Administrative fines for violations against regulations on cash and vault management in Vietnam

Administrative fines for violations against regulations on cash and vault management in Vietnam (Image from the Internet)

Pursuant to Article 30 of Decree 88/2019/ND-CP (effective from December 31, 2019) stipulating the form and level of fines for violations against regulations on cash and vault management:

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

a) failing to publicly post the SBV’s regulations on receipt and exchange of cash unfit for circulation at transaction locations;

b) making loss of provided specimen cash; failing to provide specimen cash to eligible entities; failing to collect specimen cash upon notification of suspension of circulation thereof or at the request of a competent authority;

c) failing to open or failing to sufficiently keep records of vault safety-related activities in accordance with law regulations.

2. A fine ranging from VND 5.000.000 to VND 10.000.000 shall be imposed for committing one of the following violations:

a) refusing to exchange cash unfit for circulation for customers;

b) failing to comply with regulations on classification, packing and delivery of precious metals and precious stones; packing, sealing, delivery, preservation, transport and inventory of cash, precious property and financial instruments, except the cases prescribed in Point a Clause 3 and Points b, c, d and dd Clause 5 of this Article.

3. A fine ranging from VND 10.000.000 to VND 15.000.000 shall be imposed for committing one of the following violations:

a) failing to promulgate or post internal rules for accessing the vault and cash transaction counter; failing to promulgate procedures for internal cash transactions and cash transactions made with customers;

b) failing to develop vault protection and security plans;

c) failing to promulgate internal rules or plans for fire safety for the vault;

d) failing to classify cash unfit for circulation.

4. A fine ranging from VND 15.000.000 to VND 20.000.000 shall be imposed for failing to install security equipment or fire protection equipment for the vault as prescribed by law.

5. A fine ranging from VND 20.000.000 to VND 40.000.000 shall be imposed for committing one of the following violations:

a) performing cash exchange transactions against law;

b) failing to manage cash, precious assets and financial instruments during lunch break as prescribed by law;

c) using and managing keys of the vault lock, its inner compartments, safe or cash boxes used in specialized vehicles against law regulations;

d) failing to adopt written procedures for transport and protection of assets as well as safety measures of competent authorities when transporting cash, precious assets and financial instruments without using specialized vehicles;

dd) failing to document conditions and procedures for receipt and return of assets to customers, responsibility of relevant departments to ensure asset safety while rendering asset custody services, leasing safe deposit boxes and other cash-related services.

6. A fine ranging from VND 40.000.000 to VND 50.000.000 shall be imposed for committing one of the following violations:

a) using a vault that does not meet design requirements and technical standards regulated by law;

b) using a vault with its door failing to meet technical standards regulated by law.

Above is the content of the regulations regarding the issue you are wondering about.

Best regards!