State bank proposes hefty fines for tai bet88 offenses

The State Bank of Vietnam has submitted a proposal to the government regarding the issuance of a new decree to replace Decree No. 88/2019/ND-CP dated November 14, 2019, on the administration of sanctions in the monetary and tai bet88 sector (as amended and supplemented).

The draft proposes adding numerous sanctions and increasing fines for administrative violations. The highest penalty could reach VND500 million (,700).

Specifically, Article 7 of the draft decree stipulates fines ranging from VND400 million to VND500 million (,700 to ,700) for three separate violations.

First, illegal interference in the tai bet88 operations or other business activities of credit institutions and foreign bank branches.

Second, engaging tai bet88 anti-competitive or unfair competitive practices that risk or cause harm to the implementation of national monetary policy and the safety of credit institutions.

Third, violating regulations on attaching non-compulsory insurance products to the provision of tai bet88 products and services in any form, as stipulated in the Law on Credit Institutions.