HCMC – Inspections of credit institutions and businesses active in gold trading have been launched today, September 9, to check their compliance with laws on trading, anti-money laundering and financial documentation.
Permanent Deputy Prime Minister Nguyen Hoa Binh has tasked the Government Inspectorate to lead the inspection, in coordination with relevant ministries and agencies, according to the Government news site.
The inspection team will review the compliance of credit institutions and businesses with policies and laws in gold trading, anti-money laundering, the issuance and use of invoices and documents related to gold trading, as well as other related matters.
Any signs of legal violations will be referred to the police, and results of the inspection will be reported to the prime minister within September.
The State Bank of Vietnam has also rolled out measures to strengthen oversight of the gold market, aiming to ensure safety, stability and sustainability, and to prevent price volatility from affecting financial and monetary stability.
The central bank is required to update the prime minister and deputy prime minister on market developments by 11 a.m. every Friday.
The Ministry of Public Security has been instructed to coordinate with the central bank and other agencies to strictly handle violations related to gold trading.
