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Submitted by ctv_en_6 on Thu, 07/30/2009 - 11:51
The State Bank of Vietnam on July 30 announced a decision to set up an inspection agency to supervise the activities of banks under the SBV.

The agency will be established under the Prime Minister’s decision 83 aimed at inspecting and supervising banks, as well as monitoring the implementation of safety regulations in banking operations to prevent money laundering,

The agency will also supervise the granting of licenses, analyse and assess the financial situation, detect and warn of risks, which might cause insecure banking activities, and lead to legal violations in monetary and banking activities.

According to experts, the agency will be based on a model, which has been applied in many developed countries in the world to ensure that credit institutions operate safely and effectively in the economy.

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