The Governor of the State Bank of Vietnam (SBV) issued Document No.1494/NHNN-TTGSNH dated March 10, 2017 on the establishment of the International Money Transfer Company of Orient Commercial Joint Stock Bank (OCB).
Accordingly, the SBV Governor permitted OCB to establish a company wholly-owned by OCB to operate the remittance activities in line with the proposal attached to the Document No.43/2016/TTr-CTHĐQT dated April 15, 2016 of the OCB.
OCB is responsible for: Implementing the procedures and processes to establish the approved subsidiary in accordance with relevant laws; Ensuring to comply with the limits of capital contribution, share purchase and prudential ratios in banking operations before and after establishing the subsidiary in line with laws and SBV’s guidance; Managing operations of the subsidiary in accordance with laws and SBV’s guidance on forex and remittance management; Report to the SBV (through Department of Banking Supervision and Inspection in Ho Chi Minh City) the implementation of the above requirements (enclosed with the copy of the business registration certification and Plan to launch the subsidiary operations).
After establishing the permitted subsidiary, the OCB is required to accomplish procedures to request the SBV branches (where the subsidiary is located) to approve the receiving and payment foreign currency service in line with Circular No. 34/2015/TT-NHNN dated November 31, 2015 on activities of received and payment foreign currency service.
The SBV Governor assigned Agency of Banking supervision and inspection (Department in Ho Chi Minh City) to monitor the operations and compliance of OCB International Money Transfer Company.
Giang Nguyen