Additional measures for violation against banking supervision in Vietnam

Additional measures for violation against banking supervision in Vietnam
Nguyễn Như Mai

Governor of the State Bank of Vietnam issued Circular 08/2022/TT-NHNN dated June 30, 2022 on the order and procedures for banking supervision, in which, additional remedial measures in banking supervision.

Specifically, based on the results of banking supervision, the unit carrying out banking supervision in Vietnam shall carry out the following measures:

- Warnings and recommendations for subjects of banking supervision;

- Depending on the level of safety, health, and law violation, administrative sanctions shall be applied (if any), in which specific measures in Vietnam are added compared to the current ones, such as:

+ Apply handling measures according to Article 25 of Vietnam's Decree 26/2014/ND-CP (amended and supplemented);

+ Apply enhanced supervision to the subject of banking supervision;

+ Propose conducting inspections and examinations of banking supervision subjects when signs of law violations, risks, or unsafety in operation are detected.

+ Amend, supplement, and replace legal documents on currency and banking (if any).

- Apply early intervention to the subjects of banking supervision.

(Currently, Vietnam's Circular 04/2018/TT-NHNN stipulates 04 handling measures in banking supervision, including: recommendations and warnings; administrative penalties prescribed by laws; early intervention action; other banking supervisory actions that are suggested to competent authorities in accordance with laws).

In addition, in case of necessity, request the subject of banking supervision to hire an independent auditing organization to audit the contents of the operation in accordance with the law in Vietnam. (Newly added)

Circular 08/2022/TT-NHNN takes effect from September 1, 2022 (except for provisions in Clause 2, Article 30), replacing Circular 08/2017/TT-NHNN and Circular 04/2018/TT- SBV.


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