The State Bank Inspectorate (SBV) has just announced the conclusion of the inspection on compliance with policies and laws in gold trading activities at Saigon Jewelry Company Limited - SJC.
According to the inspection conclusion, SJC Company still has shortcomings and violations of regulations on compliance with legal policies in gold trading activities.
Specifically, SJC Company violated the reporting regime for gold bar buying and selling activities; showed signs of providing misleading information about products and goods provided by the enterprise to attract customers of other enterprises, related to unfair competition.
The customer verification results show that there are signs that SJC Company is violating tax laws. Based on the provisions of the law, the State Bank has sent a document to transfer the information to the competent authority for consideration and handling according to regulations.
Notably, the SBV Inspectorate concluded that although there was no basis to determine that the price increase in the period from October 2, 2023 to April 15, 2024 was unreasonable, at SJC Company, the gold buying and selling prices were decided and directly directed by the General Director of SJC Company on the gold buying and selling prices.
This happens when there are no internal regulations or procedures on specific criteria and bases in the mechanism for determining gold buying and selling prices, and there is no separation of responsibilities between relevant departments in the process of consulting on price determination.
Thus, the inspection conclusion stated that: The decision on the buying and selling price of gold was made by one individual, the general director, without specific criteria and bases, leading to risks in determining prices that affected the operations of SJC Company as well as the gold market because SJC Company holds a relatively large market share.
SJC also violated a number of legal regulations on anti-money laundering. Specifically: issuing internal regulations with incomplete content according to regulations; not having a risk management system to identify foreign customers as individuals with political influence; not reporting large-value transactions that must be reported related to gold trading activities...
SJC Company has not collected enough documents and data to verify the identification information of customers as organizations; regulations on applicable measures corresponding to the level of money laundering risk are not fully in accordance with regulations; time limits for applying transaction delay measures are not specified as prescribed; there are no regulations guiding how to communicate with customers conducting suspicious transactions as prescribed.
In addition, SJC violated the regulations on creating or replacing and issuing a number of sales invoices without tax authority codes; on not carrying out procedures for handling erroneous invoices for a number of invoices; on accounting for inventory price reduction provisions in the cost of goods sold, leading to a lack of income for calculating corporate income tax, reducing the Company's corporate income tax; on not recording complete information or possibly inaccurate information about the ID card/CCCD numbers of a number of customers on the 01/TNDN statement.
Immediately after the direct inspection ended, the State Bank of Vietnam sent a document transferring information about the violation of the invoice, accounting and tax regime with signs of criminal law violation at SJC Company to the Ministry of Public Security for verification, investigation and handling.
The State Bank Inspectorate requested to discipline SJC Company for not strictly complying with legal regulations in gold trading activities, and for allowing violations and shortcomings to occur.
"Request SJC Company to strictly comply with tax laws and promptly correct violations and shortcomings," the State Bank Inspectorate stated.
Source: https://vietnamnet.vn/cong-ty-vang-sjc-bi-boc-sai-pham-ve-hoa-don-thue-co-dau-hieu-vi-pham-hinh-su-2406585.html
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