Quyết định 21/2008/QĐ-NHNN về Quy chế Đại lý đổi ngoại tệ do Thống đốc Ngân hàng Nhà nước Việt Nam ban hành

DECISION

ISSUING THE REGULATION ON FOREIGN EXCHANGE AGENTS

THE STATE BANK GOVERNOR

Pursuant to the 1997 Law on the State Bank of Vietnam and the 2003 Law Amending an Supplementing a Number of Articles of the Law on the State Bonk of Vietnam;

Pursuant to the 2005 Ordinance on Foreign Exchange;

Pursuant to the Government’s Decree No. 160/2006/ND-CP dated December 28, 2006, detailing the implementation of the Ordinance on Foreign Exchange;

Pursuant to the Government’s Decree No. 52/2003/ND-CP dated May 19, 2003, defining the functions, tasks, powers and organizational structure of the State Bank of Vietnam;

At the proposal of the director of the Department for Foreign Exchange Management;

DECIDES:

Article 1.

- To issue together with this Decision the Regulation on foreign exchange agents.

Article 2.

- This Decision takes effect 15 days after its publication in "CONG BAO" and replaces the State Bank Governor’s Decision No. 1216/2003/QD-NHNN dated October 9, 2003, promulgating the Regulation on operation of foreign exchange counters.

Article 3.

- The director of the Office, the director of the Department for Foreign Exchange Management, heads of concerned units under the State Bank, directors of the State Bank’s branches in provinces and centrally run cities, general directors (directors) of credit institutions licensed to provide foreign exchange services, organizations acting as foreign exchange agents, and concerned individuals shall implement this Decision.

REGULATION

FOREIGN EXCHANGE AGENTS
(Issuing together with Decision No.21/2008/QD-NHNN dated July 11, 2008 of the Governor of the State Bank)

Chapter 1.

GENERAL PROVISIONS

Article 1. Scope of governing

1. This Regulation regulates the foreign exchange of the organizations as foreign exchange agents for the credit institutions permitted to provide foreign exchange services (hereinafter referred to as permitted credit institutions) on the territory of the Socialist Republic of Vietnam.

2. Foreign exchange activities of permitted credit institutions comply with provisions of the general directors (directors) of permitted credit institutions in accordance with the provisions of operation network of credit institutions.

3. The exchange of currencies of the countries with common borders with Vietnam complies with the provisions in the other legal documents and not subject to this Regulation.

Article 2. Subjects to the foreign exchange agents

The economic organizations of all sectors (hereinafter referred to as organizations) which satisfy the conditions specified in Article 5 of this Regulation are allowed to be the foreign exchange agents for the permitted credit institutions on a basis of agent contracts of foreign exchange between credit institutions and organizations. Foreign exchange agents are allowed to operate only after the State Bank -branches in provinces and cities under central authority (hereinafter referred to as the State Bank-branches in provinces and cities) in the area provide certificates of foreign exchange agent registration.

Article 3. The locations of foreign exchange agents

1. Tourism accommodation establishments (including hotels and luxury resorts etc ...) ranked tourism from 3 (three) stars or more by the state management agencies on tourism;

2. International borders (land, air, water);

3. Places of amusement with prizes only for foreigners;

4. Ticket offices of the airlines, maritime, foreign travel, and international ticket offices of Vietnam airlines;

5. Tourist bases, shopping centers, supermarkets where have many foreigners visiting, shopping.

Article 4. Activities of foreign exchange agents

1. The foreign exchange agents are operated only in the form of use of Vietnam dong to buy cash foreign currencies of individuals but are not sold cash foreign currencies to individuals to take Vietnam dong (excluding foreign exchange agents located at the isolated areas at the international border gates).

2. The foreign exchange agents located in isolated areas at the international borders are sold cash foreign currencies to individuals with passports issued by the foreign competent authorities as specified in Article 8 of this Regulation.

3. An organization is only as a foreign exchange agent for a credit institution and the organization may agree to set foreign exchange agent at one or more locations in the area where the organization has its head office or branch. Names and locations of these agents must be stated in the certificates of registration for foreign exchange agents granted by the State Bank- branches in provinces and cities in the area.

Chapter 2.

SPECIFIC PROVISIONS

Article 5. Conditions for being as foreign exchange agent

Organizations wishing to do as foreign exchange agents must meet the following conditions:

1. Being the organization established and operating under the laws of Vietnam;

2. Having places to locate the foreign exchange agents as prescribed in Article 3 of this Regulation. The organizations can set foreign exchange agents in or outside their head offices or branch offices;

3. Having material facilities meeting the operational requirements of the foreign exchange agents, such as separate transaction places (rooms or counters of transaction not associated with other business activities, only for foreign exchange services) in which furnished fully the means of work such as furniture, telephones, fax machines, safes, public exchange rate bulletin, signs stated the name of authorizing credit institution and name of foreign exchange agent;

4. Staffs who directly work in the foreign exchange agents must have written certification issued by authorizing credit institutions certifying that they have been trained and coached for skills to recognize real or fake foreign currencies; method to record invoice, update data into the accounting books; have minimum level of English to communicate with foreigners when doing foreign exchange business ...;

5. Having professional process of foreign exchange; measures to ensure security and safety in the process of foreign exchange.

Article 6. Contract of foreign exchange agent

Before the permitted credit institutions sign contracts of foreign exchange agents must base on provisions in Article 5 of this Regulation to inspect the locations of agents, equipment, material facilities, and professional guidance for staffs of the agents, and require organizations to show the papers and documents proving sufficient conditions to be agents to sign contracts of foreign exchange agents. Contract of foreign exchange agent must include the following principle contents:

1. Name and address of its head office, contact telephone numbers of the contracting parties;

2. Name and address of the foreign exchange agents (Wards, districts, provinces- cities);

3. Provisions on foreign exchange agents only permitted to purchase foreign currency in cash (except for agents located in isolated areas at the international border gates) and selling the foreign currencies exchanged (except for the foreign currencies of cash balance is left) to the authorizing credit institutions;

4. Provisions on the principles for determining the exchange rates of purchase, sales (for agents located in the isolated areas at the international border gates) for customers and the reselling exchange rate of foreign currencies in cash to the authorizing credit institution in accordance with regulations on management of foreign exchange; regulations of the agent commission fees (if any);

5. Regulations on the professional skill process of foreign exchange including recording, invoicing to customers and keeping documents, invoices, records and regulations on regimes of accounting settlement, accounting and reporting...;

6. Rights and obligations of the parties to the contract, which specified the foreign exchange agents, must comply with professional skill processes of foreign exchange; provisions on credit institution’s regular inspection of the operation of the agents to ensure implementation of contracts and the provisions of law.

7. Agreement on cash balance level left and time required to sell bought cash foreign currency authorized by the credit institution.

Article 7. The procedures and dossiers for grant and extension of certificate of registration as foreign exchange agents

1. After the organizations sign contracts of foreign exchange agents with the permitted credit institutions, they shall submit registration dossiers to the State Bank - branches in provinces and cities in the area where having the demands to place foreign exchange agents to be issued certificates of registration as foreign exchange agents, dossier comprising:

a. Application for registration of foreign exchange agents (Appendix 1);

b. An Original or a certified copy of contract of foreign exchange agent signed with authorizing credit institution.

c. A certified copy of certificate of business registration;

2. Within 15 (fifteen) working days from the date of receiving complete and valid dossiers, the State Bank - branches in provinces and cities in the area where the organizations placing their foreign exchange agents consider to grant registration certificates of foreign exchange agents.

Where the grant of registration certificates of foreign exchange agents to the organizations locating foreign exchange agents in the areas of provinces or cities directly under the Central Government different from the places where the organizations located their head offices, the State Bank- branches in provinces, cities granting ​​certificates must send copies of the certificates of registration to the State Bank-branches in provinces and cities where the organizations located its head offices for knowledge and supervision.

Article 8. Selling foreign currencies to individuals exiting to come back their countries

Foreign exchange agents located in the isolated areas at the international border gates are allowed to sell cash foreign currency to individuals who carry foreign passports as exiting under the following provisions:

1. Selling from USD 1,000 (One thousand U.S. dollars) or less or other foreign currencies with equivalent value to individuals completed their exit procedures on the basis of their passports.

2. Selling more than USD 1,000 (One thousand U.S. dollars) or other foreign currencies with equivalent value to individuals completed their exit procedures. When selling foreign currencies, the foreign exchange agents require buyers to show their passports, invoices (receipts) of foreign currency exchanged at the permitted credit institutions or foreign exchange agents in Vietnam. The effective duration of the invoices (receipt) used to purchase foreign currencies which are previously exchanged is 90 days from the date stated in the invoices (receipts) of foreign currency exchange. Foreign Exchange agents must withdraw the invoices (receipts) of foreign currency which are previously exchanged.

The foreign currency level which individuals are allowed to re-buy is maximum amount of not exceeding the foreign currency amount exchanged recorded on the invoice (receipt).

Article 9. The time limit for selling foreign currencies, foreign currency cash balance level.

1. Foreign exchange agent must sell all foreign currencies purchased (other than foreign currencies of cash balance to be retained) to the authorizing credit institutions by the end of each working day. In case the places where locate foreign exchange agents away from authoring credit institutions, difficult to travel, the credit institutions based on the actual situation to deal with the organizations on terms of selling foreign currency amounts purchased but not exceeding 7 (seven) working days.

2. Foreign exchange agents are allowed to have cash balance daily of retail foreign currency amount for the foreign exchange activities under the agreements between the authorizing credit institutions and organizations to be foreign exchange agents but not exceeding USD 2,000 (two thousand U.S. dollars) or other foreign currencies with equivalent value. Where the foreign exchange agents have demand to increase the foreign currency cash balance level of more than USD 2,000, the organizations to do as agents of foreign exchange must send written explanation for the reasons to the State Bank - branches in provinces and cities in the area where located the foreign exchange agents for consideration and settlement.

3. Within 15 (fifteen) working days from the date of receiving the written request to increase the cash balance level of the organization to do as an agent of foreign exchange, the State Bank- branches in provinces and cities based on the situation and actual needs in the area, on the basis of agreement between authorizing credit institution and organization to do as foreign exchange agent for the reply in writing of its approval or disapproval of the increase of cash balance limit level of the foreign exchange agent.

Article 10. Responsibility of the foreign exchange agents

1. Listing or publicly announcing the exchange rates to buy cash foreign currencies by Vietnam dong at the place where locates foreign exchange agent and make the purchase of foreign currency with customers in accordance with the announced, listed rate. Particularly, foreign exchange agents located in the isolated areas of international border gates list, announce publicly the rate of buying and selling cash foreign currencies by Vietnam dong and to purchase and sell foreign currencies with customers in accordance with the announced, listed rate.

2. Rate of purchase and sale of foreign currency between the credit institutions and agents shall comply with agreements in the agent contract between the authorizing credit institution and the organization to do as foreign exchange agent, in accordance with the current provisions of the management of foreign exchange.

3. To make the regime of recording invoice of purchase and sale of foreign currency, updating data and accounting books under the guidance of the authorizing credit institutions in accordance with the regime of the current settlement, accounting. Agent shall use invoice of the credit institution that authorized it to do as foreign exchange agent. When performing foreign exchange, foreign exchange agents must deliver a relevant invoice to the customer.

4. Foreign exchange agent must comply with the provisions in the contract of foreign exchange agent and the provisions of this Regulation.

5. During the operation, if the foreign exchange agents detect customers using the fake currencies, foreign currencies that are no longer validity for circulation as a means of buying and selling, foreign exchange agents are responsible for making the minutes, temporary holding the foreign currency amount and notifying the functional agency for investigating and handling.

Article 11. Responsibilities of authorizing credit institutions

1. Credit institutions are allowed based on the need to expand the network of foreign exchange and meeting of sufficient conditions to do as foreign exchange agent of the organizations to consider the contract signing of foreign exchange agents.

2. Organizing the short-term classes for training and coaching skills to recognize real, fake foreign currencies and the method to write invoice, record book keeping and granting certification to staffs of the foreign exchange agents.

3. Providing software for the agents to manage and monitor foreign exchange activities, depending on conditions of the credit institutions and organizations to do as agents of foreign exchange.

4. Inspecting, controlling regularly or irregularly foreign exchange activities of the agents authorized. If detecting the foreign exchange agents’ violation of the provisions in the agent contracts and the provisions of this Regulation, depending on the nature and seriousness of the violations, the credit institutions may apply the appropriate handling measures.

5. In case of liquidation of contract of foreign exchange agent, within 5 (five) working days from the date of the liquidation of contract, the credit institution must notify in writing the State Bank- branches in provinces, cities in the area for revoking registration certificate of foreign exchange issued and terminating operations of foreign exchange of the agent.

Article 12. Responsibilities of the State Bank- branches in provinces and cities

1. Directing and guiding the credit institutions in the area fully to comply with the provisions of this Regulation in the authorization of foreign exchange agent for the organizations.

2. Inspecting and supervising foreign exchange activities of the foreign exchange agents regularly or irregularly and handling violations, if any as prescribed in Article 14 of this Regulation.

3. Issuing certificates of registration as foreign exchange agent for the organizations on the basis of the provisions of this Regulation.

4. Quarterly reporting as prescribed in Article 15 of this Regulation or irregularly upon the request of the State Bank on the situation of foreign exchange activity of the agents in the area.

Chapter 3.

IMPLEMENT ORANIZATION

Article 13. For licenses of foreign exchange agents have been issued before the effective date hereof.

The credit institutions shall review the contracts of foreign exchange agents have signed with the organizations as foreign exchange agents before the effective date of this Regulation. For the organizations with foreign exchange agents that are operating do not meet the provisions of Article 3, Article 5, Article 6 of this Regulation, the credit institutions must notify the organizations to do as foreign exchange agents and within 3 (three) months from the effective date of this Regulation will liquidate the contracts of foreign exchange agents and require such organizations to hand in licenses to do as foreign exchange agents issued to the State Bank - branch of the provinces and cities in the area.

The foreign exchange agents that meet the provisions of Article 3, Article 5, Article 6 of this Regulation shall continue to be operated but required to hand in the licenses to do as agents of foreign exchange previously granted to the State Bank - Branch in provinces and cities in the area to make the conversion into the certificates of registration as foreign exchange agents. The time limit for conversion from license to the certificate of registration as foreign exchange agent is 3 (three) months from the effective date of this Regulation.

The foreign exchange directly under the permitted credit institutions are allowed to continue normal operation without making the conversion procedures of registration and comply with the regulations of credit institutions in accordance with regulations on operation network of credit institutions.

Article 14. Inspection and handling of violations

1. Authorizing credit institutions are responsible for guiding and periodically (at least once a month) or irregularly inspecting operation of the foreign exchange agents in the execution of the provisions in the contracts of foreign exchange agents and this Regulation.

2. State Bank - branches in provinces and cities shall be responsible for annually and irregularly examining, inspecting, and supervising foreign exchange operations of the foreign exchange agents in the area under the provisions of this Regulation.
3. Upon detection of foreign exchange agents violating regulations on foreign exchange operations, the State Bank- branches in provinces and cities based on the nature and seriousness of the violations, have the right to suspend or revoke the certificates of registration as foreign exchange agents granted and notify the authorizing credit institution to cancel the contract signed with organizations to do as agents of foreign exchange.

4. Where authorizing credit institution is jointly responsible for the violations of foreign exchange agent, the authorizing credit institution is also imposed administrative sanctions in the field of monetary and banking activities in accordance with the regulations on handling of administrative violations.

5. Authorizing credit institutions have from 2 (two) foreign exchange agents or more within 12 (twelve) months violating the provisions of this Regulation will not be signed new contracts of foreign exchange agents with other organizations within 12 (twelve) months from the date of detecting the second breach.

6. Authorizing credit institutions have from 3 (two) foreign exchange agents or more within 12 (twelve) months violating the provisions of this Regulation will not be continued to sign contracts of foreign exchange agents with other organizations.

7. Organizations and individuals violating the provisions of this Regulation shall, depending on the nature and seriousness of violations, be handled administratively, or prosecuted for criminal liability.

Article 15. Report regime

1. Every quarter, before the fifth day of the first month of the next quarter, the organizations to do as agents of foreign exchange must report to the State Bank -branches in provinces and cities where the foreign exchange agents are located on the foreign exchange situation in quarter (Appendix 3).

2. Every quarter, before the fifteen day of the first month of the next quarter, the State Bank - branches in provinces and cities shall synthesize the situation on foreign exchange in its area in quarter and report to the State Bank (Department of Foreign exchange management) (Appendix 4).

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