The State Bank has issued a Conclusion on the inspection of compliance with policies and laws in gold trading activities of Saigon Jewelry Company Limited - SJC (SJC Company).
Accordingly, the State Bank inspected compliance with legal regulations on gold trading activities, inspected compliance with legal regulations on anti-money laundering, inspected compliance with legal regulations on accounting regime, preparation and use of invoices and documents; and on declaration and performance of tax obligations.
According to the State Bank, SJC Company basically complies with legal regulations in gold trading activities, buying and selling gold bars according to the granted license, and implements the information reporting regime for buying and selling gold bars.
The company also listed gold buying and selling prices according to regulations; made positive changes in implementing legal regulations on anti-money laundering; prepared documents, invoices and declared basic taxes according to legal regulations.
However, besides the achievements, SJC Company still has shortcomings and violations.
SJC gold products (Photo: Thanh Dong).
Regarding compliance with legal policies in gold trading activities, SJC Company violated the reporting regime for gold bar trading activities; there were 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. The State Bank has sent a document transferring the information to the competent authority for consideration and handling according to regulations.
Although 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 gold purchase and sale prices are decided and directly directed by the General Director of SJC Company on the gold purchase and sale prices when there are no regulations or internal procedures on specific expenses and bases in the mechanism for determining the gold purchase and sale prices, and no separation of 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 specific criteria and bases, leading to 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 stated.
In complying with the law on anti-money laundering, SJC Company violated a number of laws on anti-money laundering, specifically by issuing internal regulations with incomplete content as prescribed; 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 also did not conduct internal audits on anti-money laundering as prescribed; did not provide training on anti-money laundering as prescribed; did not conduct assessments or update the results of money laundering risk assessments; did not specify the frequency of updating customer information; and did not have regulations on decentralization of responsibility for customer identification.
SJC Company has not yet 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 making transactions.
In compliance with legal regulations on accounting, preparation and use of invoices and documents, declaration and fulfillment of tax obligations, SJC Company violated the preparation or replacement and issuance of a number of sales invoices without the tax authority's code.
This company has not yet carried out procedures to handle incorrect invoices for some invoices; recorded the inventory price reduction provision in the cost of goods sold, leading to a lack of income for calculating corporate income tax, reducing the company's corporate income tax; did not record complete information or possibly inaccurate information about the ID card/CCCD numbers of some customers on the List.
The State Bank pointed out that the cause of the above violations was that the legal representative, leaders and employees of SJC Company did not seriously comply with a number of legal provisions in gold trading, PCRT and accounting, preparation and use of accounting documents, declaration and fulfillment of tax obligations.
The State Bank Inspectorate recommends that SJC Company needs to rectify its failure to strictly comply with legal regulations in gold trading activities, and to allow violations and shortcomings mentioned in the Inspection and Verification Results Section to occur.
The inspection unit requested SJC Company to immediately stop administrative violations regarding compliance with information reporting regime; strictly comply with information reporting regime and reporting data to the State Bank in gold trading activities.
At the same time, SJC Company is required to strictly comply with tax laws; promptly correct and amend violations and shortcomings stated in the Inspection and Verification Results Section.
SJC Company must also issue regulations on determining daily gold buying and selling prices (establishing criteria, methods, price determination authority...) to ensure compliance with the company's actual operations and relevant legal regulations.
Source: https://dantri.com.vn/kinh-doanh/thanh-tra-nhnn-sjc-vi-pham-quy-dinh-ve-kinh-doanh-vang-hoa-don-va-thue-20250530180042337.htm
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