Banking inspection, supervision agency set up
An agency which will be in charge of
inspecting and supervising banking activities will be established
following a recent government decision.
An agency which will be in charge of
inspecting and supervising banking activities will be established
following a recent government decision, the State Bank of Vietnam (SBV)
said on July 30.
The agency will operate under the management of the SBV.
It will help the SBV monitor compliance with law among small-scale credit and financial institutions, the banking operations of other institutions as well as combating money laundering.
The agency will also help the State Bank Governor negotiate and sign international agreements on exchanging information relating to possible money laundering and cooperate with other organisations and individuals to take anti-money laundering measures.
Its key duties and rights include evaluating risk assessment and analysis, and the risk management capacity and the financial situation of inspected and supervised entities; issuing warnings on risky practices for banking activities, anticipating possible violations of the law and suggesting measures to prevent and deal with breaches./.
The agency will operate under the management of the SBV.
It will help the SBV monitor compliance with law among small-scale credit and financial institutions, the banking operations of other institutions as well as combating money laundering.
The agency will also help the State Bank Governor negotiate and sign international agreements on exchanging information relating to possible money laundering and cooperate with other organisations and individuals to take anti-money laundering measures.
Its key duties and rights include evaluating risk assessment and analysis, and the risk management capacity and the financial situation of inspected and supervised entities; issuing warnings on risky practices for banking activities, anticipating possible violations of the law and suggesting measures to prevent and deal with breaches./.
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