Recently, to replace Circulars 08/2017/TT-NHNN dated August 1, 2017, Circular 04/2018/TT-NHNN dated March 12, 2018, the Governor of the State Bank of Vietnam issued Circular 08/2022/TT-NHNN on banking supervision order and procedures. In particular, the order and procedures for banking supervision have been changed, shortened from 4 steps to 3 steps. As follows:
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Step 1: Collect, synthesize and process documents, information and data;
Step 2: Implement compliance monitoring and/or risk monitoring;
Step 3: Make a monitoring report, and propose handling measures.
Accordingly, the order of implementation of banking supervision no longer stipulates step 4 on post-inspection supervision when receiving inspection conclusions on the subject of banking supervision from the banking inspection unit.
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The analysis and assessment of the subject of banking supervision must be conducted on the principle of combining compliance supervision with risk supervision, and micro-prudential supervision with macro-prudential supervision as prescribed.
For monitoring, urging, and inspecting the implementation of inspection conclusions by credit institutions, foreign bank branches in accordance with the Government's regulations on the implementation of inspection conclusions also comply with the provisions of this Circular.
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Circular 08/2022/TT-NHNN also clearly stipulates the management and storage of documents, information, and data. Accordingly, documents, information, and data after being aggregated and processed must be stored and managed in service of banking inspection and supervision according to a number of specific principles as follows:
– Documents, information, and data must be stored in a scientific and complete manner according to each file of each object of banking supervision and the whole system.
– Collected documents, information, and data must be archived according to current regulations on archiving.
– The management, storage, and use of documents, information, and data containing information on the list of state secrets must comply with the law on protecting state secrets.
– The confidentiality of information, data of credit institutions and customer information shall comply with the provisions of law.
Circular 08/2022/TT-NHNN stipulating the order and procedures for banking supervision issued by the Governor of the State Bank of Vietnam on June 30, 2022, will officially take effect on September 1, 2022.
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