Bao Tin Minh Chau has many violations in gold trading.

The State Bank Inspectorate has just signed and issued a notice concluding the inspection of compliance with policies and laws in gold trading activities at Bao Tin Minh Chau Company Limited (BTMC Company).

Many violations of invoices and taxes

The conclusion stated that BTMC Company basically complied with the provisions of law in gold trading activities; bought and sold gold bars according to the License of the State Bank; implemented the information regime, reported basic gold bar buying and selling data fully according to regulations; posted gold buying and selling prices; gradually perceived and implemented legal regulations on anti-money laundering (AML) with more positive changes; opened accounting books and did basic accounting according to accounting law.

However, the inspection conclusion stated that, in addition to violations of the invoice regime, accounting documents, and taxes in gold trading activities at BTMC Company, the Inspectorate reported and submitted to the Governor of the State Bank for approval and sent a document transferring information about the violation to the Ministry of Public Security for verification, investigation, and handling; BTMC Company also committed a series of violations in gold trading.

Specifically, BTMC Company violated the reporting regime for gold bar buying and selling activities; violated the gold selling transaction at a price higher than the listed price.

Violating regulations on e-commerce, using digital technology to trade gold, specifically: Not publishing on "website: btmc.vn" information on transportation and delivery; not publishing on "website: btmc.vn" the process of receiving, responsibility for handling customer complaints and dispute resolution mechanism 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 personal information of consumers on "website: btmc.vn"; not developing a policy to protect personal information of consumers on the homepage of the e-commerce website "website: btmc.vn".

BTMC Company has signs of providing misleading information about products and goods provided by the business to attract customers of other businesses, related to unfair competition.

BTMC Company issued internal regulations on anti-money laundering without authority, without full content as prescribed; did not store information related to customers and transactions that must be reported.

BTMC also violated a number of legal provisions on anti-money laundering activities, specifically: Issuing internal regulations with incomplete content; not having a management system to identify foreign customers who are politically influential individuals; not reporting large-value transactions that must be reported related to gold trading activities; not identifying customer information; not classifying customers according to their level of money laundering risk; not providing training on anti-money laundering or providing training on anti-money laundering and anti-terrorist financing not in accordance with legal provisions; not conducting money laundering risk assessments; not assigning or registering the assignment of officers and departments responsible for anti-money laundering and anti-terrorist financing.

BTMC Company also violated the legal regulations on accounting, preparation and use of invoices and documents; on declaration and implementation of tax obligations when accounting for gift expenses in the cost price of purchased goods and services in violation of regulations, leading to a reduction in the amount of value added tax payable...

Transfer information to the Ministry of Public Security

Immediately after the direct inspection ended, the State Bank Inspectorate reported a number of cases through the inspection of gold trading activities at BTMC Company that violated the law and had signs of violating criminal law. The Governor of the State Bank approved and sent 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 impose administrative sanctions on BTMC Company related to a number of violations of regulations on anti-money laundering activities and reporting regimes on gold bar purchases and sales with a total fine of VND 2,640 billion.

The State Bank Inspectorate requested BTMC Company to immediately stop all administrative violations, seriously rectify and promptly correct shortcomings and violations in gold trading, anti-money laundering and compliance with tax laws, invoices and documents stated in the Inspection Conclusion.

Strictly comply with legal regulations on information reporting of gold bar purchases and sales, listing of gold purchase and sale prices and e-commerce activities, use of digital technology in gold trading activities; strictly comply with legal regulations on anti-money laundering; strictly comply with legal regulations on accounting, preparation and use of invoices, documents, declaration and fulfillment of tax obligations in accordance with legal regulations.

Source: https://khoahocdoisong.vn/bao-tin-minh-chau-co-nhieu-vi-pham-trong-kinh-doanh-vang-post1544766.html