Vietnam: Responsibilities of Banking Supervision and Inspection Agencies for statistical reports

According to Article 18 of the Circular No. 35/2015/TT-NHNN of the State Bank of Vietnam, in addition to responsibilities specified in Article 15 hereof, Banking Supervision and Inspection Agencies shall:

1. Inspect and supervise the observance of this Circular by relevant entities and deal with violations against provisions of laws.

2. Timely and lawfully deal with credit institutions against provisions of laws after receipt of the list of such credit institutions from the Department of Monetary Statistics and Forecast stipulated in Article 16 hereof, and notify the Department of Monetary Statistics and Forecast of the result of violation handling.

Moreover, according to Article 19 of the Circular No. 35/2015/TT-NHNN of the State Bank of Vietnam, responsibilities of branches of the State Bank of provinces are specified as follows:

1. Expedite People’s Credit funds within the provinces to timely and fully submit their reporting formats; check the reliability and validity of figures reported by the People’s Credit fund whose headquarter is located in the province

2. Supervise, examine and verify reporting forms of branches of credit institutions whose headquarter is situated within the province.

3. Quarterly remark and assess the implementation of this Circular by People’s Credit Funds within the province and report to the State Bank (Department of Monetary Statistics and Forecast) by the last working day of the first month of the following quarter.

4. Directly contact with Banking Supervision and Inspection Agencies taking charge of formulating, supervising and aggregating reporting forms or submit the State Bank (Department of Monetary Statistics and Forecast) a written report on issues or concerns arising during the implementation of this Circular.

5. Inspect or examine the observation of this Circular by relevant entities within the province under the administration of the branch of the State Bank of the province.

View more details at the Circular No. 35/2015/TT-NHNN of the State Bank of Vietnam, effective from January 01, 2017.

Le Vy

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