Vietnam: Certificate of winning, payment of prizes in foreign currency, cash, exchange of conventional currencies in the business of prize-winning video games?
- Responsibilities of State Bank branches of Vietnam in provinces and cities in the business of prize-winning electronic games for foreigners?
- Enterprises are allowed to carry out inspection and control of papers and documents presented by players and enterprises to perform transactions of cash deposit in foreign currency?
- Certificte of winning, payment of prizes in foreign currency, cash, and exchange of conventional currencies in the business of award-winning video games for foreigners?
Responsibilities of State Bank branches of Vietnam in provinces and cities in the business of prize-winning electronic games for foreigners?
Pursuant to Article 11 of Circular 09/2022/TT-NHNN stipulating the responsibilities of State Bank branches in provinces and cities in the business of prize-winning electronic games for foreigners:
“Article 10. Responsibilities of State Bank branches in provinces and cities
1. Instruct licensed banks and local businesses to fully comply with the provisions of this Circular and relevant laws.
2. To inspect, examine and supervise foreign currency receipts and expenditures and other foreign exchange activities of enterprises in their localities which have been licensed by the State Bank. In case of detecting violations specified in the License and this Circular, the State Bank branch in the province or city in the area shall handle or submit to the competent authority for handling according to the provisions of law. the law.
3. Coordinating with relevant agencies, organizations and individuals in taking measures to prevent and combat money laundering in the business of prize-winning video games in accordance with law.”
Accordingly, the State Bank's branches in provinces and cities must coordinate with relevant agencies, organizations, and individuals in taking measures to prevent and combat money laundering in electronic game business activities in accordance with the law.
Enterprises are allowed to carry out inspection and control of papers and documents presented by players and enterprises to perform transactions of cash deposit in foreign currency?
Pursuant to Article 12 of Circular 09/2022/TT-NHNN stipulating the responsibilities of licensed banks in the business of prize-winning electronic games for foreigners:
“Article 11. Liability of authorized banks
1. Check and control the papers and documents presented by players and businesses to perform domestic and foreign currency transactions, cash into accounts, transfer foreign currencies, and confirm the amount of foreign currency brought out of Vietnam according to the form in Appendix 01 issued with this Circular.
The certificate of bringing foreign currency cash abroad is only valid for use within 30 (thirty) days from the date of issue.
2. To keep papers and documents related to foreign exchange transactions as prescribed in this Circular and in accordance with relevant laws.
3. Detect violations of the provisions of this Circular by enterprises or players, and promptly report them to the State Bank only in provinces and cities in the area where the enterprise has located game business for foreigners for handling measures.
4. To strictly abide by the provisions of this Circular, the provisions of the law on prevention and combat of money laundering, and the provisions of relevant laws.
5. Foreign currency copies for enterprises as prescribed in Clause 1, Article 12 of this Circular.”
Accordingly, the licensed bank in the business of prize-winning electronic games for foreigners must be responsible for detecting violations of the provisions of this Circular by enterprises or players, in a timely manner. report to the State Bank only in provinces and cities in the area where the enterprise locates the prize-winning electronic game point for foreigners for handling measures.
Vietnam: Certificate of winning, payment of prizes in foreign currency, cash, exchange of conventional currencies in the business of prize-winning video games?
Certificte of winning, payment of prizes in foreign currency, cash, and exchange of conventional currencies in the business of award-winning video games for foreigners?
Pursuant to the provisions of Appendix 02 issued together with Circular 09/2022/TT-NHNN stipulating the form of confirmation of winning, paying prizes in cash, and exchanging conventional currencies:
Download the form of confirmation of winning, paying in foreign currency, cash, or exchanging conventional currency: Here
Circular 09/2022/TT-NHNN comes into force from September 1, 2022.
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