Hanoi (VNA) – The Government has issued adecree specifying regulations on administrative fines for violations in the monetaryand banking sectors.
Under Decree 88/2019/ND-CP, a warning will be issued toindividuals who buy or sell foreign currency amounting to less than 1,000 USD,or buy or sell foreign currency valued at under 1,000 USD at unlicensedagencies.
Similar punishments will also be applied to those who payfor goods or services with a foreign currency equivalent to less than 1,000USD.
Similar violations for between 1,000 USD and 10,000 USD willbe fined from 10-20 million VND, and repeated violations involving less than1,000 USD.
A fine of 20-30 million USD will be given to agencies thatfail to list exchange rates at transaction posts in line with the law, or listambiguous information causing confuse for customers.
The same fine will be given to individuals who trade from10,000 USD to under 100,000 USD with each other, or buy/sell foreign currency ofbetween 10,000 USD and 100,000 USD at unlicensed agencies, or pay the sameamount for goods and services.
For violations involving 100,000 USD or more will be subjectto a fine of 80-100 million VND.
The decree clarifies that a fine of up to 250 million VNDwill be issued for the unlawful export or import of foreign currency in cash.
Credit organizations that conduct unlawful transactions witheach other or with customers in foreign currency will be fined from 150-200million VND.
Those who sign foreign currency exchange contracts with unqualifiedorganisations will receive a 30-50 million VND fine, which is the same forthose who fail to perform their duty as foreign currency exchange agents inline with the law.
The decree will take effect from December 31, 2019./.
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Illustrative image (Source: VNA) 
