Decree 52/2024/ND-CP: Comply with Cashless Payment Regulations to Avoid Fines

According to Decree 52/2024/ND-CP on cashless payments, the forms of penalties and the level of penalties for violating this regulation have been clearly defined. Understanding these regulations is crucial for businesses and individuals involved in payment activities.

1️⃣ Prohibited Actions
Under Article 8 of Decree 52/2024/ND-CP, there are 13 prohibited actions in cashless payments, including:

• Altering or erasing payment instruments and payment documents in violation of the law.
• Forging payment instruments and payment documents.
• Providing false information related to the provision or use of payment services.
• Opening or maintaining anonymous or fraudulent payment accounts.
• Issuing, supplying, and using illegal payment instruments.
• Providing intermediary payment services without a valid operating license.
• Using payment accounts and instruments for gambling, fraud, or deception.
• Failing to comply with the reporting obligations related to cashless payments as required by law.
• Obstructing or failing to cooperate with the competent authorities in payment inspection and auditing activities.
• Committing fraudulent activities in the use of cashless payment services.
• Using payment instruments for illegal transactions.
• Providing payment services that do not ensure the safety and security of user information.
• Failing to implement risk prevention measures in cashless payments as required.

2️⃣ Penalties
The penalties for violations of cashless payment regulations may include:

• Fines: The fine level depends on the nature and severity of the violation. It can range from several million VND to hundreds of millions of VND.
• Seizure of property: Fake payment instruments and illegal payment documents will be confiscated.
• Suspension of activities: Payment service providers that violate regulations may have their operations suspended.

3️⃣ Specific Penalties
Specific penalties for each violation will be detailed in the guidelines from the Government and the State Bank of Vietnam. Some penalty ranges may include:

• Fines from 10,000,000 VND to 50,000,000 VND for using fake payment instruments.
• Fines from 20,000,000 VND to 100,000,000 VND for providing false information about payment services.
• Fines from 50,000,000 VND to 300,000,000 VND for fraud and deception in payments.

4️⃣ Related Regulations
In addition to the penalties listed above, organizations and individuals violating these regulations may also face criminal liability if their actions are severe, result in significant damage, or involve organized activities.

⚖️ Comply with the regulations to avoid legal risks!
Being aware of and following cashless payment regulations is essential. Businesses and individuals must adhere to these requirements to avoid severe penalties and help ensure a transparent business and financial environment.