On October 20, 2021, the State Bank of Vietnam (SBV) issued Decision No. 1651/QD-NHNN supplementing an operation in the License of the KASIKORNBANK Public Company Limited – Ho Chi Minh City Branch.
Accordingly, the SBV Governor has approved of the supplementation of the operation of “Trading, providing foreign exchange services in the domestic market and the international market within the scope prescribed by the SBV” to the permitted operations in Article 4 of the License for the Establishment of a foreign bank branch No. 04/GP-NHNN dated January 19, 2021 issued by the SBV Governor to the KASIKORNBANK Public Company Limited – Ho Chi Minh City Branch.
The KASIKORNBANK Public Company Limited – Ho Chi Minh City Branch is responsible for: Implementing the additional operation stated in compliance with the applicable provisions of law on foreign exchange operations; developing and taking responsibility for the implementation of its internal regulations on the processes, professional skills and risk management procedures for the foreign exchange operations; only conducting foreign exchange activities after having developed its internal regulations of professional skills and procedures; and conducting foreign exchange activities in accordance with the developed internal processes. All transactions by the KASIKORNBANK Public Company Limited – Ho Chi Minh City Branch must be controlled in line with the current regulations on inspection, internal control and internal audit. The KASIKORNBANK Public Company Limited – Ho Chi Minh City Branch also has to comply with the applicable regulations related to the information technology systems in foreign exchange operations and other regulations of the Government and the banking industry, including Circular No. 09/2020/TT-NHNN dated October 21, 2020 regulating the safety of the information systems in the banking activities; Circular No. 35/2016/TT-NHNN dated December 29, 2016 regulating the safety and security in the provision of the banking services on the Internet; Circular No. 35/2018/TT-NHNN dated December 24, 2018 revising Circular No. 35/2016/TT-NHNN and other relevant regulations; conducting procedures in line with Paragraph 3 of Article 18b of Circular No. 40/2011/TT-NHNN related to the above supplemented operation.
This Decision took effect from the date of signing and is an integral part of the License for the Establishment of a foreign bank branch No. 04/GP-NHNN dated January 19, 2021 issued by the SBV Governor to the KASIKORNBANK Public Company Limited – Ho Chi Minh City Branch.
LK