Penalties Up to 40 Million VND for Misusing Borrower Information

On November 14, 2019, the Government of Vietnam issued Decree 88/2019/ND-CP on administrative sanctions in the field of currency and banking.

effective December 31, 2019, a fine ranging from VND 20 million to VND 40 million shall be imposed for violations of regulations regarding the collection and processing of credit information as follows:

- Collecting credit information beyond the scope prescribed by law;- Collecting credit information of borrowers without the consent of the borrowers, except in cases where the information is collected as required by competent state authorities;- Using negative information about borrowers to create credit information products not conformable to the law; (This is a new provision added compared to Decree 96/2014/ND-CP)- Obstructing the lawful collection of credit information by organizations and individuals. (This is a new provision added compared to Decree 96/2014/ND-CP)

For details, refer to Decree 88/2019/ND-CP, effective December 31, 2019, replacing Decree 96/2014/ND-CP.

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE

0 lượt xem



  • Address: 19 Nguyen Gia Thieu, Vo Thi Sau Ward, District 3, Ho Chi Minh City
    Phone: (028) 7302 2286
    E-mail: info@lawnet.vn
Parent company: THU VIEN PHAP LUAT Ltd.
Editorial Director: Mr. Bui Tuong Vu - Tel. 028 3935 2079
P.702A , Centre Point, 106 Nguyen Van Troi, Ward 8, Phu Nhuan District, HCM City;