Implement Decision No. 324/QD-TTGSNH2 dated May 17, 2024 of the Chief Inspector and Supervisor of the Bank (TTGSNH) on inspecting compliance with policies and laws in gold trading activities at credit institutions and enterprises.
On May 23, 2025, the Chief Inspector of the State Bank of Vietnam (SBV) signed and issued Inspection Conclusion No. 22/KL-TTNH4 on compliance with policies and laws in gold trading activities at Bao Tin Minh Chau Company Limited (BTMC Company).
According to the inspection conclusion, BTMC Company basically complies with legal regulations in gold trading activities; trading in buying and selling gold bars under the license of the State Bank; implementing the information regime, reporting basic data on buying and selling gold bars in full accordance with regulations; listing the price of buying and selling gold; gradually recognizing and implementing legal regulations on money laundering prevention and control (PCRT) with more positive changes; opening accounting books and basic accounting according to accounting laws.
The State Bank Inspectorate said that in addition to violations of the invoice, document, accounting, tax regime... in gold trading activities at BTMC Company, it has reported, submitted to the Governor of the State Bank for approval and issued a document transferring information on the violation to the Ministry of Public Security for verification, investigation, and handling; BTMC Company also has shortcomings and violations.
It is known that BTMC Company violated the reporting regime on business activities of buying and selling gold bars; violated the trading of selling gold at a selling price higher than the listed price.
BTMC Company also violated regulations on e-commerce, using digital technology to trade gold, specifically: Not publishing on the "website: btmc.vn" transportation and delivery information; not publishing on the "website: btmc.vn" the process of receiving, customer complaint handling responsibility and the mechanism for resolving disputes related to contracts signed on the e-commerce website; not developing and promulgating policies to ensure safety and security for the collection and use of consumers' personal information on the "website: btmc.vn".
BTMC Company does not develop a policy to protect consumer personal information on the e-commerce website homepage "website: btmc.vn".
BTMC Company shows signs of providing confusing information about products and goods provided by businesses to attract customers of other businesses, related to unfair competition.
Notably, BTMC Company issued internal regulations on PCRT without authority, not completing the content according to regulations; did not store information related to customers, transactions must be reported;
BTMC Company violates a number of law provisions on PTRT activities such as issuing internal regulations with incomplete content; There is no management system to identify foreign customers as individuals with political influence; failing to make a large value transaction report must be reported related to gold business activities; do not realize customer information; failing to classify customers according to the level of money laundering; failing to train and foster money to prevent money laundering or training and retraining on prevention, money laundering, preventing and fighting terrorism in contravention of law; failing to carry out money laundering risks; not assigning or not registering to assign officials and departments to be responsible for prevention, money laundering, preventing and fighting terrorism.
In addition, BTMC Company did not calculate gift costs into the cost of goods and services purchased in accordance with regulations, leading to a reduction in the value-added tax payable. The legal representative, leader and staff of BTMC Company have not strictly complied with some provisions of the law in gold trading, PCRT and accounting, accounting documents, declaration and tax obligations.
As soon as the direct inspection was completed, the SBV Inspectorate reported a number of cases through inspection of gold trading activities at BTMC Company with violations of the law, signs of violating criminal law. The Governor of the State Bank has approved and issued a document transferring the information to the Ministry of Public Security for verification, investigation and handling.
The Chief Inspector of the State Bank of Vietnam has issued a Decision to administratively sanction BTMC Company for some violations of regulations on money laundering prevention and control activities and the information regime for reporting the purchase and sale of gold bars with a total fine of VND 2.64 billion.
