Decree details fines on monetary-banking violations

The Government has issued a decree specifying regulations on administrative fines for violations in the monetary and banking sectors.

decree details fines on monetary-banking violations hinh 0
Illustrative image (Source: VNA)

Under Decree 88/2019/ND-CP, a warning will be issued to individuals who buy or sell foreign currency amounting to less than 1,000 USD, or buy or sell foreign currency valued at under 1,000 USD at unlicensed agencies.

Similar punishments will also be applied to those who pay for goods or services with a foreign currency equivalent to less than 1,000 USD.

Similar violations for between 1,000 USD and 10,000 USD will be fined from 10-20 million VND, and repeated violations involving less than 1,000 USD.

A fine of 20-30 million USD will be given to agencies that fail to list exchange rates at transaction posts in line with the law, or list ambiguous information causing confuse for customers.

The same fine will be given to individuals who trade from 10,000 USD to under 100,000 USD with each other, or buy/sell foreign currency of between 10,000 USD and 100,000 USD at unlicensed agencies, or pay the same amount for goods and services.

For violations involving 100,000 USD or more will be subject to a fine of 80-100 million VND.

The decree clarifies that a fine of up to 250 million VND will be issued for the unlawful export or import of foreign currency in cash.

Credit organizations that conduct unlawful transactions with each other or with customers in foreign currency will be fined from 150-200 million VND.

Those who sign foreign currency exchange contracts with unqualified organisations will receive a 30-50 million VND fine, which is the same for those who fail to perform their duty as foreign currency exchange agents in line with the law.

The decree will take effect from December 31, 2019.

VNA