Central bank to conduct unscheduled inspections of credit institutions
The State Bank of Vietnam's (SBV) competent authorities can conduct unscheduled inspections of credit institutions to ensure their compliance with monetary and banking legal regulations from next month, according to a newly issued circular.
Headquarters of the State Bank of Vietnam (SBV). (Photo sbv.gov.vn)
Hanoi (VNS/VNA) - The State Bank of Vietnam's (SBV)competent authorities can conduct unscheduled inspections of creditinstitutions to ensure their compliance with monetary and banking legalregulations from next month, according to a newly issued circular.
The new policy, under the SBV’s Circular 17/2023/TT-NHNN, will take effect fromFebruary 8 this year.
According to the SBV, the inspection is aimed at reviewing and evaluatinginformation, data, and the compliance with monetary and banking policies andlaws of credit institutions to ensure their completeness, accuracy, andcompliance with regulations of laws on currency and banking.
Under the circular, planned and unscheduled inspections, which are carried outwith authority and on the basis of legal regulations, will be conducted toensure accuracy, objectivity and without overlap. Unscheduled inspections willbe carried out on the basis of management requirements and actual situations;or requests, suggestions, and feedback from competent State agencies; or uponrequest or direction of the SBV’s Governor.
The SBV Governor will assign the heads of other administrative agencies underthe SBV to sign the annual inspection plans. The SBV’s Banking SupervisionAgency will take responsibility for developing and issuing an inspection planfor the following year before December 15 every year, and send the promulgatedinspection plan to other administrative units under the SBV.
Other administrative agencies under the SBV will develop and issue inspectionplans for the following year before December 25 every year, ensuring there willbe no overlap with the inspection plans of the SBV’s Banking Supervision Agencyfor that year.
The annual inspection plans, which can be amended and supplemented whennecessary, must have a basis for issuance, purpose, requirements, subjects,content, and time. The plans must be sent to the inspection subject no laterthan five working days from the date of issuance, according to the circular./.
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Headquarters of the State Bank of Vietnam (SBV). (Photo sbv.gov.vn) 
