SBV issues circular to conduct unscheduled inspections of credit institutions
VOV.VN - The State Bank of Vietnam's (SBV) competent authorities can conduct unscheduled inspections of credit institutions in order to ensure their compliance with monetary and banking legal regulations from next month, according to a newly issued circular which will become effective from February 8.
According to details given by the SBV, the inspection is aimed at reviewing and evaluating information, data, and the compliance with monetary and banking policies and laws of credit institutions. These measures will ensure their completeness, accuracy, and compliance with regulations of laws on currency and banking.
Under the circular, planned and unscheduled inspections, which will be carried out with authority and on the basis of legal regulations, will be conducted to ensure accuracy and objectivity. Unscheduled inspections will be carried out on the basis of management requirements and actual situations; or requests, suggestions, and feedback from competent State agencies; or upon request or direction of the SBV’s Governor.
The SBV Governor will therefore assign the heads of other administrative agencies under the SBV to sign the annual inspection plans. The SBV’s Banking Supervision Agency will take responsibility for developing and issuing an inspection plan for the following year before December 15 each year, as well as sending the promulgated inspection plan to other administrative units under the SBV.
Other administrative agencies under the SBV will work to develop and issue inspection plans for the following year before December 25 every year, ensuring there will be no overlap with the inspection plans of the SBV’s Banking Supervision Agency for that year.
The annual inspection plans, which can be amended and supplemented when necessary, must have a basis for issuance, purpose, requirements, subjects, content, and time. The plans must therefore be sent to the inspection subject no later than five working days from the date of issuance, according to the circular.
