The State Bank Inspectorate has just announced the conclusion of the inspection on the compliance with policies and laws in gold trading activities at Saigon Jewelry Company Limited - SJC, stating that the company had a number of shortcomings and violations.
Specifically, SJC violated the reporting regime for gold bar buying and selling activities, showing signs of providing misleading information about products and goods provided by the enterprise to attract customers of other enterprises, related to unfair competition.
Customer verification results show signs of SJC Company violating tax regulations. The State Bank has sent a document transferring the information to the competent authority for consideration and handling.
State Bank Inspectorate discovered that SJC Gold Company violated tax laws and showed signs of violating criminal law.
There is no basis to determine that the price increase in the period from October 2, 2023 to April 15, 2024 is unreasonable. However, at SJC Company, the general director directly decided and directed the purchase and sale prices of gold when there were no regulations or internal procedures on specific criteria and bases in the mechanism for determining the purchase and sale prices of gold, and did not separate the responsibilities of relevant departments in the process of consulting on price determination.
Thus, the decision on the buying and selling price of gold is made by an individual, the General Director, without any specific criteria or basis. This causes risks in determining prices that affect the operations of SJC Company as well as the gold market because SJC Company holds a relatively large market share.
The conclusion of the State Bank Inspectorate also pointed out that SJC violated a number of legal regulations on anti-money laundering. Specifically, the company issued internal regulations with incomplete content, did not have a risk management system to identify foreign customers as individuals with political influence; did not report large-value transactions that must be reported related to gold trading activities.
The company does not conduct internal audits on anti-money laundering, does not provide training on anti-money laundering, does not conduct assessments, does not update results of money laundering risk assessments, does not specify the frequency of updating customer information, and does not have regulations on decentralization of responsibility for customer identification.
SJC Company has not yet collected enough documents and data to verify information identifying customers as organizations; regulations on measures to be applied corresponding to the level of money laundering risk are not complete; there are no regulations on the time limit for applying transaction delay measures; there are no regulations on how to communicate with customers conducting suspicious transactions.
In addition, SJC Company also violated the regulations on creating or replacing and issuing a number of sales invoices without tax authority codes, and has not yet carried out procedures for handling erroneous invoices for a number of invoices.
The company violated the accounting of 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; not recording complete information or possibly inaccurate information about the ID card/CCCD numbers of some customers on List 01/TNDN.
The State Bank pointed out that the cause of this incident was that the legal representative, leaders and employees of SJC Company had not seriously complied with a number of legal regulations in gold trading, anti-money laundering and accounting, preparation and use of accounting documents, declaration and fulfillment of tax obligations.
Immediately after the direct inspection ended, the State Bank 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, 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://vtcnews.vn/cong-ty-vang-sjc-sai-pham-ve-hoa-don-thue-co-dau-hieu-vi-pham-hinh-su-ar946159.html
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