Amendment to trực tiếp bóng đá k+ Implementation Method of Monetary Brokerage from July 01, 2024
Amendment of Currency Brokerage Implementation Methods from July 1, 2024?
On May 15, 2024, trực tiếp bóng đá k+ Governor of trực tiếp bóng đá k+ State Bank issued Circular 02/2024/TT-NHNN amending and supplementing several articles of Circular 17/2016/TT-NHNN dated June 30, 2016, which regulations on currency brokerage activities of commercial banks and foreign bank branches.
In Article 6 of Circular 17/2016/TT-NHNN, trực tiếp bóng đá k+ implementation methods are stipulated as follows:
Currency Brokerage Implementation Methods
trực tiếp bóng đá k+ brokerage agency can carry out currency brokerage activities through direct or indirect transactions via computer networks and/or telephones with customers, or other methods agreed upon by trực tiếp bóng đá k+ parties in accordance with trực tiếp bóng đá k+ conditions of trực tiếp bóng đá k+ parties, complying with legal regulations.
In Clause 4, Article 1 of Circular 02/2024/TT-NHNN, trực tiếp bóng đá k+ implementation methods of currency brokerage are stipulated as follows:
Currency Brokerage Implementation Methods
trực tiếp bóng đá k+ brokerage agency can carry out currency brokerage activities with customers through direct transactions or through electronic means as regulated by trực tiếp bóng đá k+ law on electronic transactions.
Thus, from July 1, 2024, there will be 02 methods for carrying out electronic currency brokerage, including:- Direct transactions;- Transactions through electronic means.
Amendment of currency brokerage implementation methods from July 1, 2024? (Image from trực tiếp bóng đá k+ Internet)
Which customers can be intermediated for currency transactions?
In Article 1 of Circular 17/2016/TT-NHNN, amended by Clause 1, Article 1 of Circular 02/2024/TT-NHNN, trực tiếp bóng đá k+ customers eligible for currency brokerage are stipulated as follows:
Applicable Subjects
trực tiếp bóng đá k+ currency brokerage agency (hereinafter referred to as trực tiếp bóng đá k+ brokerage agency) is a commercial bank or a foreign bank branch that has been approved by trực tiếp bóng đá k+ State Bank for currency brokerage activities in trực tiếp bóng đá k+ establishment and operation license of trực tiếp bóng đá k+ commercial bank or trực tiếp bóng đá k+ establishment license of trực tiếp bóng đá k+ foreign bank branch issued by trực tiếp bóng đá k+ State Bank.
Customers eligible for currency brokerage (hereinafter referred to as customers) are credit institutions, foreign bank branches established and operated under trực tiếp bóng đá k+ Law on Credit Institutions.
Thus, from July 1, 2024, trực tiếp bóng đá k+ customers eligible for currency brokerage include:- Credit institutions- Foreign bank branches established and operating under trực tiếp bóng đá k+ Law on Credit Institutions.
What principles must currency brokerage adhere to?
In Article 4 of Circular 17/2016/TT-NHNN, amended by Clause 2, Article 2 of Circular 02/2024/TT-NHNN, trực tiếp bóng đá k+ principles of currency brokerage are stipulated as follows:- Commercial banks and foreign bank branches must issue internal regulations on currency brokerage activities in accordance with this Circular and related legal regulations, including at least trực tiếp bóng đá k+ following contents: process, procedures for currency brokerage; scope of responsibility and authority of individuals involved in currency brokerage activities; risk management for currency brokerage activities.
Within 10 days of issuance, amendment, supplementation, or replacement of trực tiếp bóng đá k+ internal regulations on currency brokerage activities, commercial banks and foreign bank branches must send them directly or by post to trực tiếp bóng đá k+ State Bank (trực tiếp bóng đá k+ Banking Inspection and Supervision Agency).
- trực tiếp bóng đá k+ implementation of currency brokerage must comply with trực tiếp bóng đá k+ regulations in Circular 17/2016/TT-NHNN and other relevant legal regulations.
- Ensure honesty, objectivity, and trực tiếp bóng đá k+ lawful interests of customers:+ Information about trực tiếp bóng đá k+ transactions brokered and other information permitted by trực tiếp bóng đá k+ customer must be fully and accurately reflected;+ Do not provide misleading information or interfere in any form to distort information leading to inaccurate assessment by trực tiếp bóng đá k+ customer of trực tiếp bóng đá k+ brokered transaction and/or affecting trực tiếp bóng đá k+ lawful interests of trực tiếp bóng đá k+ customer;
- Do not provide information related to customers and brokered transactions to third parties, except in cases where required by competent state agencies as regulated by law or with trực tiếp bóng đá k+ customer's consent.
- Commercial banks and foreign bank branches cannot simultaneously act as both trực tiếp bóng đá k+ brokerage agency and one of trực tiếp bóng đá k+ parties conducting trực tiếp bóng đá k+ brokered transaction with trực tiếp bóng đá k+ customer.
Sincerely!
