Increase fines for falsifying licenses that was issued by the State Bank of Vietnam

Le Hai

08:42, 20/11/2019

Recently, the Government of Vietnam issued Decree No. 88/2019/ND-CP providing for penalties for administrative violations in the monetary and banking sector.

According to Vietnam’s current regulations, a fine ranging from VND 100.000.000 to VND 150.000.000 shall be imposed for making fraudulent papers related to eligibility for licensing found in license application documents.

However, according to new regulations of Decree No. 88/2019/ND-CP of Vietnam’s Government, this fine has been increased, specifically as follows:

A fine ranging from VND 150.000.000 to VND 200.000.000 shall be imposed for committing one of the following violations:

- Falsifying documents proving the satisfaction of eligibility requirements enclosed with the application for the license, if not liable to criminal prosecution, except for the case prescribed in Clause 2 Article 18, Point a Clause 4 Article 27 hereof;

- Conducting operations against the license, except for the cases prescribed in Clause 6 Article 17, Point o Clause 4, Point c Clause 8 Article 23, Point c Clause 5, Clause 6 Article 24, and Point c Clause 4 Article 27 hereof.

View more details at Decree No. 88/2019/ND-CP of Vietnam’s Government effective from December 31, 2019, which replaces Decree No. 96/2014/ND-CP.

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