Hanoi, Vietnam: 04 Cases where personnel to be elected or appointed of credit institutions do not meet the standard of professional ethics in Vietnam

04 Cases where personnel to be elected or appointed of credit institutions do not meet the standard of professional ethics in Vietnam

The personnel to be elected or appointed as members of the Board of Directors, members of the Members' Council, members of the Supervisory Board, General Director (Director) of credit institutions, and foreign bank branches listed in the following cases will be evaluated as not ensuring professional ethics:

(i) Individuals who are responsible according to inspection conclusions, leading to the credit institution or foreign bank branch being administratively fined in the monetary and banking sector at the highest monetary penalty tier for violations of regulations concerning licenses, management, operations, shares, stocks, capital contributions, share purchases, credit granting, corporate bond purchases, and safety ratios as prescribed by law on handling administrative violations in the monetary and banking sector;

(ii) Individuals named in inspection and examination conclusions, holding responsibility leading to the credit institution or foreign bank branch being administratively fined in the monetary and banking sector within a 06-month period from the date of the warning decision or 01 year from the date of completing other administrative penalties or 01 year from the expiration of the enforcement period of the administrative penalty decision;

(iii) Individuals administratively fined for violations in the monetary and banking sector within a 06-month period from the date of the warning decision or 01 year from the date of completing other administrative penalties or 01 year from the expiration of the enforcement period of the administrative penalty decision;

(iv) Individuals bearing personal responsibility for violations concerning licenses, management, operations, shares, stocks, capital contributions, share purchases, credit granting, corporate bond purchases, safety ratios, asset classification, off-balance sheet commitments, provision and use of reserves for risk handling as prescribed by law in inspection, examination, and audit conclusions whose related violation remedies and adjustments have not been assessed as completed by competent authorities.

More details can be found in Circular 10/2024/TT-NHNN, which comes into effect in Vietnam on July 1, 2024.

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