04 cases in which the proposed personnel of a credit institution is a cooperative that fails to maintain professional ethics from July 01, 2024 in Vietnam

04 cases in which the proposed personnel of a credit institution is a cooperative that fails to maintain professional ethics from July 01, 2024 in Vietnam

The projected personnel of a credit institution as a cooperative in Vietnam falling under any of the following cases are assessed as not ensuring professional ethics:

(i) Individuals held responsible as per inspection conclusions leading to the credit institution or foreign bank branch being administratively sanctioned in the monetary and banking sector at the highest fine bracket for violations of regulations on licensing, management, operations, shares, stock, capital contribution, share purchase, credit provision, corporate bond purchase, and safety ratio as per the law on administrative sanctions in the monetary and banking sector;

(ii) Individuals named in inspection or audit conclusions with responsibilities causing the credit institution or foreign bank branch to be administratively sanctioned in the monetary and banking sector, where the administrative sanction decision has not yet been fully complied with;

(iii) Individuals administratively sanctioned for violations in the monetary and banking sector within 06 months from the date of signing the warning sanction decision or 01 year from the date of full compliance with other administrative sanction decisions or 01 year from the date the statute of limitations for enforcing the administrative sanction decision expires;

(iv) Individuals held personally responsible for violations regarding licensing, management, operations, shares, stock, capital contribution, share purchase, credit provision, corporate bond purchase, safety ratio, asset classification, off-balance-sheet commitments, provisioning and use of reserves for risk handling as stipulated by law mentioned in inspection, audit, or audit conclusions where the recommendations related to those violations have not been rectified or addressed.

More details can be found in Circular 28/2024/TT-NHNN effective from July 01, 2024.

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE