Vietnam: 04 requirements for the internal control system of a foreign bank’s branch

13:49, 17/06/2018

On May 18, 2018, the State Bank of Vietnam issued Circular No. 13/2018/TT-NHNN on internal control systems of commercial banks and foreign banks’ branches.

According to Vietnam’s new regulations, the internal control system of a commercial bank/foreign bank’s branch must fulfill the following requirements:

- Requirements stated in Clause 2, Article 40 of the Law on Credit Institutions;

- Appropriate for the scale, conditions and complexity of the commercial bank’s/foreign bank’s branch’s business activities;

- Have sufficient financial, human and IT resources in order to ensure the internal control system’s effectiveness;

- Create and maintain a control culture and work ethics for the commercial bank/foreign bank’s branch.

View three lines of defense of the internal control system at Circular No. 13/2018/TT-NHNN of the State Bank of Vietnam, effective from January 01, 2019.

- Thanh Lam -

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE

39 lượt xem

- The legal regulations in this article are according to Vietnamese Law;
- This English translation is for reference purposes only and not a definitive translation of the original Vietnamese texts;
- Articles may be compiled from a variety of sources;
- Applicable Terms may have expired at the time you are reading;
- If you have any questions about the copyright of the article, please contact us via email banquyen@lawnet.vn

Key word:
Circular No. 13/2018/TT-NHNN

Address:	19 Nguyen Gia Thieu, Vo Thi Sau Ward, District 3, Ho Chi Minh City
Phone:	(028) 7302 2286
E-mail:	info@lawnet.vn