legal requirements for transaction logs of automatic transaction machines.

4. Imposing a fine of VND 20,000,000 to VND 30,000,000 for failing to implement security and confidentiality measures for automatic teller machine operations;

5. Imposing a fine of VND 30,000,000 to VND 50,000,000 for any of the following violations:

a) Violation of the currency for payment on cards.

b) Charging additional fees or discriminating in pricing when cardholders pay for goods or services with cards;

c) Renting, leasing, purchasing, selling cards or card information, opening cards for others (except for anonymous prepaid cards) with a quantity from one to less than ten cards;

d) Stealing or colluding to steal card information with a quantity from one to less than ten cards;

6. A fine of from 50,000,000 VND to 100,000,000 VND shall be imposed for any of the following violations:

a) Renting, leasing, purchasing, selling cards or card information, opening cards for others (except for anonymous prepaid cards) with a quantity of ten or more cards without reaching the level of criminal prosecution;

b) Stealing or colluding to steal card information with a quantity of ten or more cards without reaching the level of criminal prosecution;

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

d) Failing to refuse card transactions in cases where cards are used to conduct prohibited transactions, cards reported lost by cardholders, expired cards, or locked cards;

7. A fine of from 100,000,000 VND to 150,000,000 VND shall be imposed for any of the following violations:

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

b) Processing card transactions in violation of the law;

c) Transferring card acceptance devices, QR Codes to other parties for use; accepting card payments without a card payment contract; improperly using card acceptance devices, QR Codes;

d) Conducting, organizing, or facilitating others to conduct fraudulent card transactions or fake transactions; conducting off-site card payments (without generating sales of goods or services);

8. Additional forms of punishment:

Seizing assets and means used to commit violations stipulated in point c Clause 5, point a Clause 6, points a, c, and d Clause 7 of this Article;

9. Remedial measures:

a) Compelling the submission of illegal profits obtained from committing violations stipulated in points c, đ Clause 5, points a, b Clause 6, and Clause 7 of this Article to the state budget;

b) Not being allowed to sign card payment contracts with other card payment organizations until the violation stipulated in point b Clause 5 of this Article is fully rectified.

Article 29. Violations concerning transfer instruments

1. A fine of VND 15,000,000 to VND 20,000,000 for signing negotiable instruments beyond authorized authority;

2. A fine of from twenty million dong to thirty million dong shall be imposed for one of the following violations:

a) Failing to comply with the obligations of the acceptor as stipulated in Article 22 of the Law on Transfer Instruments.

b) Entrusting collection through a collecting agent in violation of Articles 1, 2, and 3 of Article 39 of the Law on Transfer Instruments.

3. A fine of VND 30,000,000 to VND 50,000,000 shall be imposed on any of the following violations:

a) Transferring a transfer instrument knowing that it has exceeded its payment period, been refused acceptance, refused payment, or notified as lost, as provided for in Clause 4 of Article 15 of the Law on Transfer Instruments.

b) Issuing a check when unable to make payment;

4. A fine of VND 60,000,000 to VND 120,000,000 for any of the following violations:

a) Forgery of signatures on negotiable instruments;

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

5. Additional forms of punishment:

Seizure of property and means used to commit the violation specified in Clause 4 of this Article;

6. Measures to remedy consequences:

Compelling the violator to pay into the state budget any illegal profits obtained from the violations specified in Point b of Clause 3 and Clause 4 of this Article.

Article 30. Violations concerning currency management and vaults

1. Warning shall be imposed for any of the following violations:

a) Not publicly posting at the transaction location the regulations on collecting and exchanging non-circulation-standard currency as prescribed by the State Bank.

b) The recipient losing specimen money; not issuing specimen money to recipients; not recalling specimen money when circulation is suspended or upon request.

c) Not opening, not recording fully all types of books related to vault security activities as required by law.

2. Fine from 5,000,000 VND to 10,000,000 VND for any of the following violations:

a) Refusing to exchange non-circulation-standard currency for customers.

b) Failing to comply with the regulations on classifying, packaging, delivering precious metals, gems; packaging, sealing, delivering, storing, transporting, inventorying cash, valuable assets, securities, except as provided for in point a of Clause 3 and points b, c, d, and đ of Clause 5 of this Article.

3. Fine from 10,000,000 VND to 15,000,000 VND for any of the following violations:

a) Not promulgating and posting internal rules for entering and exiting the cash vault and cash counters; not promulgating internal cash transaction procedures and customer cash transaction procedures.

b) Not having guard plans for money vaults.

c) Not having internal rules, fire prevention and extinguishing plans for money vaults.

d) Not implementing the selection and classification of non-circulation-standard currency.

4. A fine of from 15,000,000 VND to 20,000,000 VND for failing to install safety equipment for money vaults, fire prevention and extinguishing as required by law.

5. A fine of from 20,000,000 VND to 40,000,000 VND shall be imposed on any of the following violations:

a) Exchanging currency in violation of the law.

b) Failing to store cash, valuable assets, securities during lunch break as required by law.

c) Using and storing keys to money vault doors, storage rooms, safes, key boxes on dedicated vehicles in violation of the law.

d) Transporting cash, valuable assets, securities without using dedicated vehicles but without a written procedure for transportation, protection, and security measures approved by competent authorities.

đ) Not specifying in writing the conditions, procedures for receiving and returning assets to customers, responsibilities of relevant departments in ensuring asset security when providing asset management, storage services, renting safe deposit boxes, and other treasury services.

6. A fine of from 40,000,000 VND to 50,000,000 VND shall be imposed on any of the following violations:

a) Using the cash vault not in accordance with structural and technical standards as prescribed by law.

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

Article 31. Violations concerning the protection of Vietnamese currency

1. Warning shall be imposed for any of the following violations:

a) Failing to promptly report to the competent authority upon discovering new types of counterfeit money;

b) Failing to promptly report to the competent authority upon detecting signs of storing, circulating, or transporting counterfeit money;

c) Assigning staff to work in cash checking, cashier, or teller positions who have not undergone training in recognizing genuine and counterfeit currency.

d) Failing to surrender counterfeit money as prescribed by law.

2. Fine from 5,000,000 VND to 10,000,000 VND for any of the following violations:

a) Discovering counterfeit money but failing to seize it;

b) Discovering suspected counterfeit money but failing to temporarily hold it;

c) Failing to prepare a record or seize counterfeit money, failing to stamp or punch holes according to the State Bank's regulations on handling counterfeit and suspected counterfeit money when seizing counterfeit money or temporarily holding suspected counterfeit money.

3. A fine of from 10,000,000 VND to 15,000,000 VND for destroying Vietnamese currency illegally.

4. A fine of from 40,000,000 VND to 50,000,000 VND for reproducing, printing, using the layout, part, or full image, details, patterns of Vietnamese currency in violation of the law.

5. Additional forms of punishment:

All objects and means used to commit violations under Clauses 2, 3, and 4 of this Article shall be confiscated and handed over to the competent authority for handling.

6. Measures to remedy consequences:

a) Compel the marking and punching of counterfeit money in accordance with the State Bank's regulations on handling counterfeit and suspected counterfeit money for the violation stipulated in Point c Clause 2 of this Article;

b) Order the destruction of all evidence and means used to commit the violation as stipulated in Clause 4 of this Article.

c) Order the submission to the state budget of the illegal profits obtained from committing the violation as stipulated in Clause 4 of this Article.

Section 9.

VIOLATIONS OF REGULATIONS ON PURCHASING AND INVESTING IN FIXED ASSETS AND REAL ESTATE BUSINESS OF CREDIT ORGANIZATIONS AND FOREIGN BANK BRANCHES

Article 32. Violations of regulations on purchasing and investing in fixed assets

1. A fine of from 100,000,000 VND to 150,000,000 VND for the act of purchasing and investing in fixed assets directly serving operations exceeding 50% of charter capital and supplementary capital reserve fund for credit organizations or exceeding 50% of authorized capital and supplementary capital reserve fund for foreign bank branches.

2. Measures to remedy consequences:

a) Order to maintain the ratio of the value of fixed assets directly serving operations to charter capital, authorized capital, and supplementary capital reserve fund according to the provisions of Article 140 of the Law on Credit Organizations within a maximum period of six months from the date the administrative penalty decision takes effect for violations stipulated in Clause 1 of this Article.

b) Compel the payment into the state budget of the unlawful profits obtained from committing the violation stipulated in Clause 1 of this Article.

Article 33. Violations of regulations on real estate business

1. A fine of from 200,000,000 VND to 250,000,000 VND for the act of engaging in real estate business, except in cases provided for in Clauses 1, 2, and 3 of Article 132 of the Law on Credit Organizations.

2. Measures to remedy consequences:

Compel the payment into the state budget of the unlawful profits obtained from committing the violation stipulated in Clause 1 of this Article.

Section 10.

VIOLATIONS OF REGULATIONS ON SAFEGUARDING THE SAFE OPERATION OF CREDIT ORGANIZATIONS AND FOREIGN BANK BRANCHES

Article 34. Violations of regulations on maintaining required reserves and purchasing mandatory central bank bills

1. A warning shall be issued for one of the following violations:

a) Failing to maintain the required reserve ratio as prescribed by law;

b) Failing to comply with the mandatory purchase of central bank bills as prescribed by law.

2. A fine of from VND 10,000,000 to VND 20,000,000 shall be imposed for failing to maintain the required reserve ratio as prescribed by law in cases of repeat offenses or multiple violations.

3. Measures to remedy consequences:

Recommend or request competent authorities to consider and apply measures to suspend from one month to three months or remove from managerial, operational, and supervisory positions; prohibit from assuming managerial, operational, and supervisory positions at credit organizations and foreign bank branches for individuals who violate and/or are responsible for the violation stipulated in Clause 2 of this Article.

Require credit institutions, foreign bank branches to remove from office and implement other handling measures according to the law for the violating individuals within their jurisdiction.

Article 35. Violations of safety ratio regulations

1. A fine of from VND 200,000,000 to VND 220,000,000 shall be imposed for violating the law regarding one of the following safety ratios:

a) The maximum proportion of short-term capital used for medium- and long-term loans;

b) The loan-to-deposit ratio;

c) The ratio of purchasing and investing in government bonds and government-guaranteed bonds.

2. A fine of from VND 250,000,000 to VND 300,000,000 shall be imposed for violating the law regarding the liquidity coverage ratio.

3. A fine of from VND 300,000,000 to VND 350,000,000 shall be imposed for violating the minimum capital adequacy ratio as prescribed by law.

4. Measures to remedy consequences:

a) Order to comply with the prescribed safety ratios within a maximum period of six months from the date the administrative penalty decision takes effect for violations stipulated in Clauses 1, 2, and 3 of this Article.

b) Prohibit expanding the scope, scale, and operating area and adding new business activities during the period when the violation has not been fully rectified for violations stipulated in Clauses 1, 2, and 3 of this Article.

c) Recommend or request competent authorities to consider and apply measures to suspend from one month to three months or remove from managerial, operational, and supervisory positions; prohibit from assuming managerial, operational, and supervisory positions at credit organizations and foreign bank branches for individuals who violate and/or are responsible for the violation stipulated in Clauses 2 and 3 of this Article.

Require credit institutions, foreign bank branches to remove from office and implement other handling measures according to the law for the violating individuals within their jurisdiction.

Article 36. Violations of regulations on classifying assets, off-balance sheet commitments, provisioning, and using provisions to address risks

1. A fine of from VND 150,000,000 to VND 200,000,000 shall be imposed for one of the following violations:

a) Incorrectly classifying assets and off-balance-sheet commitments as prescribed by law;

b) Improperly setting aside risk provisions, except where improper setting aside of risk provisions is the consequence of the violation stipulated in point a Clause 1 of this Article.

c) Incorrectly utilizing provisions for risk management as prescribed by law;

d) Not taking adequate and thorough measures to recover debts that have already been addressed through risk provisions.

2. Measures to remedy consequences:

a) Order to classify assets, set aside risk provisions; return improperly used risk provision amounts, transfer off-balance sheet debt accounts that have been settled through risk provisions to on-balance sheet accounting according to the law within a maximum period of one month from the date the administrative penalty decision takes effect for violations stipulated in Clause 1 of this Article.

b) Recommend or request competent authorities to consider and apply measures to suspend from one month to three months or remove from managerial, operational, and supervisory positions; prohibit from assuming managerial, operational, and supervisory positions at credit organizations and foreign bank branches for individuals who violate and/or are responsible for the violation stipulated in Clause 1 of this Article.

Require credit institutions, foreign bank branches to remove from office and implement other handling measures according to the law for the violating individuals within their jurisdiction.

Article 37. Violations concerning the establishment and use of funds

1. A fine of from twenty million dong to forty million dong shall be imposed for the act of establishing or using funds not in accordance with the provisions of the law.

2. Measures to remedy consequences:

Compel the establishment of funds in accordance with the provisions of the law within fifteen days from the date the administrative violation penalty decision becomes effective for the violation stipulated in Clause 1 of this Article.

Section 11. VIOLATIONS OF THE PROVISIONS ON DEPOSIT INSURANCE

Article 38. Violations concerning deposit insurance provisions

1. Warning shall be imposed for any of the following violations:

a) Not publicly posting a copy of the certificate of participation in deposit insurance at all transaction points that accept deposits;

b) Paying deposit insurance premiums insufficiently or not in accordance with the deadlines prescribed by law;

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

2. A fine of from thirty million dong to forty million dong shall be imposed for the act of failing to pay deposit insurance premiums as prescribed by law.

3. A fine of from VND 40,000,000 to VND 60,000,000 for the act of paying deposit insurance to the insured depositor not in accordance with the time limit prescribed in Article 23 of the Law on Deposit Insurance.

4. A fine of from sixty million dong to eighty million dong shall be imposed for any of the following violations:

a) Accepting insurance for deposits that are not covered as prescribed in Article 19 of the Law on Deposit Insurance;

b) Fraudulently manipulating documents, records, papers related to deposit insurance without reaching the level of criminal prosecution.

5. A fine of VND 100,000,000 to VND 150,000,000 shall be imposed for any of the following violations:

a) Failing to pay or paying insufficiently deposit insurance;

b) Obstructing, causing difficulties, and damaging the legitimate rights and interests of deposit insurance organizations, organizations participating in deposit insurance, depositors, and agencies and organizations related to deposit insurance;

c) Misusing positions and powers to violate the provisions of the law on deposit insurance.

6. Measures to remedy consequences:

a) Compel immediate public posting of a copy of the certificate of participation in deposit insurance for the violation prescribed in point a, Clause 1 of this Article;

b) Compel immediate payment of the overdue insurance premium for the violation prescribed in point b, Clause 1 of this Article and must pay a daily late fee of 0.05% of the amount of the overdue payment as prescribed in Clause 1, Article 21 of the Law on Deposit Insurance;

c) Compel immediate refund of the insurance premium collected and recover immediately the insurance payment made due to the violation prescribed in Clause 4 of this Article;

d) Propose or request the competent authority to consider and apply measures to suspend from one to three months or remove from office the management, operation, and supervision positions; prohibit from assuming management, operation, and supervision positions at credit institutions and foreign bank branches for individuals who violate and/or individuals responsible for the violations prescribed in point b, Clause 4 and points a, c, Clause 5 of this Article.

Require credit institutions, foreign bank branches to remove from office and implement other handling measures according to the law for the violating individuals within their jurisdiction.

Section 12.

VIOLATIONS OF THE PROVISIONS ON PREVENTION AND COMBATING MONEY LAUNDERING; PREVENTION AND COMBATING TERRORIST FINANCING

Article 39. Violations concerning customer identification and information updating

1. A fine of from VND 20,000,000 to VND 30,000,000 for the act of failing to update customer identification information as prescribed in Articles 8 and 10 of the Law on Prevention and Combating Money Laundering and the Law on Prevention and Combating Terrorist Financing.

2. A fine of from VND 30,000,000 to VND 40,000,000 for the act of failing to ensure the confidentiality of information and documents as prescribed in Article 29 of the Law on Prevention and Combating Money Laundering and the Law on Prevention and Combating Terrorist Financing.

Article 40. Violations concerning internal regulations on prevention and combating money laundering

A fine of from VND 60,000,000 to VND 100,000,000 for one of the following violations:

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

2. Failure to establish regulations on classifying customers based on risk as prescribed in Clause 1, Article 12 of the Law on Prevention and Combating Money Laundering;

3. Failure to issue internal regulations or issuing internal regulations lacking one or more contents prescribed in Article 20 of the Law on Prevention and Combating Money Laundering.

Article 41. Violations concerning customer identification and classification according to risk levels

1. A fine of from VND 30,000,000 to VND 50,000,000 for the act of failing to apply customer identification measures and enhanced due diligence measures as prescribed in Clauses 2, 3, and 4, Article 12 of the Law on Prevention and Combating Money Laundering, and Article 34 of the Law on Prevention and Combating Terrorist Financing.

2. A fine of from VND 50,000,000 to VND 100,000,000 for the act of failing to classify customers according to money laundering and terrorist financing risk levels as prescribed by law.

Article 42. Violation of provisions on identifying foreign customers as politically exposed persons

A fine of from 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 as politically exposed persons as prescribed in Clauses 2 and 3, Article 13 of the Law on Anti-Money Laundering.

Article 43. Violation of provisions on internal audit in anti-money laundering, customer due diligence, and correspondent banking relationships

1. A fine of from VND 20,000,000 to VND 40,000,000 shall be imposed for the act of not conducting customer due diligence and related party screening against warning lists before establishing a relationship or providing banking services to customers.

2. A fine of VND 40,000,000 to VND 80,000,000 for any of the following violations:

a) Not applying the measures prescribed in Article 14 of the Law on Anti-Money Laundering when establishing a correspondent banking relationship with a foreign partner bank;

b) Not reporting to competent state agencies as prescribed by law when customers and related parties are listed in warning lists;

c) Not conducting internal audits on anti-money laundering as prescribed by law.

Article 44. Violation of provisions on reporting large-value transactions, suspicious transactions, electronic fund transfers, money laundering activities aimed at financing terrorism, and terrorist financing activities

1. A fine of from VND 20,000,000 to VND 30,000,000 shall be imposed for the act of not reporting within the time limit prescribed by law on anti-money laundering and counter-terrorist financing.

2. A fine of VND 30,000,000 to VND 50,000,000 for any of the following violations:

a) Not reporting large-value transactions;

b) Not reporting suspicious transactions;

c) Not reporting electronic fund transfers.

3. A fine of from VND 80,000,000 to VND 100,000,000 shall be imposed for the act of not reporting money laundering activities aimed at financing terrorism as prescribed in Article 30 of the Law on Anti-Money Laundering, or not reporting when there is suspicion that a customer or their transaction is related to terrorist financing or the customer is listed in the black list under the Law on Counter-Terrorism.

4. A fine of from VND 150,000,000 to VND 200,000,000 shall be imposed for the act of not conducting special monitoring on unusual or complex large-value transactions; transactions with organizations or individuals located in countries or territories listed by the Financial Action Task Force for anti-money laundering purposes or warning lists as prescribed in Article 16 of the Law on Anti-Money Laundering, and not regularly checking and clarifying immediately when there is suspicion that a customer's transaction is related to terrorist financing.

Article 45. Violation of provisions on delaying transactions, freezing accounts; sealing or temporarily holding assets

1. A fine of from VND 40,000,000 to VND 80,000,000 shall be imposed for any of the following violations:

a) Not reporting the delay in transactions when the parties involved in the transaction are listed in the black list or there is reason to believe that the requested transaction is related to criminal activities as prescribed in Clause 3, Article 33 of the Law on Anti-Money Laundering;

b) Not reporting the implementation of account freezing, sealing, or temporary asset holding when there is a decision by a competent state agency as prescribed in Article 34 of the Law on Anti-Money Laundering;

c) Not reporting immediately when implementing the suspension of circulation, freezing all funds and assets related to terrorist financing.

2. A fine of from one hundred million to one hundred and fifty million dong for any of the following violations:

a) Not applying the measure to delay transactions when the parties involved in the transaction are listed in the black list or there is reason to believe that the requested transaction is related to criminal activities as prescribed in Clause 1, Article 33 of the Law on Anti-Money Laundering;

b) Not freezing accounts, not applying the measure to seal or temporarily hold assets when there is a decision by a competent state agency as prescribed in Article 34 of the Law on Anti-Money Laundering;

c) Not immediately implementing the suspension of circulation, freezing all funds and assets related to terrorist financing.

Article 46. Violations of Prohibited Acts in Anti-Money Laundering and Anti-Terrorist Financing

1. A fine of from VND 30,000,000 to VND 60,000,000 shall be imposed on the act of obstructing the provision of information for anti-money laundering and anti-terrorist financing work.

2. A fine of from one hundred million to one hundred and fifty million dong for any of the following violations:

a) Establishing or maintaining anonymous accounts or accounts using false names;

b) Illegally providing cash receipt services, checks, other monetary instruments, or value storage tools and making payments to beneficiaries at another location.

3. A fine of from 200,000,000 VND to 250,000,000 VND shall be imposed on any of the following violations:

a) Organizing or facilitating money laundering activities that have not reached the level of criminal responsibility;

b) Establishing and maintaining business relationships with banks established in a country or territory but without physical presence in that country or territory and not subject to management and supervision by competent authorities;

c) Not reporting terrorist financing activities;

d) Exploiting the suspension of circulation, freezing, sealing, temporary detention, or handling of funds and assets related to terrorist financing to infringe upon the interests of the State, the rights and legitimate interests of agencies, organizations, and individuals.

4. Measures to remedy consequences:

Recommending or requesting competent authorities to consider and apply measures to suspend from one to three months or remove from managerial, operational, supervisory positions; prohibiting from assuming managerial, operational, supervisory positions at credit institutions and foreign bank branches for individuals who violate and/or individuals responsible for violations stipulated in Clauses 2 and 3 of this Article.

Require credit institutions, foreign bank branches to remove from office and implement other handling measures according to the law for the violating individuals within their jurisdiction.

Section 13. VIOLATIONS OF INFORMATION AND REPORTING REGULATIONS

Article 47. Violations of Reporting, Management, and Information Provision Regulations

1. A fine of VND 5,000,000 to VND 10,000,000 shall be imposed for one of the following violations:

a) Violating the deadlines, completeness, and accuracy requirements from the second time onwards in the fiscal year for periodic statistical reports under one month;

b) Submitting reports beyond the prescribed deadline, except in cases stipulated in point a of this clause, point a, point c of Clause 5 of this Article, and Clause 1 of Article 44 of this Decree;

c) Failing to retain and preserve records and documents according to the prescribed deadlines, except in cases stipulated in point a of Clause 1 of Article 14 of this Decree;

d) Sending inaccurate reports from two times onwards in the fiscal year, except in cases stipulated in point b of Clause 5 of this Article.

2. A fine of from VND 10,000,000 to VND 15,000,000 shall be imposed on the act of not submitting complete reports or reports lacking required content as prescribed by law, except in cases stipulated in Clause 2, Clause 3 of Article 44, and Clause 1 of Article 45 of this Decree.

3. Impose a fine of from VND 20,000,000 to VND 30,000,000 for one of the following violations:

a) Failing to register changes with competent state agencies as prescribed in point b of Clause 4 of Article 29 of the Law on Credit Institutions;

b) Failing to publish change contents prescribed in points a, b, c, and d of Clause 1 of Article 29 of the Law on Credit Institutions on the information media of the State Bank and one 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.

4. Impose a fine of from VND 30,000,000 to VND 40,000,000 for one of the following violations:

a) Providing false reports;

b) Providing information related to the activities of the State Bank, credit institutions, foreign bank branches, and customer information of credit institutions, foreign bank branches in violation of the provisions of the law;

c) Failing to provide information, records, and documents as prescribed by law;

d) Disclosing or using customer information of credit institutions, foreign bank branches for purposes not in accordance with the provisions of the law.

5. A fine of from forty million to fifty million dong shall be imposed for one of the following violations:

a) Submitting credit information reports to the State Bank beyond the prescribed deadline;

b) Submitting inaccurate, untimely, incomplete, or non-compliant credit information indicators to the State Bank;

c) Failing to report credit information to the State Bank as prescribed in the State Bank's credit information activities;

d) Failing to report statistics on international payment transactions as prescribed by law.

6. A fine of from 50,000,000 VND to 100,000,000 VND shall be imposed for any of the following violations:

a) Failing to immediately report to competent authorities about the risk of loss of liquidity;

b) Failing to provide information as requested by the State Bank and competent state agencies as prescribed in Clause 4 of Article 18 of the Law on Anti-Money Laundering.

7. Measures to remedy consequences:

a) Being required to resubmit accurate and complete reports for violations stipulated in points a, b, d of Clause 1, Clause 2, and Clause 5 of this Article;

b) Being prohibited from expanding the scope, scale, operating area, and adding new business operations during the period when the violation has not been fully rectified for violations stipulated in point a of Clause 5 and point a of Clause 7 of this Article;

c) Recommending or requesting competent authorities to consider and apply measures to suspend from one to three months or remove from managerial, operational, supervisory positions; prohibiting from assuming managerial, operational, supervisory positions at credit institutions and foreign bank branches for individuals who violate and/or individuals responsible for violations stipulated in point a of Clause 6 of this Article.

Require credit institutions, foreign bank branches to remove from office and implement other handling measures according to the law for the violating individuals within their jurisdiction.

Section 14.

VIOLATIONS OF PROVISIONS ON OBSTRUCTING INSPECTION AND FAILURE TO COMPLY WITH REQUIREMENTS OF AUTHORIZED PERSONS

Article 48. Violations of provisions on obstructing inspection and failure to comply with requirements of authorized persons

1. A fine of from VND 2,000,000 to VND 3,000,000 shall be imposed for acts of obstructing or creating difficulties for inspections and checks conducted by authorized persons.

2. A fine of from VND 5,000,000 to VND 10,000,000 shall be imposed for acts of evading inspections and checks conducted by authorized persons.

3. A fine of from VND 10,000,000 to VND 20,000,000 shall be imposed for acts of refusing to provide information, documents, or electronic data to the Inspection Team or authorized persons.

4. A fine of from VND 20,000,000 to VND 30,000,000 shall be imposed for any of the following violations:

a) Failure to provide sufficient documents, vouchers, or figures as required by the Inspection Team;

b) Unauthorized removal, movement, or other actions that alter the sealed state of warehouses, funds, safes, ledgers, accounting vouchers, credit files, or seized items;

c) Failure to freeze accounts or cancel account freezes as required by authorized persons under the law.

5. Imposing a fine of VND 30,000,000 to VND 50,000,000 for any of the following violations:

a) Providing false documents or figures;

b) Illegally interfering with the handling process of competent authorities and banking supervision and oversight;

c) Concealing, altering vouchers, ledgers, or changing seized items during the inspection process.

6. A fine of from 50,000,000 VND to 100,000,000 VND shall be imposed for any of the following violations:

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

b) Failing to deposit capital or assets into the State Bank or financial institutions designated by the State Bank after they have been frozen;

c) Failing to freeze the capital and assets of foreign bank branches as required by the State Bank.

Article 49. Violations of obligations of inspected and supervised banking entities

1. A fine of VND 5,000,000 to VND 10,000,000 shall be imposed for one of the following violations:

a) Failure to timely, fully, and accurately provide information and documents as required by the State Bank;

b) Failure to implement recommendations and warnings about risk and operational safety issued by the State Bank;

c) Failure to report or explain regarding recommendations and warnings about risk and operational safety issued by the State Bank.

2. A fine of from VND 40,000,000 to VND 50,000,000 shall be imposed for failing to comply with conclusions, recommendations, and decisions on inspection.

3. Measures to remedy consequences:

Recommend or request competent authorities to consider and apply measures to suspend from one month to three months or remove from managerial, operational, and supervisory positions; prohibit from assuming managerial, operational, and supervisory positions at credit organizations and foreign bank branches for individuals who violate and/or are responsible for the violation stipulated in Clause 2 of this Article.

Require credit institutions, foreign bank branches to remove from office and implement other handling measures according to the law for the violating individuals within their jurisdiction.

Section 15.

VIOLATIONS OF PROVISIONS ON PURCHASE, SALE, AND DISPOSAL OF NON-PERFORMING LOANS

Article 50. Violations of provisions on purchase and sale of non-performing loans by credit organizations

1. A fine of from VND 50,000,000 to VND 80,000,000 shall be imposed for failing to establish a Purchase and Sale Committee when purchasing or selling non-performing loans.

2. A fine of from VND 80,000,000 to VND 100,000,000 shall be imposed for any of the following violations:

a) Selling a debt that has been used to secure another civil obligation, except where the guarantor consents in writing to the sale of the debt;

b) The seller repurchasing debts sold, except as provided in Clause 148d of the Law on Credit Organizations amended and supplemented in 2017.

3. Additional forms of punishment:

Suspension of purchase and sale activities for a period of three to six months for violations under Clause 1 of this Article.

4. Measures to remedy consequences:

Restoration of the original status of the debt prior to the commencement of the purchase and sale activity for violations under Clause 2 of this Article.

Article 51. Violations of provisions on purchase, sale, and disposal of non-performing loans by the Vietnam Asset Management Corporation

1. A fine of VND 5,000,000 to VND 10,000,000 shall be imposed for one of the following violations:

a) Managing purchased non-performing loans and inspecting and supervising related collateral not in accordance with legal regulations;

b) Delegating authority to credit organizations and failing to properly monitor their implementation of delegated activities;

c) Implementing restructuring measures and financial support for borrowers not in accordance with legal regulations;

d) Contributing capital or purchasing shares not in accordance with legal regulations;

đ) Establishing and using risk reserves for purchased non-performing loans based on market value not in accordance with legal regulations.

2. A fine of VND 10,000,000 to VND 15,000,000 shall be imposed for any of the following violations:

a) Purchasing and selling non-performing loans not in accordance with legal regulations;

b) Disposing of collateral for purchased non-performing loans not in accordance with legal regulations.

3. A fine of from VND 15,000,000 to VND 20,000,000 shall be imposed for violations in implementing activities delegated by the Vietnam Asset Management Corporation after selling non-performing loans not in accordance with legal regulations.

Section 16.

VI VIOLATIONS OF INFORMATION TECHNOLOGY SECURITY REGULATIONS IN BANKING ACTIVITIES

Article 52. Violations of information technology security regulations in banking activities

1. A fine of from 10,000,000 VND to 20,000,000 VND for one of the following violations:

a) Not conducting risk assessments for information technology and operational risks before using third-party information technology services in accordance with the provisions of the law;

b) Not performing security assessments for information systems providing online transaction services to customers before officially putting them into operation.

2. A fine of from twenty million dong to thirty million dong shall be imposed for one of the following violations:

a) Not disseminating or updating information security regulations of the organization to all individuals within the organization at least once a year;

b) Not implementing or not fully implementing data backup measures to ensure data security as prescribed by law;

c) Not deploying cybersecurity solutions to control network connections and detect and prevent network intrusion attacks on information systems providing online transaction services to customers;

d) Not verifying customer access when providing internet banking services in accordance with the provisions of the law;

đ) Not guiding customers to implement measures to ensure safety and confidentiality of information when using internet banking services;

e) Not storing logs of system activities and users, errors occurring, and information security incidents as prescribed by law.

3. Additional forms of punishment:

Suspend the use of third-party information technology services for a period of one month to three months for violations under point a, Clause 1 of this Article.

4. Measures to remedy consequences:

Compel compliance with the legal provisions on information technology security in banking activities.

Chapter III
AUTHORITY TO IMPOSE ADMINISTRATIVE SANCTIONS FOR VIOLATIONS AND AUTHORITY TO ISSUE VIOLATION RECORDS

Article 53. Authority to impose administrative sanctions

1. Banking inspectors on duty have the right to:

a) To issue warnings;

b) Impose a fine up to 500,000 VND;

c) Confiscate objects and means of transportation involved in administrative violations up to a value of 500,000 VND.

2. The Head of Banking Inspection and Supervision Branches has the right to:

a) To issue warnings;

b) To impose fines up to VND 50,000,000;

c) Confiscate objects and means of administrative violations up to a value of 50,000,000 VND;

d) Apply supplementary sanctions and remedial measures as stipulated in Clause 2 and Clause 4, Article 3 of this Decree.

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

a) To issue warnings;

b) Impose a fine up to 250,000,000 VND;

c) Confiscate objects and means of administrative violations up to a value of 250,000,000 VND;

d) Apply supplementary sanctions and remedial measures as stipulated in Clause 2 and Clause 4, Article 3 of this Decree.

4. The Head of Banking Inspection and Supervision has the right to:

a) To issue warnings;

b) Impose a fine up to 1,000,000,000 VND;

c) Apply supplementary sanctions and remedial measures as stipulated in Clause 2 and Clause 4, Article 3 of this Decree.

5. The Head of inspection teams appointed by the Governor of the State Bank of Vietnam, the Head of Banking Inspection and Supervision has the authority to impose sanctions according to the provisions of Clause 3 of this Article.

The Head of inspection teams appointed by the Director of the State Bank of Vietnam branch in provinces and centrally-administered cities, the Director of the Banking Inspection and Supervision Department, and the Head of Banking Inspection and Supervision Branches have the authority to impose sanctions according to the provisions of Clause 2 of this Article.

Article 54. Authority to impose administrative sanctions in the field of currency and banking for other positions

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

2. The authority to impose administrative sanctions, apply supplementary sanctions, and remedial measures of the People's Armed Police shall be implemented in accordance with the provisions of Article 39 of the Law on Handling Administrative Violations.

3. The authority to impose administrative sanctions, apply supplementary sanctions, and remedial measures of the Border Guard shall be implemented in accordance with the provisions of Article 40 of the Law on Handling Administrative Violations.

4. The authority to impose administrative sanctions, apply supplementary sanctions, and remedial measures of the Coast Guard shall be implemented in accordance with the provisions of Article 41 of the Law on Handling Administrative Violations.

5. The authority to impose administrative sanctions, apply supplementary sanctions, and remedial measures of the Market Management shall be implemented in accordance with the provisions of Article 45 of the Law on Handling Administrative Violations.

6. The authority to impose administrative sanctions, apply supplementary sanctions, and remedial measures of the Specialized Tourism Inspection shall be implemented in accordance with the provisions of Article 46 of the Law on Handling Administrative Violations.

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

Article 55. Allocation of Administrative Offense Sanctioning Authority in the Field of Currency and Banking

1. Administrative offense sanctioning authority of the Chairpersons of People's Committees at all levels

a) The Chairperson of the People's Committee at the commune level shall impose sanctions on acts of administrative offenses prescribed in Clause 1, Article 23 and Clause 1, Article 24 of this Decree;

b) The Chairperson of the People's Committee at the district level shall impose sanctions on acts of administrative offenses prescribed in Clauses 1 and 2, Points a, b, c, h, i, k, l of Clause 3, Points h, o and n of Clause 4, Article 23 and Clauses 1, 2, 3, Article 24 of this Decree;

c) The Chairperson of the People's Committee at the provincial level shall impose sanctions on acts of administrative offenses prescribed 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, Article 23, Clauses 1, 2, 3, 4, Points a, c of Clause 5, Clauses 6, 7, 8, Article 24, Point c of Clause 7, Article 28 of this Decree.

a) Market Surveillance Officers shall impose sanctions on acts of administrative offenses prescribed in Clause 1, Article 23 and Clause 1, Article 24 of this Decree;

b) Team Leaders of Market Management Teams shall impose sanctions on acts of administrative offenses prescribed in Clauses 1 and 2, Article 23 and Clauses 1 and 2, Article 24 of this Decree;

c) Provincial Market Management Agency Directors, Sectoral Market Management Agency Directors under the General Department of Market Management shall impose sanctions on acts of administrative offenses prescribed in Clauses 1 and 2, Points a, b, h, i, k, l of Clause 3, Points n, o of Clause 4, Article 23 and Clauses 1 and 2, Point a of Clause 3, Article 24 of this Decree;

d) General Department of Market Management Directors shall impose sanctions on acts of administrative offenses prescribed in Clauses 1 and 2, Points a, b, h, i, k, l of Clause 3, Points n, o of Clause 4, Points e, g, h of Clause 5, Point c of Clause 8, Article 23, Clauses 1 and 2, Point a of Clause 3, Point a of Clause 4, Clauses 6, 7, Points a, c of Clause 8, Article 24 of this Decree.

3. Administrative offense sanctioning authority of the Border Guard Force

a) Border Guard Soldiers, Station Chiefs, Team Leaders of Border Guard Soldiers shall impose sanctions on acts of administrative offenses prescribed in Clause 1, Article 23 and Clause 1, Article 24 of this Decree;

b) Border Guard Post Chiefs, Maritime Squadron Chiefs, Commanders of Border Guard Port Control Units shall impose sanctions on acts of administrative offenses prescribed in Clauses 1 and 2, Article 23 and Clauses 1 and 2, Article 24 of this Decree;

c) Provincial Border Guard Force Commanders, Maritime Flotilla Chiefs of Border Guard Flotillas under the Border Guard Command shall impose sanctions on acts of administrative offenses prescribed in Clauses 1 and 2, Points h, i, k of Clause 3, Point h of Clause 4, Points e, g, h of Clause 5, Article 23, Clauses 1 and 2, Clause 4, Article 24 of this Decree.

4. Administrative offense sanctioning authority of the Coast Guard

a) Coast Guard Officers, Heads of Coast Guard Investigation Teams shall impose sanctions on acts of administrative offenses prescribed in Clause 1, Article 23 and Clause 1, Article 24 of this Decree;

b) Heads of Coast Guard Investigation Teams, Station Chiefs of Coast Guard Stations shall impose sanctions on acts of administrative offenses prescribed in Clause 1, Article 23 and Clause 1, Article 24 of this Decree;

c) Maritime Squadron Chiefs of Coast Guard Maritime Squadrons shall impose sanctions on acts of administrative offenses prescribed in Clauses 1 and 2, Article 23 and Clauses 1 and 2, Article 24 of this Decree;

d) Maritime Flotilla Chiefs of Coast Guard Maritime Flotillas shall impose sanctions on acts of administrative offenses prescribed in Clauses 1 and 2, Points h, i, k of Clause 3, Article 23 and Clauses 1 and 2, Article 24 of this Decree;

đ) Commanders of Coast Guard Zones shall impose sanctions on acts of administrative offenses prescribed in Clauses 1 and 2, Points h, i, k of Clause 3, Article 23 and Clauses 1 and 2, Article 24 of this Decree;

e) Commander of the Coast Guard shall impose sanctions on acts of administrative offenses prescribed in Clauses 1 and 2, Points h, i, k of Clause 3, Point h of Clause 4, Points e, g, h of Clause 5, Article 23, Clauses 1 and 2, Point a of Clause 4, Article 24 of this Decree.

a) Inspectors, persons assigned to perform specialized inspection tasks while performing their duties shall impose sanctions on acts of administrative offenses prescribed in Clause 1, Article 23 of this Decree;

b) Heads of Provincial Departments of Inspection, Heads of Provincial Specialized Inspection Teams shall impose sanctions on acts of administrative offenses prescribed in Clauses 1 and 2, Points a, b, c, h, i, k, l of Clause 3, Points b, n, o of Clause 4, Article 23 of this Decree;

c) Heads of Central Specialized Inspection Teams, Heads of Central Departments of Inspection shall impose sanctions on acts of administrative offenses prescribed in Clauses 1 and 2, Points a, b, c, h, i, k, l of Clause 3, Points b, n, o of Clause 4, Points e, g, h of Clause 5, Article 23 of this Decree.

7. Administrative offense sanctioning authority of Customs

Director of the General Department of Customs shall impose sanctions on acts of administrative offenses prescribed in Point b of Clause 8, Article 23, Point c of Clause 5, Point b of Clause 8, Article 24 of this Decree.

8. Administrative offense sanctioning authority of the Inspection and Supervision Agency of the Banking Industry

Persons authorized to impose sanctions of the Inspection and Supervision Agency of the Banking Industry have the authority to issue administrative violation records, impose administrative sanctions, and apply measures to remedy consequences for acts of administrative offenses prescribed in Chapter II of this Decree according to their assigned authorities, functions, tasks, and powers.

Article 56. Competence to Draw up Administrative Violation Records

The following persons have the competence to draw up administrative violation records:

1. Persons authorized to impose penalties as provided for in Articles 53 and 54 of this Decree;

2. Personnel from the People's Army and the People's Public Security within the agencies specified in Article 54 of this Decree while performing their duties or tasks pursuant to regulatory legal documents or administrative documents issued by competent authorities; pilots, captains, masters of vessels, and those assigned by pilots, captains, and masters of vessels to draw up records;

3. Banking officials performing their duties or tasks assigned pursuant to regulatory legal documents or administrative documents issued by competent authorities.

Chapter IV
IMPLEMENTING PROVISIONS

Article 57. Effectiveness

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

Article 58. Transitional Provisions

1. For administrative violations concerning currency and banking that occurred before the effective date of this Decree but were discovered later and are still within the statute of limitations for punishment or are currently under examination and resolution, the provisions most favorable to the violator shall be applied.

2. For decisions on administrative penalties in the field of currency and banking that were issued or fully executed before the effective date of this Decree, if the person or entity subject to administrative penalty has lodged a complaint, the provisions of Government Decree No. 96/2014/NĐ-CP dated October 17, 2014 on administrative penalties in the field of currency and banking shall be applied to resolve the matter.

Article 59. Responsibility for Implementation

The Governor of the State Bank of Vietnam, Ministers, Heads of ministerial-level agencies, Heads of government-affiliated agencies, Chairpersons of provincial and centrally-run city People's Committees are responsible for implementing this Decree./.