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SBV requires credit institutions to report risk management in documentary credit transactions

Jun 13th at 12:49
13-06-2012 12:49:26+07:00

SBV requires credit institutions to report risk management in documentary credit transactions

The State Bank of Vietnam (SBV) issued Document No. 3496/NHNN-TD on June 12 to require credit institutions and foreign bank branches (herein called as credit institutions) to report their risk management in documentary credit transactions

Accordingly, credit institutions should send documents on their internal rules of operations and procedures of risk management for opening and paying letters of credit, and discounting andcollateralizing credit dossiers to SBV. In addition, credit institutions should make consolidated reports of the risks already arising in the aforesaid operations, together with problems and recommendations to be made to the SBV and the other relevant ministries and agencies.

Documents and reports should be sent to SBV (the Credit Department) by June 25, 2012.

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