Saigon Jewelry Company Limited had case transferred to the Ministry of Public Security and was fined VND 2.14 billion

Saigon Jewelry Company Limited (SJC) had information regarding violations of invoice, accounting document, and tax regulations with signs of criminal offenses transferred to the Ministry of Public Security for verification, investigation, and handling by the State Bank of Vietnam (SBV). This decision followed an inspection that revealed numerous shortcomings and violations by SJC in its gold trading and anti-money laundering activities. SJC was also administratively fined a total of VND 2.14 billion. Violations included non-compliance with reporting requirements, signs of misleading product information, failure to report large-value transactions, and improper invoicing. Notably, the SBV highlighted that SJC's General Director unilaterally setting gold buying and selling prices without specific internal regulations or procedures created significant risks.

Saigon Jewelry Company Limited (SJC) had information regarding violations of invoice, accounting document, and tax regulations with signs of criminal offenses transferred to the Ministry of Public Security for verification, investigation, and handling by the State Bank of Vietnam (SBV). This decision followed an inspection that revealed numerous shortcomings and violations by SJC in its gold trading and anti-money laundering activities. SJC was also administratively fined a total of VND 2.14 billion. Violations included non-compliance with reporting requirements, signs of misleading product information, failure to report large-value transactions, and improper invoicing. Notably, the SBV highlighted that SJC's General Director unilaterally setting gold buying and selling prices without specific internal regulations or procedures created significant risks.

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