TO FINE UP TO VND 300 MILLION WITH ORGANIZATION USING BANK CARD TO CONDUCT TRANSACTIONS FOR FRAUDULENT PURPOSES
On November 14, 2019, the Government issues the Decree No. 88/2019/ND-CP on penalties for administrative violations against currency and banking legal regulations.
Accordingly, the fines of VND 100 million to 150 million shall be applied to individual violating any of the following activities:
First, using bank cards to conduct transactions for fraudulent purposes; clearing bank card transactions against the related laws.
Second, transferring devices that accept cards and QR Codes to other users; accepting card payments without a card payment contract; unauthorizedly using devices that accept cards, QR Codes.
Third, implementing, organizing or facilitating other people to conduct fraudulent and forged card transactions; non-card payment transactions (without purchase of goods and provision of services).
This Decree also imposes a fine from VND 20 million to 30 million with individual fails to publicly post the buying and selling rates of foreign exchange trading at the transaction location or posts buying, selling exchange rates in unclear formats, with unclear details, causing misleading to the clients. In addition, individual that fail to publicize the buying, selling prices of gold bullions at the transaction locations shall be fined from VND 30 million to 50 million.
These above fines applied to individuals; with the same violating action, the fines applied to organizations double the rates applied to individuals.
This Decree takes effect on December 31, 2019.
