Petty forex transactions face relaxed penalty

22-Nov-2019 Intellasia | The Saigon Times | 6:02 AM Print This Post

The government has issued a decree on administrative sanctions against violations of monetary and banking regulations. Individuals involved in illegal foreign exchange transactions worth less than $1,000 each will get a warning, instead of a heavy fine as before.

Decree 88/2019, which is scheduled to come into force from December 31, stipulates that individuals conducting forex transactions worth $1,000-US$10,000, or equivalent foreign currencies, face a fine of VND10 million-VND20 million, the local media reported.

A fine of VND20 million-VND30 million is imposed on offenders involved in forex transactions ranging from $10,000 to $100,000, whereas individuals carrying out transactions worth more than $100,000, or equivalent foreign currencies, are subject to a fine of VND80 million-VND100 million.

Besides this, fines of VND30 million-VND50 million are levied on violations related to the signing of exchange agent contracts with organisations that are not eligible to be outlets.

In addition, violators who fail to check and instruct exchange agents in line with prevailing regulations, who fail to act as an exchange outlet as regulated, who illegally act as exchange agents for two or more credit organisations or who unlawfully transfer or carry abroad foreign currencies or dong or bring them to Vietnam face fines of up to VND50 million.

Violations associated with the issuance of foreign-currency credits or debt payments in foreign currency in breach of prevailing regulations are subject to VND100 million to VND150 million fines.

Apart from this, the decree imposes fines from VND150 million to VND200 million on violations involving forex transactions between credit institutions and clients or other credit organisations that are not in line with the central bank’s regulations.


Category: Finance, Vietnam

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