Decree No. 96/2014/ND-CP on administrative sanctions for violations in the field of currency and banking

DECREE

Regulations on Administrative Penalties for Violations in the Field of Currency and Banking

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Pursuant to the Law on Organization of the Government dated December 25, 2001;

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 Organizations dated June 16, 2010;

Based on 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 Negotiable Instruments dated November 29, 2005;

Based on the Foreign Exchange Ordinance dated December 13, 2005, and the Ordinance Amending and Supplementing Certain Provisions of the Foreign Exchange Ordinance dated March 18, 2013;

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

The Government issues this Decree to regulate administrative penalties for violations in the field of currency and banking.

PART I

GENERAL PROVISIONS

Article 1. Scope of Regulation

1. This Decree stipulates acts of administrative violation, forms of administrative penalty, levels of fines, measures to remedy consequences, administrative 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) Violations concerning management and use of licenses;

b) Violations concerning organization, governance, and operation;

c) Violations concerning shares and stocks;

d) Violations concerning capital raising and service fees;

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

e) Violations concerning credit information activities;

g) Violations concerning foreign exchange and gold trading activities;

h) Violations concerning payment, currency management, and vault operations;

i) Violations concerning asset purchase, investment in fixed assets, and real estate business;

k) Violations concerning safety assurance for credit institutions' operations;

l) Violations concerning deposit insurance;

m) Violations concerning anti-money laundering;

n) Violations concerning reporting and information systems;

o) Violations concerning obstruction of inspection and non-compliance with authorized requests.

3. Acts of administrative violation related to state management in the field of currency and banking, as regulated in other Government Decrees, shall be subject to the provisions of those Decrees for penalties.

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

Individuals and organizations within and outside Vietnam (hereinafter referred to collectively as individuals and organizations) who commit violations of laws on currency and banking shall be subject to administrative penalties under this Decree.

Article 3. Forms of Administrative Penalty, Levels of Fine, Authority to Impose Fines, and Measures to Remedy Consequences

1. Principal forms of administrative penalty:

a) Warning;

b) Fine.

2. Additional forms of punishment:

a) Revocation of the right to use licenses or certificates issued by competent authorities for one or more banking activities or services and certain other business activities in the field of currency and banking, or suspension for a period of time for one or more banking activities and certain other business activities licensed by the State Bank of Vietnam (hereinafter referred to as the State Bank) that violate laws on currency and banking;

b) Confiscation of objects and means used to commit administrative violations.

3. Levels of fine and authority to impose fines:

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

b) The levels of fine specified in Chapter II of this Decree apply to individuals, except where the violator is an organization. The level of fine for organizations is twice the level of fine for individuals;

c) The level of fine for violations committed by individuals performing work at credit cooperatives or microfinance organizations is 10% (ten percent) of the level of fine specified in Chapter II of this Decree; the level of fine for credit cooperatives or microfinance organizations is double the level of fine for individuals working at credit cooperatives or microfinance organizations;

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

4. Measures to remedy consequences:

Depending on the nature and degree of violation, organizations and individuals committing violations may also be subject to one or more specific remedial measures provided for in Chapter II of this Decree.

Chapter II

VIOLATIONS OF ADMINISTRATIVE REGULATIONS,

FORMS OF ADMINISTRATIVE PENALTY AND LEVELS OF FINES

Section 1

VIOLATIONS OF PROVISIONS ON MANAGEMENT AND USE OF LICENSES

Article 4. Violation of provisions on licenses issued by the State Bank

1. A fine of VND 20,000,000 to VND 40,000,000 shall be imposed for the act of using names recorded on documents and papers in activities that do not match the names recorded in the license.

2. A fine of VND 40,000,000 to VND 80,000,000 shall be imposed for the act of failing to ensure the conditions stipulated for opening operations as provided for in Clause 2, Article 26 of the Law on Credit Organizations.

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

a) Fraudulent proof of meeting the conditions for obtaining a license in the application dossier for a license, except in cases provided for in Clause 2, Article 19 of this Decree;

b) Lending, renting, buying, selling, transferring a license;

c) Erasing, altering a license to change its content.

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

a) Forgery of proof of meeting the conditions for obtaining a license in the application dossier for a license, except in cases provided for in Clause 2, Article 19 of this Decree;

b) Operating contrary to the contents recorded in the license, except in cases provided for in Clause 6, Article 18, Clause 7, Article 24, Point d, Clause 4, Point b, Clause 5, Article 25 of this Decree.

5. A fine of VND 300,000,000 to VND 400,000,000 shall be imposed for the act of operating after being subject to the suspension measure applied by the competent authority as provided for in Point b, Clause 2, Article 59 of the Law on the State Bank of Vietnam, Point a, Clause 2, Article 148 of the Law on Credit Organizations.

6. A fine of VND 400,000,000 to VND 500,000,000 shall be imposed for the act of operating without a license, except in cases provided for in Clause 7, Article 24, Point d, Clause 2, Point a, Clause 4, Clause 7, Article 25 of this Decree.

7. Supplementary sanctions shall be applied:

Confiscate the evidence items which are licenses that have been erased or altered for the violation provided for in Point c, Clause 3 of this Article.

8. Measures to remedy consequences shall be applied:

a) Order the illegal profits obtained from implementing the violations provided for in Points a, b, Clause 3, Clauses 4, 5, and 6 of this Article to be paid into the state budget;

b) Request the competent authority to revoke the license for the violations provided for in Point a, Clause 3, Clause 4, and Clause 5 of this Article;

c) Propose or request the competent authority to consider and apply the suspension measure for a period of one to three months or removal from managerial, operational, supervisory positions; prohibit from assuming managerial, operational, supervisory positions at credit organizations, foreign bank branches for individuals who violate and/or individuals responsible for the violations provided for in Clauses 3, 4, 5, and 6 of this Article.

Require credit organizations, foreign bank branches to dismiss and implement other measures according to the law for individuals who violate 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 shall be imposed for conducting banking business activities before being confirmed by the State Bank.

2. A fine of VND 50,000,000 to VND 100,000,000 shall be imposed for carrying out one of the following acts before being approved in writing by the State Bank:

a) Changing the name of credit organizations, foreign bank branches, branches of credit organizations;

b) Temporarily suspending operations for more than one working day, except in cases of temporary suspension due to force majeure.

3. A fine of VND 100,000,000 to VND 150,000,000 shall be imposed for transferring shares of contributing members, transferring large shareholder shares, transferring shares leading to a large shareholder becoming a regular shareholder and vice versa before being approved in writing by the State Bank.

4. A fine of VND 150,000,000 to VND 200,000,000 shall be imposed for changing the charter capital level, authorized capital level before being approved in writing by the State Bank.

5. A fine of VND 200,000,000 to VND 250,000,000 shall be imposed for carrying out one of the following acts before being approved in writing by the State Bank:

a) Changing the location of the main office, trading center, branch of credit organizations, location of the foreign bank branch;

b) Listing shares on domestic and foreign securities markets.

6. A fine of VND 250,000,000 to VND 300,000,000 shall be imposed for carrying out one of the following acts before being approved in writing by the State Bank:

a) Establishing, acquiring subsidiary companies, associated companies as provided for in Clauses 2, 3, Article 103 and Clause 3, Article 110 of the Law on Credit Organizations;

b) Contributing capital, purchasing shares of commercial banks as provided for in Point b, Clause 4, Article 103 of the Law on Credit Organizations;

c) Participating in international payment systems;

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

7. A fine of VND 400,000,000 to VND 500,000,000 shall be imposed for splitting, dividing, merging, consolidating, converting the legal form of credit organizations, foreign bank branches without prior written approval from the competent authority.

8. Supplementary sanctions shall be applied:

Propose the competent authority to suspend share listing activities for a period of one to three months for the violation provided for in Point b, Clause 5 of this Article.

9. Measures to remedy consequences shall be applied:

a) Not allow dividend distribution for the violation provided for in Point d, Clause 6 of this Article until the charter capital is restored;

b) Order withdrawal of investment in subsidiaries, associated companies for the violations provided for in Points a, b, Clause 6 of this Article;

c) Propose or request the competent authority to consider and apply measures to suspend from one month to three months or remove from office the management, operation, and oversight positions; prohibit from assuming management, operation, and oversight positions at credit organizations and foreign bank branches for individuals who violate and/or are responsible for violations stipulated in Clause 3, Clause 5, Points b and d, Clause 6 of this Article.

Require credit organizations, foreign bank branches to dismiss and implement other measures according to the law for individuals who violate within their jurisdiction.

Section 2

VIOLATIONS OF PROVISIONS ON ORGANIZATION, MANAGEMENT, AND OPERATION

Article 6. Violations of management and operation provisions

1. Fine from twenty million dong to forty million dong 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, and Article 81 of the Law on Credit Organizations;

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

c) Not organizing or organizing the Shareholders' Meeting in accordance with regulations.

2. Fine from forty million dong to eighty million dong for the act of electing or appointing persons not allowed to concurrently hold positions as stipulated in Article 34 and Clause 3, Article 83 of the Law on Credit Organizations.

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

a) Electing or appointing persons not allowed to hold positions as stipulated in Clauses 2 and 3, Article 33 of the Law on Credit Organizations;

b) Electing or appointing positions as stipulated in Clause 5, Article 50 of the Law on Credit Organizations without meeting the required qualifications and conditions under the law.

4. Fine from one hundred fifty million dong to two hundred million dong for the act of electing or appointing positions without meeting the required qualifications and conditions as stipulated in Clauses 1, 2, 3, and 4, Article 50 of the Law on Credit Organizations.

5. Fine from two hundred million dong to two hundred fifty million dong for the act of electing or appointing persons not allowed to hold positions as stipulated in Clause 1, Article 33 of the Law on Credit Organizations.

6. Measures to remedy consequences:

a) Within a maximum period of three months from the date the administrative penalty decision takes effect, credit organizations, foreign bank branches must find replacements for the individuals elected or appointed in violation of Clauses 2, 3, 4, and 5 of this Article;

b) In case credit organizations, foreign bank branches fail to comply with Point a of this Clause, propose the competent authority to issue a decision removing the individuals elected or appointed in violation of Clauses 2, 3, 4, and 5 of this Article.

Article 7. Violations of internal regulation issuance provisions

1. Fine from ten million dong to twenty million dong for failing to submit one or more internal regulations to the State Bank as stipulated in Clause 3, Article 93 of the Law on Credit Organizations.

2. Fine from forty million dong to eighty million dong for one of the following violations:

a) Failing to issue one or more internal regulations as stipulated in Clause 2, Article 93 of the Law on Credit Organizations;

b) Issuing internal regulations as stipulated in Clause 2, Article 93 of the Law on Credit Organizations containing contents that do not conform to the law;

c) Failing to issue one or more internal regulations as stipulated in Article 20 of the Law on Anti-Money Laundering.

3. Apply remedial measures:

Order immediate cancellation of internal regulations that do not conform to the law for violations stipulated in Point b, Clause 2 of this Article.

Article 8. Violations concerning internal audit, internal control, and independent audit

1. A fine of from twenty million dong to forty million dong shall be imposed for the act of not reporting the results of the audit.

2. Fine from forty million dong to eighty million dong for one of the following violations:

a) Not selecting an independent auditing organization as prescribed in Clause 1, Article 42 of the Law on Credit Institutions;

b) Not notifying 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 dong to one hundred million dong shall be imposed for any of the following violations:

a) The internal audit does not perform the contents prescribed in Clause 2, Article 41 of the Law on Credit Institutions and related legal provisions;

b) Not conducting an independent re-audit when the independent auditing organization's audit report contains a disclaimer opinion as prescribed in Clause 3, Article 42 of the Law on Credit Institutions.

4. A fine of from one hundred million dong to one hundred and fifty million dong shall be imposed for the act of not establishing a specialized internal audit department under the Supervisory Board.

5. A fine of from two hundred million dong to two hundred and fifty million dong shall be imposed for the act of not establishing an internal control system as prescribed in Clause 2, Article 40 of the Law on Credit Institutions.

Section 3

VIOLATIONS CONCERNING SHARES AND SHARE CERTIFICATES

Article 9. Violations concerning shares and share certificates

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

a) Not issuing share certificates in the form of certificates within thirty days from the date of commencement of operations for newly established credit institutions or within thirty days from the date when shareholders have fully paid their subscribed capital increase for credit institutions increasing their charter capital;

b) Founding shareholders do not hold the minimum number of shares as stipulated in Clause 5, Article 55 of the Law on Credit Institutions.

2. A fine of from one hundred million dong to one hundred and fifty million dong shall be imposed 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 Institutions;

b) Purchasing shares from shareholders such that after completing the purchase, the safety ratios in banking operations as prescribed in Clause 1, Article 130 of the Law on Credit Institutions are not met.

3. Apply remedial measures:

a) Compel the sale of excess shares within a maximum period of six months from the effective date of the administrative violation decision for the violation prescribed in Point a, Clause 2 of this Article;

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

c) Prohibit the distribution of dividends until the violation is rectified for the violation prescribed in Clause 2 of this Article;

d) Recommend 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; prohibit assuming managerial, operational, supervisory positions at credit institutions, foreign bank branches for individuals who violate and/or individuals responsible for the violation prescribed in Clause 2 of this Article.

Require credit organizations, foreign bank branches to dismiss and implement other measures according to the law for individuals who violate within their jurisdiction.

Article 10. Violation of provisions on capital contribution and purchase of shares

1. A fine of from VND 100,000,000 to VND 150,000,000 for the act of using sources of capital 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. A fine of from VND 150,000,000 to VND 200,000,000 for the act of conducting business activities as prescribed in Clause 2, Article 103 of the Law on Credit Organizations without establishing or purchasing subsidiaries or associated companies.

3. A fine of from VND 200,000,000 to VND 250,000,000 for the act of purchasing or holding shares of another credit organization in violation of conditions and limits set by the State Bank.

4. A fine of from VND 250,000,000 to VND 300,000,000 for any of the following violations:

a) Violating the limit on capital contribution and purchase of shares as prescribed in Article 129 of the Law on Credit Organizations;

b) Violating the provisions on capital contribution and purchase of shares as prescribed in Article 135 of the Law on Credit Organizations.

5. Measures to remedy consequences:

a) Order to recover the amount of capital used in violation of the provisions of Clause 1 of this Article;

b) Order to transfer the portion of contributed capital or purchased shares in violation of the provisions of Clause 4 of this Article;

c) Prohibit distribution of dividends for the violation prescribed in this Article until the violation is fully remedied;

d) Prohibit expansion of scope, scale, and operating area during the period when the violation has not been fully remedied for the violation prescribed in this Article;

đ) Order to pay into the state budget any illegal profits obtained from the implementation of violations as prescribed in Clauses 1, 2, and 3 of this Article;

e) Recommend or request the competent authority to consider and apply measures to suspend from one month to three months or remove from managerial, operational, or supervisory positions; prohibit assuming managerial, operational, or supervisory positions at credit organizations or foreign bank branches for individuals who violate and/or are responsible for violations as prescribed in Clauses 1, 2, 3, and 4 of this Article.

Require credit organizations, foreign bank branches to dismiss and implement other measures according to the law for individuals who violate within their jurisdiction.

Article 11. Violation of provisions on offering and transferring shares

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

a) Shareholders who are individuals serving as members of the Board of Directors, members of the Supervisory Board, General Director (Director) of credit organizations transferring shares while holding such positions;

b) Shareholders who are organizations with representatives serving as members of the Board of Directors, members of the Supervisory Board, General Director (Director) of credit organizations transferring shares while their representatives hold such positions.

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

3. Apply remedial measures:

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

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

Require credit organizations, foreign bank branches to dismiss and implement other measures according to the law for individuals who violate within their jurisdiction.

Section 4

VIOLATIONS OF PROVISIONS ON RAISING CAPITAL

AND SERVICE FEES FOR PROVIDING SERVICES

Article 12. Violation of regulations on receiving deposits

1. A fine of from 100,000,000 VND to 150,000,000 VND for the act of receiving deposits from credit institutions and foreign bank branches not in accordance with the provisions of the law.

2. A fine of from 150,000,000 VND to 200,000,000 VND for the act of receiving deposits from organizations and individuals when not permitted to receive deposits.

Article 13. Violation of regulations on issuing securities

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

a) Issuing securities not in accordance with one of the contents in the approval document of the competent authority;

b) Not complying with the provisions regarding the eligible buyers of securities, conditions for issuing securities, and conditions for converting convertible bonds.

2. A fine of from 200,000,000 VND to 250,000,000 VND for the act of issuing securities denominated in Vietnamese dong or foreign currency to raise capital from domestic or foreign organizations and individuals without prior written approval from the competent authority as prescribed by law.

3. Apply remedial measures:

Order the recovery of issued securities and refund to customers the face value and interest at the agreed rate for violations stipulated in Clauses 1 and 2 of this Article.

Article 14. Violation of regulations on deposit interest rates and service fees

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

a) Not publicly posting deposit interest rates and service fee levels as required;

b) Posting deposit interest rates and service fee levels unclearly, causing confusion for customers;

c) Collecting service fees not in accordance with the provisions of the law except in cases provided for in Point b Clause 4 Article 15 and Point g Clause 2 Article 24 of this Decree.

2. A fine of from 20,000,000 VND to 40,000,000 VND for the act of applying deposit interest rates and service fee levels higher than those posted.

3. A fine of from 50,000,000 VND to 100,000,000 VND for violations of regulations on deposit interest rates; engaging in derivative products related to interest rates, currencies, and other financial assets, except for violations stipulated in Clauses 1 and 2 of this Article and Point b Clause 6 Article 24 of this Decree.

4. Measures to address consequences:

a) Order the payment into the state budget of illegal profits obtained from implementing the violation of service fee levels prescribed in this Article;

b) Request or require the competent authority 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 institutions and foreign bank branches for individuals who violate and/or are responsible for the violation stipulated in Clause 3 of this Article.

Require credit organizations, foreign bank branches to dismiss and implement other measures according to the law for individuals who violate within their jurisdiction.

Section 5

VIOLATION OF REGULATIONS ON CREDIT GRANTING,

 AGENCY AND INTERBANK ACTIVITIES

Article 15. Violation of regulations on credit granting

1. A fine of from 10,000,000 VND to 15,000,000 VND for one of the following violations:

a) Keeping credit granting files not in accordance with the provisions of the law;

b) Issuing guarantee commitments not in accordance with the model designed by credit institutions and foreign bank branches.

2. A fine of from 15,000,000 VND to 20,000,000 VND for the act of not monitoring customer loan usage and repayment 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 a credit granting contract lacking the required contents as prescribed by law;

b) Waiving or reducing interest rates on credit granting not in accordance with the provisions of the law;

c) Restructuring repayment terms not in accordance with the provisions of the law;

d) Applying interest rates on credit granting not in accordance with the provisions of the law.

4. A fine of from 30,000,000 VND to 60,000,000 VND for one of the following violations:

a) Granting credit without a contract or written agreement;

b) Collecting fees related to credit granting activities not in accordance with the provisions of the law;

c) Forcing customers to deposit borrowed funds back into the same credit institution or foreign bank branch.

5. A fine of from 80,000,000 VND to 150,000,000 VND for one of the following violations:

a) Granting credit to organizations and individuals not meeting the requirements set forth by law;

b) Granting credit without collateral, granting credit with preferential conditions for entities specified in Clause 1 Article 127 of the Law on Credit Institutions;

c) Violating the provisions on credit granting in Clause 3 Article 127 of the Law on Credit Institutions;

d) Borrowing through borrowers;

đ) Signing a credit guarantee contract or guarantee commitment not in accordance with the authority prescribed by law.

6. A fine of from 150,000,000 VND to 200,000,000 VND for one of the following violations:

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

b) Transferring rights and obligations of the guarantor, counter-guarantor, and guarantor certifier to another credit institution or foreign bank branch;

c) Granting credit in another form without prior approval from the State Bank.

7. A fine of from 200,000,000 VND to 250,000,000 VND for violations concerning limits and conditions for granting credit for stock investment and trading by commercial banks and foreign bank branches as prescribed in Clause 5 Article 128 of the Law on Credit Institutions.

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

9. Measures to remedy consequences shall be applied:

a) Order the recovery of excess credit balances beyond the limit within a maximum period of six months from the date the administrative penalty decision takes effect for violations stipulated in Point a Clause 6 and Clause 7 of this Article;

b) Order the recovery of debt within a maximum period of six months from the date the administrative penalty decision takes effect for violations stipulated in Points b and d Clause 5 and Clause 8 of this Article;

c) Compel major shareholders and founding shareholders to transfer shares or capital contributions in accordance with the provisions of the law within a maximum period of six months from the date the administrative penalty decision becomes effective for violations stipulated in Points a, b, and c of Clause 5, Point a of Clause 6, Article 5 of this Law;

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

Require credit institutions and foreign bank branches to dismiss and implement other handling measures prescribed by law against individuals who violate and are within the authority of credit institutions and foreign bank branches.

Article 16. Violations concerning acceptance of agency and agency services

1. Fine from VND 80,000,000 to VND 100,000,000 for one of the following violations:

a) Accepting agency services or providing agency services to unauthorized entities as prescribed by law;

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

2. Fine from VND 100,000,000 to VND 150,000,000 for accepting agency services or providing agency services without meeting the conditions prescribed by law.

3. Apply supplementary sanctions:

Suspend agency business operations of credit institutions and foreign bank branches for a period of one to three months for violations stipulated in this Article.

4. Measures to address consequences:

a) Compel the return/recovery of entrusted assets to the entrusting party for violations stipulated in this Article;

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

Require credit organizations, foreign bank branches to dismiss and implement other measures according to the law for individuals who violate within their jurisdiction.

Article 17. Violations concerning the purchase of corporate bonds

1. Fine from VND 15,000,000 to VND 30,000,000 for failing to monitor the use of funds received from corporate bond issuance.

2. Fine from VND 30,000,000 to VND 40,000,000 for establishing a corporate bond purchase contract that does not contain all required elements as prescribed by law.

3. Fine from VND 40,000,000 to VND 60,000,000 for purchasing corporate bonds without a contract.

4. Fine from VND 80,000,000 to VND 100,000,000 for one of the following violations:

a) Assessing and inspecting the issuance plan and conditions of corporate bonds to decide on purchasing corporate bonds before meeting all conditions prescribed by law;

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

c) Foreign bank branches purchasing convertible corporate bonds.

5. Measures to remedy consequences:

a) Compel recovery of debt within a maximum period of one year from the date the administrative penalty decision becomes effective for violations stipulated in 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, operational, supervisory positions; prohibit from assuming managerial, operational, supervisory positions at credit institutions and foreign bank branches for individuals who violate and/or are responsible for violations stipulated in Clause 4 of this Article.

Require credit institutions and foreign bank branches to dismiss and implement other handling measures prescribed by law against individuals who violate and are within the authority of credit institutions and foreign bank branches.

Article 18. Violations in inter-bank activities

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) Drafting loan contracts, repurchase agreements on securities 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 granting loans, borrowings, depositing money, receiving deposits, and purchasing and selling term securities;

b) Not conducting payment transactions for loans, borrowings; deposits, receiving deposits; purchasing and selling term securities in Vietnamese dong through the inter-bank electronic payment system as prescribed by law;

c) Not complying with the prescribed procedures for purchasing and selling securities.

3. A fine from VND 30,000,000 to VND 40,000,000 for any of the following acts of violation:

a) A branch of a credit institution conducting transactions for loans, borrowings, deposits, receiving deposits outside the scope authorized in writing by the head office of the credit institution;

b) Conducting transactions for loans, borrowings at points of service outside the main offices of foreign bank branches in Vietnam.

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

a) Not complying with the prescribed conditions for participating in transactions for loans, borrowings; purchasing and selling term securities with credit institutions, foreign bank branches;

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

c) Not complying with the prescribed requirements for providing information to lenders to serve the evaluation of customers and determination of transaction limits.

5. A fine of from eighty million dong to one hundred and twenty million dong shall be imposed for the act of purchasing and selling term securities that are not permitted to be traded.

6. A fine of from one hundred and fifty million dong to two hundred million dong shall be imposed for the act of conducting borrowings, lending, purchasing and selling securities in foreign currency beyond the scope of foreign exchange operations licensed by the State Bank.

7. Measures to remedy consequences:

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

Require credit organizations, foreign bank branches to dismiss and implement other measures according to the law for individuals who violate within their jurisdiction.

Chapter 6

VIOLATIONS OF PROVISIONS ON CREDIT INFORMATION ACTIVITIES

Article 19. Violations of conditions for credit information activities

1. A fine of from twenty million dong to forty million dong shall be imposed for failing to ensure the maintenance of one of the conditions required to obtain a certificate of eligibility for credit information activities.

2. A fine of from forty million dong to sixty million dong shall be imposed for fraudulently falsifying certificates proving eligibility for obtaining a certificate of eligibility for credit information activities in the application dossier.

3. Apply remedial measures:

a) Compelling the submission of illegal profits obtained from the violation prescribed in Clause 2 of this Article to the state budget;

b) Requesting competent authorities to revoke the certificate of eligibility for credit information activities for the violation prescribed in Clause 2 of this Article.

Article 20. Violation of provisions on the collection and processing of credit information

1. Fine from twenty million dong to forty million dong for one of the following violations:

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

b) Collecting credit information from borrowing customers without their consent, except when collecting information at the request of competent state authorities.

2. A fine of VND 40,000,000 to VND 80,000,000 for intentionally distorting the content of credit information.

3. A fine of VND 80,000,000 to VND 100,000,000 for illegally collecting information within the scope and list of state secrets.

4. Additional penalties shall be applied:

a) Confiscation of means used to commit violations under Clause 3 of this Article;

b) Suspension of credit information activities for a period of from one to three months for violations under Clauses 2 and 3 of this Article.

5. Measures to remedy consequences:

Immediate correction of distorted information shall be required for violations under Clause 2 of this Article.

Article 21. Violation of provisions on the security and retention of credit information

Fine from VND 20,000,000 to VND 40,000,000 for any of the following violations:

1. Failure to promulgate or implement regulations and procedures for ensuring confidentiality and technological security in credit information activities.

2. Failure to retain customer credit information for a minimum period of five years from the date the credit information activity entity receives it.

Article 22. Violation of provisions on the 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) Copying credit information products to provide to third parties not in accordance with the law;

b) Using customer credit information from the last five years to create credit information products;

c) Not advising 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 for any of the following violations:

a) Modifying credit information products to provide to third parties not in accordance with the law;

b) Providing or exchanging credit information with organizations or individuals unrelated to the intended recipients.

3. Apply supplementary sanctions:

Revocation of the Certificate of Eligibility for Credit Information Activities (license for credit information service provision) for a period of from one to three months for violations under Clause 2 of this Article.

4. Measures to address consequences:

Compulsory payment of illegal profits obtained from committing violations under Point a Clause 1 and Clause 2 of this Article to the state budget.

Article 23. Violation of provisions on protecting the legitimate interests of borrowing customers

1. A fine of from 10,000,000 VND to 15,000,000 VND for one of the following violations:

a) Failing to respond to complaints from borrowing customers within ten working days from the date of receipt;

b) Failing to immediately correct errors if they arise from the processing of information by the credit information activity organization.

2. A fine of VND 15,000,000 to VND 30,000,000 for failing to organize mediation regarding customer complaints within twenty working days from the date of receiving the mediation request from the customer.

Section 7

VIOLATIONS OF PROVISIONS ON FOREIGN EXCHANGE ACTIVITIES AND GOLD TRADING

Article 24. Violations concerning foreign exchange activities

1. Fine from twenty million dong to forty million dong for one of the following violations:

a) Not posting the buying and selling exchange rates for foreign currencies at the transaction location as prescribed by law;

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

2. Fine from forty million dong to eighty million dong for one of the following violations:

a) Entering into agency agreements to exchange foreign currencies with organizations that do not meet the conditions to be foreign currency exchange agents; failing to guide and supervise foreign currency exchange agents as prescribed by law;

b) Failing to fulfill the responsibilities of foreign currency exchange agents as prescribed by law; acting as an agent for exchanging foreign currencies for two or more credit institutions simultaneously;

c) Settling negotiable instruments in foreign currencies not in accordance with the provisions on foreign exchange activities stipulated in Article 9 of the Law on Negotiable Instruments and related laws;

d) Failing to comply with the legal provisions regarding the opening and closing of accounts in Vietnam to carry out foreign direct investment in Vietnam; foreign direct investment from Vietnam; borrowing and repaying foreign debts; lending and recovering foreign debts and other capital transactions;

đ) Failing to comply with the legal provisions regarding administrative procedures for registering and changing foreign loans, international bond issuances; registering and changing foreign loans, debt recovery guarantees for non-residents; registering and changing accounts, progress of capital investment transfers and other administrative procedures related to other capital transactions;

e) Specifying exchange rates, commission fees, brokerage fees in money or goods, and promotional payment methods in foreign currency buying and selling activities in any form leading to actual buying and selling exchange rates exceeding the legally prescribed exchange rate range;

g) Buying and selling foreign currencies between individuals; buying and selling foreign currencies not in accordance with the exchange rates prescribed by the State Bank; charging transaction fees not in accordance with the law;

h) Implementing the withdrawal of funds, repayment of foreign loans; disbursing and recovering foreign loans; implementing the recovery of guarantees for non-residents; implementing the transfer of funds to serve foreign direct investment in Vietnam, foreign direct investment from Vietnam not in accordance with the law;

i) Transferring, carrying foreign currencies, Vietnamese dong out of or into Vietnam not in accordance with the law, except for administrative violations in customs;

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

a) Buying and selling foreign currencies at organizations not permitted to buy and sell foreign currencies;

b) Providing payment services, transferring funds for transactions related to foreign loans, foreign loans, debt recovery, guarantees for non-residents, foreign direct investment in Vietnam, foreign direct investment from Vietnam and other capital transactions not in accordance with the law;

c) Converting the face value of the agreed currency not in accordance with the law for enterprises operating electronic games with rewards for foreigners, casino enterprises;

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

a) Granting credit or repaying domestic debts in foreign currencies not in accordance with the law, except in cases provided for in Article 15 of this Decree;

Lending, discounting, financial leasing, factoring, bank guarantees, other credit operations or repaying domestic debts in foreign currencies not in accordance with the law;

b) Opening, closing, using foreign currency accounts abroad not in accordance with the law;

c) Failing to sell foreign currencies received to credit institutions as prescribed by law, except in cases provided for in Point b Clause 2 of this Article;

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

a) Failing to comply with the legal provisions on foreign borrowing and repayment; foreign lending and debt recovery; guarantees for non-residents and other capital transactions, except for violations provided for in Points d, đ, h Clause 2 and Point b Clause 3 of this Article;

b) Conducting foreign exchange transactions not in accordance with the State Bank's regulations;

c) Having foreign currency positions not in accordance with the law;

6. A fine of VND 200,000,000 to VND 250,000,000 shall be imposed for one of the following violations:

a) Paying for goods and services in foreign currencies not in accordance with the law;

b) Operating, providing derivative products based on exchange rates, foreign exchange not in accordance with the law;

c) Trading, quoting, valuing, pricing in contracts, agreements, postings, advertising prices of goods, services, land use rights in foreign currencies not in accordance with the law;

d) Exporting, importing foreign currency cash not in accordance with the law;

7. A fine of VND 500,000,000 to VND 600,000,000 shall be imposed for the act of engaging in foreign exchange activities by credit institutions, branches of foreign banks, organizations providing receipt and payment of foreign currencies, organizations acting as foreign currency exchange agents, and other organizations without being granted permission by competent authorities or where the foreign exchange operation permit has expired or been suspended, or not in accordance with the contents specified in the permit, except for cases provided for in Point d Clause 2 of this Article;

8. Supplementary sanctions shall be applied:

a) Confiscation of the amount of foreign currency, Vietnamese dong for violations stipulated in Point i Clause 2, Point a Clause 3, Point c Clause 4 and Point a Clause 6 of this Article;

b) Revocation of the Foreign Currency Exchange Agency Registration Certificate for a period of from one month to three months upon first violation of the provisions stipulated in Point b Clause 2 of this Article;

9. Measures to remedy consequences shall be applied:

Request the competent authority to revoke the Foreign Currency Exchange Agency Registration Certificate, documents permitting the opening and use of foreign currency accounts at foreign banks in cases of repeated violations of the provisions stipulated in Point b Clause 2 and Point b Clause 4 of this Article.

Article 25. Violations concerning gold trading activities

1. A fine of from five million to ten million dong for the act of producing jewelry and decorative gold products without announcing applicable standards or marking goods as required.

2. A fine of from thirty million to sixty million dong for any of the following violations:

a) Not publicly displaying purchase prices, sale prices of gold bars, jewelry and decorative gold products, quantities, and fineness of jewelry and decorative gold products at transaction locations;

b) Displaying purchase prices, sale prices of gold bars, jewelry and decorative gold products but the form and content of price displays are unclear, causing confusion for customers;

c) Violating the responsibilities of credit institutions and enterprises engaged in buying and selling gold bars when there are changes in branch networks or business locations for buying and selling gold bars as prescribed by law;

d) Buying and selling gold bars at credit institutions or enterprises without a Business License for buying and selling gold bars;

đ) Engaging in buying and selling jewelry and decorative gold products without meeting the conditions required by law to engage in such activities;

e) Processing jewelry and decorative gold products without registering processing of jewelry and decorative gold products in the Business Registration Certificate, business registration certificate, or Enterprise Registration Certificate.

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

a) Trading in gold not in accordance with the provisions of the law, except for the cases stipulated in Point đ Clause 2 and Point a Clause 7 of this Article;

b) Bringing gold out of the country or into the country not in accordance with the provisions of the law, except for administrative violations in the customs sector;

c) Providing gold bar storage services not in accordance with the provisions of the law;

d) Producing jewelry and decorative gold products when failing to meet and maintain the conditions for producing jewelry and decorative gold products.

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

a) Producing jewelry and decorative gold products without a certificate of eligibility to produce jewelry and decorative gold products;

b) Conducting gold bar trading through appointed agents;

c) Not complying with the provisions of the law on the status of gold;

d) Exporting or importing jewelry and decorative gold products; raw gold in powder, solution, solder flake, gold salt forms and semi-finished gold jewelry products not in accordance with the business registration certificate or Enterprise Registration Certificate;

đ) Using gold bars for storage not in accordance with the provisions of the law.

5. A fine of from two hundred fifty million to three hundred million dong for any of the following violations:

a) Using gold as a means of payment;

b) Using imported raw gold not in accordance with the import permit for raw gold to produce jewelry and decorative gold products; not re-exporting products according to the Temporary Import Permit for Raw Gold issued by the State Bank.

6. A fine of from three hundred fifty million to four hundred million dong for the act of producing gold bars not in accordance with the provisions of the law.

7. A fine of from four hundred fifty million to five hundred million dong for any of the following violations:

a) Trading in gold bars without a business license for buying and selling gold bars;

b) Implementing export or import of raw gold without a permit issued by competent authorities as prescribed by law;

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

8. Supplementary sanctions shall be applied:

a) Confiscate the amount of gold involved in the violation stipulated in Point a Clause 7 of this Article;

b) Suspend the right to use the business license for buying and selling gold bars for a period of six to nine months upon first violation of the provision stipulated in Point b Clause 4 of this Article.

9. Measures to remedy consequences shall be applied:

a) Propose the competent authority to revoke the Business License for buying and selling gold bars in case of repeat offense for the violation stipulated in Point b Clause 4 of this Article;

b) Propose the competent authority to revoke the Certificate of Eligibility to Produce Jewelry and Decorative Gold Products in case of repeat offense for the violation stipulated in Clause 1 and Point d Clause 3 of this Article.

Section 8

VIOLATIONS OF PROVISIONS ON PAYMENTS, FOREIGN EXCHANGE MANAGEMENT AND TREASURY

Article 26. Violations concerning inter-bank payment regulations

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 settlement, netting, and inter-bank payments;

b) Failure to return 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 for any of the following violations:

a) Not immediately returning a validly rejected Credit Transfer Order; refusing a validly authorized Debit Transfer Order;

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

3. A fine of VND 40,000,000 to VND 80,000,000 for failing to maintain sufficient liquidity to settle the amount due at the end-of-day settlement for all netting and inter-bank payment orders on the transaction date.

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

a) Obstructing the operation of the settlement system and inter-bank payment system;

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

5. Additional penalties shall be applied:

Suspension from participating in the inter-bank payment system for a maximum of one year for violations stipulated in this Article.

6. Measures to remedy consequences:

Requesting competent authorities to consider and apply measures to restrict or prohibit participation in the inter-bank payment system during the period when the violation has not been fully rectified for violations stipulated in this Article.

Article 27. Violations concerning payment activities

1. A fine of VND 5,000,000 to VND 10,000,000 for failure to respond to customer inquiries and complaints as required by law.

2. A fine of VND 10,000,000 to VND 15,000,000 for non-compliance with legal provisions regarding time limits in payment and money transfer operations.

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

a) Improper alteration or erasure of payment instruments and payment documents;

b) Unauthorized provision or disclosure of information related to account holders' deposits at payment service providers and payment intermediary service providers;

c) Providing false information during the provision of payment services and payment intermediary services;

d) Non-compliance with legal provisions on the use and authorization to use payment accounts; approving payment orders beyond authority or using another person's electronic signature;

đ) Opening and using payment accounts in violation of legal provisions;

4. A fine of VND 40,000,000 to VND 60,000,000 for providing payment services and payment intermediary services in violation of legal provisions.

5. A fine of VND 60,000,000 to VND 100,000,000 for opening accounts for customers and using payment accounts in violation of legal provisions.

6. A fine of from 150,000,000 VND to 200,000,000 VND for one of the following violations:

a) Counterfeiting payment instruments, retaining, transferring, or using counterfeit payment instruments;

b) Counterfeiting documents when using payment intermediary services;

c) Violating cash payment regulations;

d) Issuing, providing, or using illegal payment instruments.

7. A fine of VND 250,000,000 to VND 300,000,000 for concealing or making payments for funds of illegal origin.

8. Supplementary sanctions shall be applied:

Confiscation of contraband items and means of violation for violations stipulated in Point a Clause 3, Points a, b, d Clause 6 of this Article.

9. Measures to remedy consequences shall be applied:

a) Prohibition from expanding the scope, scale, and operating area during the period when the violation has not been fully rectified for violations stipulated in Point d Clause 6 and Clause 7 of this Article;

b) Compelling the submission of unlawful profits obtained from implementing violations stipulated in Clauses 3, 4, 5, 6, and 7 of this Article to the state budget.

Article 28. Violations concerning bank card operations

1. A warning shall be imposed for the act of not conducting inspection, maintenance, and servicing of automatic teller machines.

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

a) Installing, relocating, or ceasing operation of an automatic teller machine in violation of legal regulations;

b) Placing an automatic teller machine at a location where the power supply system for the room housing the machine and the machine itself does not meet the requirements to ensure that the machine can swallow customer cards when there is a sudden power outage;

c) Not registering in writing with the State Bank branch in the province or centrally governed city within 15 days before installation of the automatic teller machine;

d) Not deregistering the cessation of operation of the automatic teller machine at the old location to register the installation of the machine at a new location when relocating the machine to a different province or centrally governed city;

đ) Not updating information on the installation, relocation, or cessation of operation of the automatic teller machine on its official website;

e) Failing to ensure the service hours for customers through the automatic teller machine system;

g) Not reporting to the State Bank branch in the province or centrally governed city and widely informing customers if the automatic teller machine stops operating for more than 24 hours;

h) Not maintaining a customer support department available at all times for customer contact;

i) Not monitoring the cash reserve level in the automatic teller machine, failing to ensure that the machine has sufficient funds to meet customer withdrawal needs as prescribed.

3. A fine from VND 15,000,000 to VND 20,000,000 shall be imposed for any of the following violations:

a) Failing to meet the requirements for organizations providing payment services when initially equipping the automatic teller machine system;

b) Failing to meet the legal requirements for the automatic teller machine.

4. A fine from VND 20,000,000 to VND 30,000,000 shall be imposed for failing to ensure the safety and security of the automatic teller machine's operations.

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

a) Violating the currency for payment on the card;

b) Discriminating in pricing in card payments, charging additional fees from cardholders for transactions that do not comply with legal regulations or other provisions regarding card payments through acceptance points.

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

a) Stealing, colluding to steal card information, buying, selling, disclosing, or using card information of others illegally, making fake cards, or carrying out fraudulent transactions;

b) Issuing cards, processing card payments not in accordance with the provisions of the law;

c) Settling card transaction discrepancies in violation of legal regulations;

d) Accepting card payments after receiving notification that the card has been declined.

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

a) Intruding or attempting to intrude, stealing data, destroying, or making unauthorized changes to software programs or electronic databases used in payment systems; exploiting system network errors for personal gain;

b) Opening or maintaining anonymous or false payment accounts.

8. Measures to remedy consequences shall be applied:

a) Prohibition from entering into card payment contracts with other payment organizations during the period of rectifying the violation under Point b Clause 5 of this Article;

b) Compulsory payment of illegal profits obtained from the implementation of violations stipulated in Point b Clause 5, Point a Clause 6, and Clause 7 of this Article into the state budget.

Article 29. Violation of provisions on transfer instruments

1. A fine of from VND 15,000,000 to VND 20,000,000 shall be imposed for the act of signing on a transfer instrument beyond authority.

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

a) Implementing the obligations of the acceptor as prescribed in Article 22 of the Law on Transfer Instruments in violation of the provisions thereof.

b) Collecting through a collecting agent in violation of the provisions of Clauses 1, 2, and 3 of Article 39 of the Law on Transfer Instruments.

3. A fine of from VND 30,000,000 to VND 60,000,000 shall be imposed for any of the following violations:

a) Transferring a transfer instrument when it is known that the instrument has exceeded its payment period or has been refused acceptance, refused payment, or has been reported lost as prescribed in Clause 4 of Article 15 of the Law on Transfer Instruments.

b) Signing a cheque when there is insufficient ability to pay; issuing a cheque after being suspended from issuing cheques.

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

a) Forgery of signatures on transfer instruments;

b) Not complying with the regulations on printing, receiving, and managing blank cheques as prescribed in Clauses 2 and 3 of Article 64 of the Law on Transfer Instruments.

5. Additional penalties shall be applied:

a) Suspension of the issuance of cheques for a period of from one month to three months for the violation prescribed in Point b Clause 3 of this Article;

b) Confiscation of contraband items and means of violation for the violation prescribed in Point b Clause 4 of this Article.

6. Measures to remedy consequences:

Compel the violator to pay into the state budget the unlawful profits obtained from the implementation of the violations prescribed in Point b Clause 3 and Clause 4 of this Article.

Article 30. Violation of provisions on management of currency and vaults

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

a) Not publicly posting at the transaction location the regulations on exchanging non-standard circulating currency as prescribed by the State Bank;

b) The recipient losing the sample money; not providing sample money to the recipients; not recalling sample money upon notification of suspension of circulation or upon request.

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

a) Refusing to exchange non-standard circulating currency for customers;

b) Not complying with the regulations on classification, packaging, receipt, and management of precious metals and gems; packaging, sealing, receipt, storage, transportation, and inventory of cash, valuable assets, and negotiable instruments, except as provided in Point a Clause 3 and Points b, c, d, and đ 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 internal rules for entry and exit from the currency vault, cash counter transactions; internal cash transaction procedures and cash transactions with customers;

b) Not having security guard plans for the currency vault;

c) Not having fire prevention and extinguishing internal rules for the currency vault;

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

4. A fine of from VND 15,000,000 to VND 20,000,000 shall be imposed for the act of not installing safety equipment for the currency vault and fire prevention and extinguishing equipment for the currency vault as prescribed by law.

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

a) Exchanging currency in violation of the provisions of the law;

b) Not storing cash, valuable assets, and negotiable instruments during lunch break as prescribed by law;

c) Using and storing keys to the currency vault door, storage room, safe, and key to the money box on the dedicated vehicle in violation of the provisions of the law;

d) Transporting cash, valuable assets, and negotiable instruments without using a dedicated vehicle but without a document specifying the transport procedure, protection measures, and asset safety guarantees from the competent authority;

đ) Not stipulating in writing the conditions, procedures for receiving and returning assets to customers, and the responsibilities of related departments in ensuring asset safety when providing asset management, storage services, renting safety cabinets and safes, and other treasury services.

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

a) Using the currency vault in violation of the structural and technical standards prescribed by law;

b) Using the currency vault door in violation of the technical standards prescribed by law.

Article 31. Violations concerning the protection of Vietnamese currency

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

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

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

c) Assigning staff to work on cash checking, treasury management, or transaction handling without training or instruction on identifying genuine and counterfeit currency.

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

a) Discovering counterfeit currency but failing to seize it;

b) Discovering suspected counterfeit currency but failing to temporarily detain it;

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

3. A fine of from VND 10,000,000 to VND 15,000,000 for the act of destroying or damaging Vietnamese currency contrary to the law.

4. A fine of from VND 40,000,000 to VND 80,000,000 for the act of reproducing, printing, or using the layout, part, or all images, details, or patterns of Vietnamese currency contrary to the law.

5. Additional penalties shall be applied:

Seize all evidence and means used to commit violations under Clauses 2, 3, and 4 of this Article and transfer them to the competent authority for handling.

6. Measures to remedy consequences:

a) Compel the stamping and punching of counterfeit currency according to the State Bank's regulations on handling counterfeit and suspected counterfeit currency for violations stipulated in Point c Clause 2 of this Article;

b) Compel the destruction of all evidence and means used to commit violations stipulated in Clause 4 of this Article;

c) Compel the payment into the state budget of any illegal profit obtained through committing violations stipulated in Clause 4 of this Article.

Section 9

VIOLATIONS OF THE PROVISIONS ON PURCHASING AND INVESTING IN FIXED ASSETS

AND ENGAGING IN REAL ESTATE BUSINESS

Article 32. Violations concerning purchasing and investing in fixed assets

1. A fine of from VND 200,000,000 to VND 250,000,000 for the act of purchasing and investing in fixed assets directly serving operations exceeding 50% of charter capital and supplementary reserve funds for charter capital for credit organizations or exceeding 50% of allocated capital and supplementary reserve funds for foreign bank branches.

2. Measures to address consequences:

a) Compel maintaining the ratio of the value of fixed assets directly serving operations to charter capital, allocated capital, and supplementary reserve funds for charter capital and allocated capital in accordance with Article 140 of the Law on Credit Organizations for violations stipulated in Clause 1 of this Article within a maximum period of six months from the date the administrative violation penalty decision takes effect;

b) Compel the payment into the state budget of any illegal profit obtained through committing violations stipulated in Clause 1 of this Article.

Article 33. Violations concerning engaging in real estate business

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

2. Measures to address consequences:

Compel the payment into the state budget of any illegal profit obtained through committing violations stipulated in Clause 1 of this Article.

Section 10

VIOLATIONS OF THE PROVISIONS ON SECURING THE SAFE OPERATION OF CREDIT ORGANIZATIONS

Article 34. Violations concerning maintaining the required reserves

1. A warning for the act of failing to maintain sufficient required reserves as prescribed by law.

2. Measures to address consequences:

Recommend or request the competent authority to consider and apply measures to suspend from one to three months or remove from office the management, operation, or supervisory position; prohibit from assuming the management, operation, or supervisory position at credit organizations or foreign bank branches for individuals who violate and/or are responsible for the violations stipulated in Clause 1 of this Article.

Require credit organizations, foreign bank branches to dismiss and implement other measures according to the law for individuals who violate within their jurisdiction.

Article 35. Violation of provisions on safety ratio

1. A fine of from VND 200,000,000 to VND 250,000,000 shall be imposed for acts violating the legal provisions on one of the following safety ratios:

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

b) The ratio of loan balance to total deposits;

c) The ratio of medium- and long-term deposits to total medium- and long-term loan balances.

2. A fine of from VND 300,000,000 to VND 350,000,000 shall be imposed for acts violating the legal provisions on liquidity ratio.

3. A fine of from VND 400,000,000 to VND 450,000,000 shall be imposed for acts violating the minimum capital adequacy ratio as prescribed by law.

4. Measures to address consequences:

a) Compel compliance with the prescribed safety ratio within a maximum period of six months from the date the administrative violation penalty decision takes effect for violations stipulated in Clauses 1, 2, and 3 of this Article;

b) Prohibit expansion of scope, scale, and operating area, and prohibition of adding new business operations until the violation has been fully rectified for violations stipulated in Clauses 1, 2, and 3 of this Article;

c) 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 assuming management, operation, and supervision positions at credit organizations and foreign bank branches for individuals who commit violations and/or individuals responsible for violations stipulated in Clauses 2 and 3 of this Article.

Require credit organizations, foreign bank branches to dismiss and implement other measures according to the law for individuals who violate within their jurisdiction.

Article 36. Violation of provisions on classification of assets and risk provisions

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

a) Implement asset classification not in accordance with legal provisions;

b) Establish risk provisions not in accordance with legal provisions;

c) Use risk provisions not in accordance with legal provisions;

d) Fail to take adequate and thorough measures to recover debts that have been settled using risk provisions.

2. Measures to address consequences:

a) Compel asset classification and establishment of risk provisions; return the amount of risk provisions used improperly, transfer the debt already settled using risk provisions to the internal account according to legal provisions within a maximum period of one month from the date the administrative violation penalty decision takes effect for violations stipulated in Clause 1 of this Article;

b) 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 assuming management, operation, and supervision positions at credit organizations and foreign bank branches for individuals who commit violations and/or individuals responsible for violations stipulated in Clause 1 of this Article.

Require credit organizations, foreign bank branches to dismiss and implement other measures according to the law for individuals who violate within their jurisdiction.

Article 37. Violation of provisions on establishment and use of funds

1. A fine of from VND 20,000,000 to VND 40,000,000 shall be imposed for acts of establishing or using funds not in accordance with legal provisions.

2. Measures to address consequences:

Compel the establishment of funds in accordance with legal provisions within fifteen days from the date the administrative violation penalty decision takes effect for violations stipulated in Clause 1 of this Article.

Section 11

VIOLATION OF PROVISIONS ON DEPOSIT INSURANCE

Article 38. Violation of provisions on deposit insurance

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

a) Failure to publicly display a copy of the certificate of participation in deposit insurance at all transaction points accepting deposits;

b) Failure to pay deposit insurance premiums fully or on time as prescribed by law.

2. A fine of from VND 30,000,000 to VND 40,000,000 shall be imposed for failure to pay deposit insurance premiums as prescribed by law.

3. A fine of from VND 40,000,000 to VND 60,000,000 shall be imposed for failure to pay deposit insurance benefits to insured depositors within the time limit specified in Article 23 of the Law on Deposit Insurance.

4. A fine of from VND 60,000,000 to VND 80,000,000 shall be imposed for one of the following violations:

a) Accepting insurance for deposits not covered under Article 19 of the Law on Deposit Insurance;

b) Fraudulent or false documentation regarding deposit insurance.

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

a) Failure to pay or partial payment of deposit insurance benefits;

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

c) Misusing authority to violate legal provisions on deposit insurance.

6. Measures to remedy consequences:

a) Compel immediate public display of a copy of the certificate of participation in deposit insurance for violations stipulated in Point a Clause 1 of this Article;

b) Compel immediate payment of the missing insurance premium for violations stipulated in Point b Clause 1 of this Article and bear a daily late payment penalty of 0.05% of the overdue amount as prescribed in Clause 1 of Article 21 of the Law on Deposit Insurance;

c) Compel immediate repayment of the collected insurance premium and recovery of the paid insurance benefit due to violations stipulated in Point a 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 assuming management, operation, and supervision positions at credit organizations and foreign bank branches for individuals who commit violations and/or individuals responsible for violations stipulated in Point b Clause 4 and Points a and c Clause 5 of this Article.

Require credit organizations, foreign bank branches to dismiss and implement other measures according to the law for individuals who violate within their jurisdiction.

Section 12

VIOLATION OF PROVISIONS ON PREVENTION AND COMBATING MONEY LAUNDERING

Article 39. Violation of customer identification and information updating provisions

A fine of VND 20,000,000 to VND 30,000,000 shall be imposed for failing to update customer identification information as prescribed in Articles 8 and 10 of the Law on Anti-Money Laundering.

Article 40. Violation of risk management procedures for transactions related to new technologies

A fine of VND 60,000,000 to VND 100,000,000 shall be imposed for failing to issue risk management procedures for transactions related to new technologies as prescribed in Article 15 of the Law on Anti-Money Laundering.

Article 41. Violation of customer classification according to risk levels

1. A fine of VND 30,000,000 to VND 50,000,000 shall be imposed for failing to apply customer identification measures and enhanced due diligence measures as prescribed in Clauses 2, 3, and 4 of Article 12 of the Law on Anti-Money Laundering.

2. A fine of VND 50,000,000 to VND 100,000,000 shall be imposed for failing to establish customer classification regulations or classify customers according to money laundering risk levels as prescribed by law.

Article 42. Violation of provisions regarding the identification of foreign politically exposed persons as customers

A fine of VND 100,000,000 to VND 150,000,000 shall be imposed for failing to have a risk management system to identify foreign politically exposed persons as customers as prescribed in Clauses 2 and 3 of Article 13 of the Law on Anti-Money Laundering.

Article 43. Violation of provisions on customer and transaction review, correspondent banking relationships

1. A fine of VND 20,000,000 to VND 40,000,000 shall be imposed for failing to review customers and related parties against warning lists before establishing a relationship or providing banking services to customers.

2. Fine from forty million dong to eighty million dong for one of the following violations:

a) Failing to apply measures prescribed in Article 14 of the Anti-Money Laundering Law when establishing a correspondent banking relationship with a foreign partner bank;

b) Failing to report to competent state agencies as prescribed by law when customers and related parties are listed in warning lists.

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

1. A fine of VND 20,000,000 to VND 30,000,000 shall be imposed for failing to report within the time limit prescribed in Article 26 of the Law on Anti-Money Laundering.

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

a) Failing to report large-value transactions;

b) Failing to report suspicious transactions;

c) Failing to report electronic fund transfers.

3. A fine of VND 80,000,000 to VND 100,000,000 shall be imposed for failing to report terrorist financing activities as prescribed in Article 30 of the Law on Anti-Money Laundering.

4. A fine of VND 150,000,000 to VND 200,000,000 shall be imposed for failing to conduct special monitoring of 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.

Article 45. Violation of provisions on transaction delays, account freezes; sealing or temporary detention of assets

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

a) Failing to report transaction delays when parties involved in the transaction are on blacklists or there is reasonable cause to believe that the requested transaction is related to criminal activity as prescribed in Clause 3 of Article 33 of the Law on Anti-Money Laundering;

b) Failing to report account freezes, sealing, or temporary detention of assets when there is a decision by a competent state agency as prescribed in Article 34 of the Law on Anti-Money Laundering.

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

a) Failing to implement transaction delay measures when parties involved in the transaction are on blacklists or there is reasonable cause to believe that the requested transaction is related to criminal activity as prescribed in Clause 1 of Article 33 of the Law on Anti-Money Laundering;

b) Failing to freeze accounts, failing to implement sealing or temporary detention measures when there is a decision by a competent state agency as prescribed in Article 34 of the Law on Anti-Money Laundering.

Article 46. Violation of Prohibited Acts in Anti-Money Laundering

1. A fine of from VND 30,000,000 to VND 60,000,000 shall be imposed for obstructing the provision of information for anti-money laundering purposes.

2. A fine of from one hundred million dong to one hundred and fifty million dong shall be imposed 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 a different location.

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

a) Organizing or facilitating money laundering activities;

b) Establishing and maintaining business relationships with banks established in a country or territory but without a physical presence in that country or territory and not subject to the supervision of the competent authority.

4. Measures to address consequences:

a) Recommending or requesting the competent authority to consider applying measures to suspend operations for a period of from one to three months or removing management positions; prohibiting individuals who violate these provisions and/or those responsible for such violations under Clause 2, Clause 3 of this Article from holding management positions at credit organizations and foreign bank branches.

Require credit organizations, foreign bank branches to dismiss and implement other measures according to the law for individuals who violate within their jurisdiction.

Section 13

VIOLATION OF INFORMATION AND REPORTING REGIME

Article 47. Violation of Reporting, Management, and Information Provision Regime

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

a) Submitting reports out of the prescribed time limit, except as provided for in Clause 1 of Article 44 of this Decree;

b) Failing to retain and preserve records and documents for the prescribed time limit, except as provided for in Point a of Clause 1 of Article 15 of this Decree;

c) Sending inaccurate reports two times or more during a fiscal year.

2. A fine of from VND 10,000,000 to VND 15,000,000 shall be imposed for failing to submit complete reports or submitting incomplete reports as required by law, except as provided for in Clauses 2 and 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 the competent state agency as prescribed in Point b of Clause 4 of Article 29 of the Law on Credit Organizations;

b) Failing to publish changes in procedures as prescribed in Points a, b, c, and d of Clause 1 of Article 29 of the Law on Credit Organizations on State Bank of Vietnam's communication channels and a daily newspaper for three consecutive issues or on a Vietnamese online news site within seven working days from the date of approval by the State Bank of Vietnam.

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 of Vietnam, credit organizations, and foreign bank branches without authorization from the competent authority as prescribed by law or without customer consent, except as provided for in Articles 13 and 14 of the Law on Credit Organizations;

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

d) Failing to ensure confidentiality of information and documents as prescribed in Article 29 of the Law on Anti-Money Laundering.

5. Imposing a fine of VND 40,000,000 to VND 50,000,000 for any of the following violations:

a) Submitting credit information indicators to the State Bank of Vietnam out of the prescribed time limit;

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

c) Failing to report credit information to the State Bank of Vietnam (National Credit Information Center) as prescribed in the State Bank of Vietnam's credit information activities;

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

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

a) Failing to immediately report to the competent authority about the risk of loss of payment capability;

b) Failing to comply with information provision requirements as requested by the State Bank of Vietnam and other competent authorities as prescribed in Clause 4 of Article 18 of the Law on Anti-Money Laundering.

7. Measures to remedy consequences:

a) Not allowing expansion of scope, scale, geographical area of operation, and new business activities until the violation specified in Point a of Clause 4 and Point a of Clause 6 of this Article is fully rectified;

b) Compelling credit organizations and foreign bank branches to resubmit accurate and complete reports for violations specified in Clause 2 and Point a of Clause 4 of this Article;

c) Recommending or requesting the competent authority to consider applying measures to suspend operations for a period of from one to three months or removing management positions; prohibiting individuals who violate these provisions and/or those responsible for such violations under Point a of Clause 6 of this Article from holding management positions at credit organizations and foreign bank branches.

Require credit organizations, foreign bank branches to dismiss and implement other measures according to the law for individuals who violate within their jurisdiction.

Section 14

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

DO NOT COMPLY WITH THE REQUEST OF THE AUTHORIZED PERSON

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 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 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 for acts of refusing to provide information, documents, or electronic data to the inspection or check 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 other sealed items;

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

5. A fine from VND 30,000,000 to VND 50,000,000 shall be imposed 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;

c) Concealing, altering vouchers, ledgers, or changing inspected items while they are being inspected.

Article 49. Violations of obligations of inspected entities in banking supervision

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 or documents as requested by the State Bank;

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

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

2. A fine of from VND 80,000,000 to VND 120,000,000 for acts of failing to comply with conclusions, recommendations, or decisions on handling inspections.

3. Apply remedial measures:

Recommend or request competent authorities to consider applying measures to suspend operations for one to three months or remove management positions; prohibit individuals who violate these provisions and/or those responsible for such violations from holding management positions at credit organizations or foreign bank branches.

Require credit organizations, foreign bank branches to dismiss and implement other measures according to the law for individuals who violate within their jurisdiction.

Chapter III

PROCEDURES FOR ADMINISTRATIVE PENALTIES AND RECORDING VIOLATIONS

AND VIOLATION REPORTS

Article 50. Procedures, forms, and models of violation reports and administrative penalty decisions

The procedures, forms, and models for use during the administrative penalty process shall be carried out in accordance with the Law on Handling Administrative Violations and Decree No. 81/2013/NĐ-CP dated July 19, 2013, detailing certain provisions and enforcement measures of the Law on Handling Administrative Violations.

Article 51. Authority to impose administrative penalties

1. Banking inspectors performing their duties have the right:

a) To issue warnings;

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

c) Seize objects or means of administrative violations up to VND 500,000 in value;

d) Apply remedial measures prescribed in Clause 3, Article 7; Point a, Clause 6, Article 31; Point a, Clause 4, Article 35; Point a, Clause 2, Article 36; Clause 2, Article 37; Point c, Clause 6, Article 38 of this Decree.

2. Heads of Banking Inspection Departments at State Bank branches have the right:

a) To issue warnings;

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

c) Suspend the use of licenses or certificates issued by authorized bodies for one or several banking activities or services or other business activities within the monetary and banking sector for a limited period if there are violations of laws on money and banking, according to delegated authority;

d) Seize objects or means of administrative violations up to VND 50,000,000 in value;

đ) Apply remedial measures prescribed in Chapter II of this Decree.

3. Directors of Banking Inspection Departments have the right:

a) To issue warnings;

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

c) Suspend the use of licenses or certificates issued by authorized bodies for one or several banking activities or services or other business activities within the monetary and banking sector for a limited period if there are violations of laws on money and banking, according to delegated authority;

d) Seize objects or means of administrative violations up to VND 250,000,000 in value;

đ) Apply remedial measures prescribed in Chapter II of this Decree.

4. Heads of Banking Inspection Departments have the right:

a) To issue warnings;

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

c) Apply supplementary penalties and remedial measures prescribed in Chapter II of this Decree.

5. Inspectors appointed by the Governor of the State Bank, Heads of Banking Inspection Departments have the authority to impose penalties as provided in Clause 3 of this Article.

Inspectors appointed by the Director of State Bank branches, Directors of Banking Inspection Departments, Heads of Banking Inspection Departments have the authority to impose penalties as provided in Clause 2 of this Article.

6. The authority to impose penalties by other agencies shall be implemented in accordance with this Decree:

a) Chairmen of Provincial People's Committees, Directors of the Economic Crime Investigation Bureau, Directors of the Social Order Crime Investigation Bureau, Directors of the Drug Crime Investigation Bureau, Directors of the Exit and Entry Management Bureau when discovering individuals or organizations that are not credit institutions or foreign bank branches violating regulations on foreign exchange management and gold trading as stipulated in Clause 1; Points g, i, Clause 2; Clause 3; Points b, c, Clause 4 and Clause 7, Article 24; Clauses 2, 3; Points a, b, d, đ, Clause 4; Point a, Clause 5 and Clause 7, Article 25 of this Decree have the authority to issue administrative penalty decisions in accordance with this Decree; and must notify the State Bank.

b) Directors of the High-Tech Crime Prevention Bureau when discovering individuals or organizations violating provisions as stipulated in Clause 4, Article 27; Clauses 4, 6, 7, Article 28 have the authority to issue administrative penalty decisions in accordance with this Decree; and must notify the State Bank.

Article 52. Competence to draw up administrative violation records

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

a) Persons authorized to impose administrative sanctions as provided for in this Decree when performing their duties;

b) Civil servants when carrying out state management tasks in the fields of currency and banking.

2. Persons authorized to impose administrative sanctions as provided for in Article 45 of the Law on Handling Administrative Violations, when discovering that individuals or organizations that are not credit institutions or foreign bank branches commit acts of violation as stipulated in Clause 1, Point c Clause 6 Article 24 and Points a, b Clause 2 Article 25 of this Decree shall be responsible for drawing up administrative violation records and transferring them to the competent authority as provided for in Article 45 of the Law on Handling Administrative Violations for punishment in accordance with this Decree; at the same time, they must notify the State Bank of Vietnam and the State Bank branch of the province or centrally governed city.

Chapter IV

IMPLEMENTING PROVISIONS

Article 53. Effective Date

This Decree takes effect from December 12, 2014 and replaces Government Decree No. 202/2004/NĐ-CP dated December 10, 2004 on administrative sanctions for violations in the field of currency and banking activities, and Government Decree No. 95/2011/NĐ-CP dated December 20, 2011 amending and supplementing certain articles of Government Decree No. 202/2004/NĐ-CP dated December 10, 2004 on administrative sanctions for violations in the field of currency and banking activities.

Article 54. Transitional Provisions

1. For administrative violations concerning currency and banking occurring before the effective date of this Decree but discovered afterwards and still within the statute of limitations for punishment or currently under examination and resolution, the provisions most favorable to the violating organizations and individuals shall apply;

2. For decisions on administrative sanctions in the field of currency and banking issued or fully executed before the effective date of this Decree, if the individual or organization subject to administrative sanction lodges a complaint, the provisions of Government Decree No. 202/2004/NĐ-CP dated December 10, 2004 on administrative sanctions for violations in the field of currency and banking activities, and Government Decree No. 95/2011/NĐ-CP dated December 20, 2011 amending and supplementing certain articles of Government Decree No. 202/2004/NĐ-CP dated December 10, 2004 on administrative sanctions for violations in the field of currency and banking activities shall apply for resolution.

Article 55. 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 governed city People's Committees are responsible for implementing this Decree./.