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THE GOVERNMENT
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SOCIALIST
REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
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No. 80/2019/ND-CP
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Hanoi, November
01, 2019
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DECREE
AMENDING
A NUMBER OF ARTICLES OF THE GOVERNMENT’S DECREE NO. 73/2016/ND-CP DATED JULY
01, 2016 ON DETAILS OF IMPLEMENTATION OF THE LAW ON INSURANCE BUSINESS AND THE
LAW ON AMENDMENTS TO A NUMBER OF ARTICLES OF THE LAW ON INSURANCE BUSINESS; AND
AMENDING THE GOVERNMENT’S DECREE NO. 98/2013/ND-CP DATED AUGUST 28, 2013
PROVIDING FOR THE SANCTIONING OF ADMINISTRATIVE VIOLATIONS AGAINST REGULATIONS
ON INSURANCE BUSINESS AND LOTTERY BUSINESS AMENDED BY THE GOVERNMENT’S DECREE
NO. 48/2018/ND-CP DATED MARCH 21, 2018
Pursuant to the Law on Government Organization
dated June 19, 2015;
Pursuant to the Law on Insurance Business dated
December 09, 2000;
Pursuant to the Law on Amendments to a number of
Articles of the Law on Insurance Business dated November 24, 2010;
Pursuant to the Law on Amendments to some
Articles of the Law on Insurance Business and Law on Intellectual Property
dated June 14, 2019;
Pursuant to the Anti-Money Laundering Law dated
June 18, 2012;
Pursuant to the Anti-Terrorism Law dated June
12, 2013;
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At the request of the Minister of Finance;
The Government promulgates the Decree amending a
number of Articles of the Government’s Decree No. 73/2016/ND-CP dated July 01,
2016 on details of implementation of the Law on Insurance Business and the Law
on Amendments to a number of Articles of the Law on Insurance Business; the
Government’s Decree No. 98/2013/ND-CP dated August 28, 2013 providing for the
sanctioning of administrative violations against regulations on insurance
business and lottery business amended by the Government’s Decree No.
48/2018/ND-CP dated March 21, 2018.
Article 1. Amendments to a
number of Articles of the Government's Decree No. 73/2016/ND-CP dated July 01,
2016 on details of implementation of the Law on Insurance Business and the Law
on Amendments to a number of Articles of the Law on Insurance Business
1. Article 1 is amended as follows:
“1. The Decree provides for the implementation of a
number of Articles of the Law on Insurance Business, the Law on Amendments to a
number of Articles of the Law on Insurance Business and the Law on Amendments
to some Articles of the Law on Insurance Business and Law on Intellectual
Property, with regard to:
a) The establishment and operation of enterprises
providing life insurance, non-life insurance, health insurance and reinsurance
(hereinafter referred to as “insurance enterprises”), branches of foreign
non-life insurance enterprises (hereinafter referred to as “foreign branches”),
insurance broker enterprises, insurance agents, providers of cross-border
insurance services, representative offices of insurance enterprises, foreign
insurance broker enterprises and fund(s) for the protection of the insured;
b) Financial management regulations for insurance
enterprises, foreign branches and insurance broker enterprises;
c) Requirements for the individuals providing
auxiliary insurance services of organizations providing auxiliary insurance
services; auxiliary insurance service standards; professional liability
insurance for auxiliary insurance service provision; provision of cross-border
auxiliary insurance services; and supervision of auxiliary insurance service
provision.
2. This Decree applies to:
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b) Foreign branches;
c) Insurance broker enterprises and insurance
agents;
d) Individuals and organizations providing
auxiliary insurance services;
dd) Other entities involved.”
2. Clause 3a is added after Clause 3 of Article 21
as follows:
“3a. The application for change(s) to the
content of auxiliary insurance activities includes the documents specified in
Point a, Point b and Point dd Clause 3 herein.”
3. Point b Clause 2 Article 32 is amended as
follows:
“b) Hire organizations providing actuarial services
that satisfy the conditions prescribed in Clause 2 Article 93b added via Clause
4 Article 1 of the Law on Amendments to some Articles of the Law on Insurance
Business and Law on Intellectual Property and Clause 3 Article 89a herein to
perform the tasks of actuaries specialized in provision and solvency as
stipulated by the Minister of Finance.
In case an organization providing actuarial
services is hired, enterprises providing non-life insurance, enterprises
providing reinsurance and foreign branches must inform the Ministry of Finance
of such organization, the individuals providing auxiliary insurance services of
such organization and time limit of the actuarial service provision contract.”
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“1a. The revenue from auxiliary insurance
activities specified in Point b Clause 2 Article 93a added via Clause 4 Article
1 of the Law on Amendments to some Articles of the Law on Insurance Business
and Law on Intellectual Property.”
5. Point a Clause 1 is amended and Point 1a is
added after Clause 1 Article 69 as follows:
a) Point a Clause 1 Article 69 is amended as
follows:
“1. Cost of insurance business activities consists
of payables and contributions minus receivables in a period.
a) Payables and contributions in a period include:
- Non-life direct insurance payouts; life insurance
payouts;
- Payment of reinsurance
claims;
- Contributions for technical
reserves;
- Payment of insurance
commissions;
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- Expense for request of third
parties’ reimbursements;
- Expense for handling of
fully compensated cargo;
- Payment of leading fee for
the leading insurance enterprise in case of coinsurance (if this fee is
stipulated in writing);
- Expense for management of
insurance agents, including initial training and certification exams, advanced
training, recruitment, incentives and aids for agents;
- Expenditures on risk and
loss prevention and reduction;
- Insurance underwriting
expense;
- Expense for auxiliary
insurance services, including insurance consultancy, insurance underwriting,
actuarial services, damage assessment, assistance with claim settlement;
- Other payments and
contributions as per the law.”
b) Clause 1a is added after Clause 1 Article 69 as
follows:
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6. Clause 1 is amended and Clause 1a is added after
Clause 1 Article 71 as follows:
a) Clause 1 Article 71 is amended as follows:
“1. Revenue from insurance brokerage:
Broker’s commissions on premiums earned from the
activities specified in Article 90 of the Law on Insurance Business.”
b) Clause 1a is added after Clause 1 Article 71 as
follows:
“1a. Revenue from auxiliary insurance service
provision, which includes revenues from auxiliary insurance service provision
specified in Point b Clause 2 Article 93a added via Clause 4 Article 1 of the
Law on Amendments to some Articles of the Law on Insurance Business and Law on
Intellectual Property.”
7. Clause 1 is amended and Clause 1a is added after
Clause 1 Article 72 as follows:
a) Clause 1 Article 72 is amended as follows:
“1. Expense for insurance brokerage:
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b) Purchase of professional liability insurance;
c) Expense for auxiliary insurance services,
including insurance consultancy, insurance underwriting, actuarial services,
damage assessment, and assistance with claim settlement;
d) Other payments and contributions as per the
law.”
b) Clause 1a is added after Clause 1 Article 72 as
follows:
“1a. Expense for auxiliary insurance service
provision.”
8. Clause 1 Article 80 is amended as follows:
“1. Insurance enterprises, foreign branches and
insurance broker enterprises shall make and send financial statements,
statistical and technical reports, and reports on use of auxiliary insurance
services on regular and ad hoc basis; organizations providing auxiliary insurance
services shall make and send reports on auxiliary insurance service provision
and lists of individuals providing each type of auxiliary insurance service on
regular and ad hoc basis in conformity with the current laws and the Ministry
of Finance's guidelines.”
9. Chapter Va is added after Chapter V as follows:
“Chapter Va
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Article 89a. Requirements regarding degrees,
certificates and standards of individuals providing auxiliary insurance
services in organizations providing auxiliary insurance services
1. An insurance consultant
must have:
a) A bachelor degree or higher in insurance; or
b) A bachelor degree or higher in another major and
an insurance consultant certificate.
2. An insurance underwriter
must have:
a) A bachelor degree or higher in insurance; or
b) A bachelor degree or higher in another major and
an insurance underwriting certificate.
3. An actuary must satisfy the
following requirements and standards:
a) An actuary of an enterprise providing life
insurance or health insurance must meet the requirements and standards
specified in Clause 2 and Clause 3 Article 31 herein.
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4. A damage assessor must
have:
a) A college degree or higher in a major suitable
with the scope of his/her assessment tasks;
b) A certificate in damage assessment; and
c) At least 3 years’ experience in assessment work.
5. A claim settlement
assistant must have:
a) A college degree or higher; and
b) A certificate in claim settlement assistance.
Article 89b. Professional liability insurance
for auxiliary insurance service provision
Individuals and organizations providing auxiliary
insurance services must purchase professional liability insurance for such
provision. Coverage of the professional liability insurance shall vary
according to the auxiliary insurance services and be specified in the auxiliary
insurance service contract.
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1. Organizations providing
auxiliary insurance services must formulate and implement standards for
auxiliary insurance service provision and monitor the compliance with such
standards.
2. Any insurance enterprise,
foreign branch or insurance broker enterprise employing auxiliary insurance
services must formulate and implement standards for selection and use of
auxiliary insurance services and monitor the compliance with such standards.
Insurance enterprises, foreign branches and
insurance broker enterprises may only employ foreign organizations providing
cross-border auxiliary insurance services in Vietnam that meet the following
standards:
a) The foreign organization is permitted to provide
cross-border auxiliary insurance services according to the law of its home
country;
b) The foreign organization has been operating
legally for at least 10 years;
c) The foreign organization committed no violation
against regulations of laws on auxiliary insurance service provision of its
home country within the last 03 years;
d) The foreign organization has a profitable
business over the last 03 fiscal years.
10. The title of Chapter VI is amended as follows:
“Chapter VI
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11. Clause 1 and Clause 3 Article 90 are amended as
follows:
a) Clause 1 Article 90 is amended as follows:
“1. Providers of cross-border insurance and
insurance brokerage services are foreign insurance enterprises and insurance
broker enterprises whose home countries and Vietnam have entered international
trade agreements on provision of cross-border insurance services (hereinafter
referred to as “cross-border insurance service provision”) in Vietnam.
Providers of cross-border auxiliary insurance
services are foreign individuals providing cross-border insurance consultancy,
foreign organizations providing cross-border auxiliary insurance services (insurance
enterprises, insurance broker enterprises and other juridical persons)
according to regulations on provision of cross-border auxiliary insurance
services in international conventions to which Vietnam is a signatory.”
b) Clause 3 Article 90 is amended as follows:
“3. Provision of reinsurance, international
maritime insurance, international aviation insurance and international
reinsurance brokerage services shall be governed by current laws and best
practices”.
12. Article 91a is added after Article 91 as
follows:
“Article 91a. Requirements for provision of
cross-border auxiliary insurance services
1. Foreign individuals
providing cross-border insurance consultancy in Vietnam must meet the
requirements specified in Clause 1 Article 93b added via Clause 4 Article 1 of
the Law on Amendments to some Articles of the Law on Insurance Business and Law
on Intellectual Property.
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13. Article 92 is amended as follows:
“Article 92. Methods for provision of
cross-border insurance services and cross-border auxiliary insurance services
in Vietnam
1. Foreign insurance
enterprises shall provide cross-border insurance services in Vietnam through an
insurance broker enterprise issued with License for establishment and operation
in Vietnam.
2. Foreign insurance broker
enterprises providing cross-border insurance services in Vietnam shall broker
services provided by foreign non-life branches or insurance enterprises issued
with License for establishment and operation in Vietnam.
3. Foreign individuals and
organizations may provide cross-border auxiliary insurance services for
insurance enterprises, foreign branches and insurance broker enterprises in
Vietnam.
Foreign individuals and organizations providing cross-border
auxiliary insurance services to other individuals and organizations besides
insurance enterprises, foreign branches and insurance broker enterprises in
Vietnam shall cooperate with organizations providing auxiliary insurance
services legally established and operating in Vietnam".
14. Article 93 is amended as follows:
“Article 93. Responsibilities of providers of
cross-border insurance services and cross-border auxiliary insurance services
1. Provide written evidences
of the satisfaction of requirements for providing cross-border insurance
services as defined in Article 92 herein to insurance enterprises, foreign
branches and insurance broker enterprises licensed to operate in Vietnam and
participating in cross-border insurance service provision as stated in Article
92 herein.
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2. Foreign individuals and
organizations providing cross-border auxiliary insurance services in Vietnam
shall comply with regulations on auxiliary insurance service provision as
specified in Article 93a added via Clause 4 Article 1 of the Law on Amendments
to some Articles of the Law on Insurance Business and Law on Intellectual
Property.
3. Within 120 days from the
end of a fiscal year, a foreign insurance broker enterprise or insurance
enterprise providing cross-border insurance services shall submit the financial
statement of the preceding year to the Ministry of Finance. Such financial
statement must contain an endorsement of an independent audit organization and
a written verification by state authorities managing overseas insurance in the
home country of the enterprise of its abidance by the law.
4. Foreign insurance broker
enterprises and insurance enterprises providing cross-border insurance
services; and foreign individuals and organizations providing cross-border
auxiliary insurance services shall pay tax and fulfill other financial
liabilities related to provision of cross-border insurance services and
cross-border auxiliary insurance services in Vietnam in accordance with
regulations of tax laws.”
15. Article 94 is amended as follows:
“Article 94. Responsibilities of participants in
provision of cross-border insurance services and cross-border auxiliary
insurance services
Insurance enterprises, foreign branches and
insurance broker enterprises licensed to operate in Vietnam and organizations
providing auxiliary insurance services participating in cross-border insurance
service provision as per Article 92 of this Decree shall bear responsibilities
to:
1. Retain written evidences of
the fulfillment of providers of cross-border insurance services in Vietnam,
with which they engage in the provision of such services, of the requirements
defined in Article 91 of this Decree; retain written evidences of the
fulfillment of foreign individuals and organizations providing cross-border
auxiliary insurance services in Vietnam of the requirements defined in Article
91a of this Decree and provide such evidences to the authorities upon request.
2. On a quarterly basis,
report to the Ministry of Finance about their periodic participation in
cross-border insurance service provision, use of cross-border auxiliary
insurance services and participation in the provision of cross-border auxiliary
insurance services in Vietnam within 30 days from the end of a quarter. The
Ministry of Finance shall define the format of such report.
3. Use cross-border auxiliary
insurance services provided by the foreign individuals and organizations that
satisfy the requirements as prescribed in Article 91a of this Decree or engage
in the provision of such services with such foreign individuals and
organizations.”
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a) Clause 1 Article 110 is amended as follows:
“1. Provide guidelines for the implementation of
legislative documents on insurance business and auxiliary insurance services;
formulate policies and regulations on insurance business activities,
strategies, plans, schemes and policies on development of the insurance market
in Vietnam”.
b) Clause 14 of Article 110 is added as follows:
“14. Manage and supervise auxiliary insurance
activities as follows:
a) Manage and supervise provision and use of
auxiliary insurance services of insurance enterprises, foreign branches
and insurance broker enterprises.
b) Supervise auxiliary insurance service provision
of individuals and organizations providing auxiliary insurance services in
compliance with regulations on technical regulations and standards, and
responsibilities and conditions for auxiliary insurance service provision.
c) Supervise provision of cross-border auxiliary
insurance services of foreign individuals and organizations providing auxiliary
insurance services in Vietnam via organizations providing auxiliary insurance
services legally established and operating in Vietnam."
Article 2. Amendments to a
number of Articles of the Government’s Decree No. 98/2013/ND-CP dated August
28, 2013 providing for the sanctioning of administrative violations against
regulations on insurance business and lottery business amended by the
Government’s Decree No. 48/2018/ND-CP dated March 21, 2018
1. Clause 1 Article 2 is amended as follows:
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The penalties for administrative violations against
regulations on insurance business and lottery business specified in this Decree
may be imposed on enterprises providing life insurance, non-life insurance and
health insurance (hereinafter referred to as “insurance enterprises”),
enterprises providing reinsurance (hereinafter referred to as “reinsurance
enterprises”), insurance broker enterprises, branches of foreign non-life
insurance enterprises (hereinafter referred to as “foreign branches”),
representative offices of foreign insurance enterprises, foreign reinsurance
enterprises and foreign insurance broker enterprises, insurance agents,
organizations providing auxiliary insurance services (insurance enterprises,
insurance broker enterprises and other juridical persons), lottery companies,
lottery agents and other relevant organizations as stipulated in this Decree.”
2. Point b Clause 1 is amended, Point c Clause 1 is
added and Point a Clause 2 Article 3 is amended as follows:
a) Point b Clause 1 Article 3 is amended as
follows:
“b) Fines;
The fines for the administrative violations
specified in this Decree are sanctioning levels for individuals, except for the
cases in Article 13, Clause 4 Article 18, Article 21, Point b Clause 1 Article
21a, Article 22, Clause 3 and Clause 4 Article 24, Point b and Point c Clause 1
and Point c Clause 2 Article 25a, Article 32a, Article 34, Clause 1, Clause 2
and Clause 3 Article 36, Clause 2 Article 40, Clause 2 Article 41, Article 42,
Article 43, Article 44, Article 45, Clause 3 Article 46, Article 48, Article
49, Article 50, and Clause 2 Article 51 of this Decree, in which the fines are
only imposed on organizations.
The fine imposed on an organization is twice as
much as the fine imposed on an individual for the same violation.
The maximum fine an individual and an organization
incurs for administrative violations against regulations on insurance business
and lottery business is VND 100,000,000 and VND 200,000,000 respectively.”
b) Point c Clause 1 Article 3 is added as follows:
“c) Suspension of auxiliary insurance service
provision with a defined term.”
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“a) For insurance business:
Suspension of the Certificate of insurance agent;
suspension of the Certificate of auxiliary insurance services;
Suspension of part of the operation directly
related to the violation in License for establishment and operation of
insurance enterprises, reinsurance enterprises, insurance broker enterprises
and foreign branches;
Suspension of operation of insurance agents;
Suspension of auxiliary insurance service
provision;
Confiscation of the exhibits and vehicles used for
committing administrative violations.”
3. Article 21a is added after Article 21 as
follows:
“Article 21a. Penalties for violations
against regulations on provision of cross-border auxiliary insurance services
for foreign individuals and organizations
1. Penalties imposed on foreign
individuals and organizations that commit violations against regulations on
provision of cross-border auxiliary insurance services:
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b) A fine of between VND 180,000,000 and
200,000,000 shall be imposed on a foreign organization providing cross-border
auxiliary insurance services in Vietnam whose home country is not one to which
Vietnam made an open market commitment regarding cross-border auxiliary
insurance services.
2. Suspension of operation for
03 - 06 months shall be imposed on foreign individuals and organizations
providing auxiliary insurance services committing one of the following
violations:
a) Failure to provide cross-border auxiliary
insurance services in compliance with the requirements specified in Clause 1
and Clause 2 Article 93b added via Clause 4 Article 1 of the Law on Amendments
to some Articles of the Law on Insurance Business and Law on Intellectual
Property.
b) Provision of an auxiliary insurance service not
permitted by the law.
3. During the suspension of
auxiliary insurance service provision according to the decision on penalties
for the administrative violations defined in Clause 2 herein, if the foreign
individual or organization continues to violate the regulations in Clause 2
herein, such individual or organization shall be suspended from providing
cross-border auxiliary insurance services in Vietnam for a period of 06 - 12
months.”
4. The title of Section 4 Chapter II is amended as
follows:
“Section 4
ADMINISTRATIVE
VIOLATIONS, PENTALTIES, AND REMEDIAL MEASURES PERTAINING TO INSURANCE
BROKERAGE, INSURANCE AGENTS, AUXILIARY INSURANCE SERVICES AND REPRESENTATIVE
OFFICES”
5. Article 25a is added after Article 25 as
follows:
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1. A fine of between VND
20,000,000 and 30,000,000 shall be imposed for the following violations:
a) Failure to guard client’s secrets, use of
client’s information for unauthorized purposes or disclosure of information to
a third party without the client's permission, excluding cases of information
provision for legal purposes;
b) An organization providing auxiliary insurance services
assesses damage and assists with claim settlement pertaining to an insurance
contract in which such organization is also the policyholder, the insured or
the beneficiary;
c) An insurance broker enterprise provides damage
assessment services to an insurance contract whose conclusion was arranged by
such enterprise;
d) Failure to comply with technical regulations on
auxiliary insurance services;
dd) The contract of auxiliary insurance service
provision is not made in writing.
2. A fine of between VND
60,000,000 and 70,000,000 shall be imposed for the following violations:
a) Provision of an unentitled auxiliary insurance
service;
b) Auxiliary insurance service provision fails to
comply with the requirements on auxiliary insurance service provision prescribed
by law;
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3. Additional penalties:
a) Suspension of the Insurance Consultancy
Certificate for 01 - 03 month(s) for individuals committing the violations
specified in Point a Clause 2 herein;
b) Suspension of auxiliary insurance service
provision for 01 - 03 month(s) for individuals committing the violations
specified in Point b Clause 2 herein;
Suspension of auxiliary insurance service provision
for 01 - 03 month(s) for organizations providing auxiliary insurance services
that committed the violations specified in Point a and Point b Clause 2
herein.”
6. Section 7a is added after Section 7 as follows:
“Section 7a
ADMINISTRATIVE
VIOLATIONS PERTAINING TO ANTI-MONEY LAUNDERING AND ANTI-TERRORISM FINANCING IN
LIFE INSURANCE BUSINESS
Article 32a. Penalties for violations against
regulations on anti-money laundering and anti-terrorism financing in life
insurance business
1. Penalties for violations
against regulations on client identification and update of client’s information
committed by enterprises providing life insurance:
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b) A fine of between VND 50,000,000 and 100,000,000
shall be imposed for failure to issue the process for management of risks posed
by transactions that use new technology as prescribed in Article 15 of the
Anti-Money Laundering Law;
c) A fine of between VND 30,000,000 and 50,000,000
shall be imposed for failure to apply the measures for client identification or
client intensive assessment according to regulations of Clauses 2, 3 and 4
Article 12 of the Anti-Money Laundering Law;
d) A fine of between VND 50,000,000 and 100,000,000
shall be imposed for failure to develop client classification regulations or
failure to classify clients according to risk levels as prescribed by law;
dd) A fine of between VND 40,000,000 and 80,000,000
shall be imposed for failure to issue and comply with internal regulations on
anti-money laundering; or failure to carry out internal audit to detect money
laundering;
e) A fine of between VND 90,000,000 and 100,000,000
shall be imposed for lack of a risk management system for identifying foreign
clients who are individuals of political influence as prescribed in Clause 2
and Clause 3 Article 13 of the Anti-Money Laundering Law.
2. Penalties for violations
against anti-money laundering regulations committed by enterprises providing
life insurance:
a) A fine of between VND 30,000,000 and 60,000,000
shall be imposed for hindrance to the provision of information of service to
anti-money laundering work and a fine of between VND 50,000,000 and 100,000,000
shall be imposed for failure to provide information of use to anti-money
laundering work at the request of competent authorities according to
regulations of Clause 1 Article 28 of the Anti-Money Laundering Law;
b) A fine of between 90,000,000 and 100,000,000
shall be imposed for aiding or abetting money-laundering acts that are not
liable to criminal prosecution.
3. Penalties for violations
against anti-terrorism financing regulations committed by enterprises providing
life insurance:
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b) A fine of between VND 90,000,000 and 100,000,000
shall be imposed for failure to report acts of terrorism financing.”
Article 3. Implementing
provisions
1. This Decree takes effect
from November 01, 2019.
2. Ministers, heads of
ministerial-level regulatory bodies, heads of Governmental agencies,
Chairpersons of People’s Committees of provinces and central-affiliated cities
shall implement this Decree./.
PP. THE
GOVERNMENT
THE PRIME MINISTER
Nguyen Xuan Phuc