Vietnam’s new regulations on submission period of internal control reports made by commercial banks

13:48, 17/06/2018

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

According to Circular No. 13/2018/TT-NHNN of the State Bank of Vietnam, the commercial bank/foreign bank’s branch must produce internal control reports and submit them to the State Bank. Report submission period is specified as follows:

- In the case of reports mentioned in Points a, b and c, Clause 2 Article 7 of this Circular: The commercial bank/foreign bank's branch shall submit the fiscal year’s report within 45 days after the end of that fiscal year.

- In the case of reports mentioned in Points d, Clause 2 Article 7 of this Circular:

+ The commercial bank shall submit the fiscal year’s internal audit report within 60 days after the end of that fiscal year.

+ The foreign bank’s branch shall submit the fiscal year’s internal audit report within 60 days after the internal audit’s date of completion. No submission is required if there is no internal audit in that fiscal year;

+ The commercial bank/foreign bank’s branch shall submit the unscheduled internal audit report within 07 working days after the unscheduled internal audit’s date of completion.

View details at Circular No. 13/2018/TT-NHNN of the State Bank of Vietnam, effective from January 01, 2019.

- Thanh Lam -

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