IMPOSE A FINE UP TO VND 200 MILLION FOR VIOLATIONS AGAINST REGULATION ON PAYMENT IN CASH
On December 31, 2021, the Government promulgates the Decree No. 143/2021/ND-CP amending and supplementing a number of articles of Decree No. 88/2019/ND-CP dated November 14, 2019 on penalties for administrative violations against currency and banking legal regulations.
According to this Decree, a fine from VND 20,000,000 to VND 40,000,000 shall be applied to any of the following violations: No contracts on opening service introduction points; Contracts on opening service introduction points do not clearly specify the responsibilities and powers of the involved parties and the validity period thereof; Ultra vires operation of service introduction points against legal regulations.
Besides, a fine from VND 200,000,000 to VND 250,000,000 shall be imposed for the act of using imported raw gold in violation of the license for import raw gold to produce gold jewelry and/or handicrafts.
Also in accordance with this Decree, a fine from VND 150,000,000 to VND 200,000,000 shall be imposed for any of the following violations: Violations against the regulations on payment in cash; Providing payment services without being payment service providers. A fine from VND 20,000,000 to VND 30,000,000 shall be imposed for the act of disclosing or providing clients’ information, electronic wallet balances and payment transactions at intermediate payment service providers in violation of legal regulations.
This Decree takes effect on January 01, 2022.
