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.
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