Title: Decree 96/2014/ND-CP dated October 17, 2014, penalties for administrative violations against currency and banking legal regulations

Type: Decree

Issuing Agency: Government

Responsible Agency: Relevant Agencies

Issuing Date: 17-10-2014

A penalty of VND 2 billion for violating organizations in the banking field
On October 17, the Government issued Decree 96/2014/ND-CP stipulating penalties for administrative violations in the field of bank monetary.
Accordingly, Nghi Dinh has some interesting new contents:

- Additional provisions of administrative violations sanctioned in the field of banking currency.

- The fine levels are changed in the direction of increasing compared to the old regulations and the maximum fine for violations in the monetary and banking sector for organizations is VND 2 billion, for individuals being 1 billion.

- Increasing the competence to sanction administrative violations for titles such as bank inspectors (VND 500,000), chief banking supervisors (VND 50 million), chief banking inspectors (VND 1 billion) .

And accompanying the regulations related to procedures for administrative sanctions and making records of administrative violations.
 
Decree 96/2014/ND-CP takes effect from 12/12/2014 and replaces Decrees 202/2004/ND-CP, 95/2011/ND-CP.

 

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