On December 25, 2023, the Governor of the State Bank of Vietnam issued Circular 17/2023/TT-NHNN regulating inspection of compliance with monetary and banking policies and laws.
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Specifically, Circular 17/2023/TT-NHNN regulates inspection of compliance with monetary and banking policies and laws, specifically:
(1) Principles for checking compliance with monetary and banking policies and laws
- The inspection is carried out within authority and on the basis of legal regulations;
- Inspections are conducted regularly according to plan or unexpectedly;
- Ensure accuracy, objectivity, honesty, democracy, timeliness, and effective coordination;
- Ensure there is no overlap or duplication of content, time, or inspection objects between inspection activities of inspection units, between inspection activities and inspection activities.
When conducting inspection activities, if overlap or duplication is detected between inspection activities and inspection activities, carry out inspection activities; If overlap or duplication is detected in inspection activities, heads of inspection units agree to conduct an inspection.
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(2) Purpose of checking compliance with monetary and banking policies and laws:
- Review and evaluate information, data, compliance with monetary and banking policies and laws of inspection subjects to ensure completeness, accuracy, and compliance with monetary laws currency and banking;
- Enhance the effectiveness and efficiency of state management in the monetary and banking sectors;
- Detect, prevent and handle violations of law in the monetary and banking sectors;
- Propose amendments, supplements, and completion of mechanisms, policies, and regulations of law on currency and banking if necessary;
- Contribute to ensuring the safe and healthy development of the system of credit institutions and the financial system; Protect the legitimate rights and interests of depositors and customers of credit institutions.
Thus, when conducting inspections for compliance with individual monetary policies and laws, competent organizations must comply with the above principles.
Circular 17/2023/TT-NHNN takes effect from February 8, 2024.
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