Circular 15/2014/tt-Nhnn: Guide To Foreign Exchange Management With Business Activities In The Electronic Games Are Rewards For Foreigners

Original Language Title: Thông tư 15/2014/TT-NHNN: Hướng dẫn về quản lý ngoại hối đất với hoạt động kinh doanh trò chơi điện tử có thưởng dành cho người nước ngoài

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Circulars on Foreign Exchange Management of ground operations with electronic games are rewards for foreigners _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ pursuant to the law the State Bank of Vietnam the number 46/2010/QH12 16 June 2010;
Pursuant to the law on credit institutions the number 47/2010/QH12 16 June 2010;
Foreign Exchange Ordinance base of 28/2005/PL-UBTVQH11 on December 13, 2005 and Ordinance No. 06/2013/UBTVQH13 18 Mar 2013 amend and supplement some articles of the Ordinance on foreign exchange;
Pursuant to Decree No. 86/2013/ND-CP on July 29, 2013 of the Government about the video game business has for foreigners;
Pursuant to Decree 156/2013/NĐ-CP dated 11 November 2013 of government functions, tasks, powers and structure of the State Bank of Vietnam;
At the suggestion of the Director of the Foreign Exchange Management;
The Governor of the State Bank of Vietnam issued circulars on Foreign Exchange Management for the business activities of electronic gambling game for foreigners.
Chapter I GENERAL PROVISIONS article 1. Scope this circular guide on Forex management for the business activities of electronic gambling game for foreigners.
Article 2. Application object 1. The business of video games are rewards for alien (hereinafter enterprise).
2. Individuals are allowed to play at the point of the video game business has for foreigners (hereafter called the player).
3. Commercial Bank, foreign bank branch business, foreign exchange service in Vietnam (hereinafter called the Bank allowed).
4. organizations and individuals related to the business activities of electronic gambling game for foreigners.
Article 3. Get and use the bonus payments in foreign currency the player receive bonus pay in foreign currency and use of foreign currency to pay the reward as follows: 1. in case the player receives bonus payments in foreign currency in cash: a) sold foreign currency to the Bank allowed Vietnam Dong;
b) of foreign currency cash bonus paid to a foreign bank be permitted;
c) Be allowed to Bank confirmed to bring the number of foreign currency cash in offshore compensation according to the provisions in clause 1 article 14 of this circular;
d) be filed with the exchange of cash pay bonus payments in foreign currency of the play opened at the Bank.
2. in case the player receives bonus payments in foreign currency wire transfer: a) Of foreign currency to pay the bonus to be transferred from the account currency of the business use to payments in foreign currency account of the play opened at the Bank are allowed;
b) Of foreign currency to pay the bonus to be transferred from the account currency used by enterprises to the player's account opening in foreign countries.
3. Players may authorize businesses to contact the Bank allowed to carry out the transaction currency lodging, transfer, Exchange, license, please confirm that carry foreign currency cash abroad under the provisions of this circular.
Article 4. Copper conventional money 1. The denomination of the coin bronze Vietnam record Convention or by a currency conversion. Business done double the face value of the coin to the Convention Council of Vietnam or the currency conversion rates, according to the exchange rate quoted by the Bank are allowed where specialized account opening business in foreign currencies.
2. The player was a coin Convention out of Exchange or Vietnam in the case do not play hard or hit bonus in the currency stipulated in the enterprise and are using foreign currency from the currency of the Convention to make the transactions stipulated in article 3 of this circular.
Article 5. The scope of currency, foreign currencies and other exchange activities for business 1. Except in the case specified in paragraph 2 of this article, the State Bank of Vietnam (hereinafter the Bank) licensing of currency, foreign currencies and other exchange activities (hereinafter called permit) for businesses in the range below: a) the Currency of Exchange in cash from the sale of copper conventional money;
b) Currency Exchange in cash from electronic gambling game machine has the function of foreign exchange cash directly by the player;
c) Currency transfer from foreign bank accounts of the players moved on;
d) Spending foreign currencies in cash or transfer money to pay bonuses to players win;
DD) to pay back foreign currency cash or wire transfer to the account of payment in foreign currency of the play opened at the Bank are allowed in Vietnam or wire transfer to the account of overseas players in case the player does not play hard copper conventional money;
e) back foreign currency wire transfer to the account of overseas players in case the player does not use the Exchange moved from the foreign exchange special account of the business;
g) other Forex activities as prescribed in this circular includes: opening and using specialized accounts in foreign currencies; exists to fund foreign currency cash; confirm the amount of the player.
2. The collection, and to perform foreign exchange operations related to the currency of the country borders are only made in the area of the border gate economic zones between Vietnam and bordering countries. State-licensed bank currency, foreign exchange operations and foreign currency of the country borders for business according to the scope defined in paragraph 1 of this article. The sequence and procedures level, level back, adjust, renew, revoke the licence made under the provisions of article 10, article 11, article 12 of this circular.
Article 6. Open and use the specialized account Exchange businesses are state-licensed banks must open 01 (a) special account for each type of Exchange at 1 (one) banks are allowed and made the transaction currency, foreign currencies are as follows: 1. Currency: a currency Lodging) cash into the account in case of cash income from the sale of copper conventional money , from electronic gambling game machine exceeded exists to fund as defined in article 8 of this circular;
b) Currency transfer from foreign bank accounts of the players moved on;
c) Currency transfer from current account in foreign currency of business as prescribed in clause 2 article 7 in order to meet the needs of pay reward or demand to withdraw cash foreign currency regulations in paragraph 2 of this Article.
2. The genus: a) paid into the current account in foreign currency of the play opened at the Bank are allowed in Vietnam or abroad in case the player win or play out not a coin Convention;
b) pay of the remaining foreign currency into account overseas players in case the player is not used up the number of Exchange have moved from overseas accounts of players into specialized accounts in foreign currencies of the business;
c) Spend the cash to maintain the amount of foreign currency cash funds as specified in clause 1 article 8 of this circular;
d) Genus sold to banks are allowed;
Genus) switch to your payment account in foreign currency of business as prescribed in clause 1 article 7 of this circular.
Article 7. Transfer of foreign currency between payment accounts and specialized accounts exchange of business 1. The business was transferred from account currency exchange use to payments in foreign currency account opened in the Bank.
2. in case of foreign currency cash and foreign currency balance of funds on your account currency is not specialized enough to meet the needs of pay or demand of withdrawal of foreign currency in cash specified in point a, b, c paragraph 2 article 6 of this circular, corporate foreign currency transferred from account payment in foreign currency to the functional currency account.
Article 8. Foreign currency cash funds exist 1. Business is maintaining a cash foreign currency funds (as specified in the license) on the basis of the calculation of the cash foreign currency necessary to meet the needs of pay bonuses and the need to pay back foreign currency cash for players in the case do not play hard for money.
2. On the next working day from the date of having cash income from business activities video games have excessive bonus Fund, businesses exist to pay foreign currency cash numbers exceed Conservation Fund into specialized accounts Exchange opened at the Bank allowed the provisions in article 6 of this circular.
Article 9. Credit card payment accepted business credit card players to sell copper conventional money when taking the bonus game. Businesses just get paid in Vietnam since the bank payment card.
Chapter II PROCEDURES for LICENSING of CURRENCY, FOREIGN CURRENCIES and OTHER FOREX ACTIVITY article 10. Licensing procedure 1. After the Agency has issued certificates of qualified electronic games business, gambling business that needs currency, foreign currencies and other exchange activities specified in this circular posted 02 (two) record by filing form directly or sent by post to the State Bank branch , central cities (hereafter referred to as the State Bank branch in the province, City) across the enterprise business point where video games are for foreigners. The records include: a) Licensing application (according to the model in annex No. 1);
b) authenticated copies of certificates of investment or business registration certificate;
c) copies certified certificate of eligible electronic games business has rewarded;
d) regulations, internal controls for revenue and expenses in foreign currencies due to the legal representative of the enterprise.
2. Within a period of 15 (fifteen) working days from receipt of the business, State Bank branch in the province, the city is responsible for checking the adequacy and valid record and send 1 (one) to the State Bank (Foreign Exchange Management) attachment to the written opinions of the State Bank branch the city, about the profile component.

3. within 30 (thirty) working days from the date of the application under the regulations, the State Bank review and licensing (according to the model in annex No. 2). In case of rejection, the State Bank announced in writing stating the reason for refusing to send business.
4. Duration of licence consistent with the term of the certificate of eligibility to the electronic game business of gambling businesses and must not exceed 10 years from the date the certificate of eligible electronic games business has the bonus effect.
Article 11. The procedure of reissuing, adjustment, renewal of license 1. Granted a license again) where the license is lost, misplaced, damaged due to natural disaster, fire or due to objective causes another, businesses must submit 2 (two) the recommended records re-issued the licence by direct submission form or sent by post to the State Bank branch the city, on the place of business most recent electronic games business Points bonus for foreigners. Profile includes:-application level license, which stated the reason for the proposal to grant leave (according to the model in annex No. 3);
-Certified copy of certificate of investment or business registration certificate;
-Certified copy of certificate of eligibility to the electronic game business has rewarded;
-Certified copy of the licence has been issued is valid (if available);
-Text, proof of the licence has been lost, misplaced, damaged (if any);
b) apply procedures State Bank (Foreign Exchange Management Service) follow prescribed item 2 article 10 of this circular;
c) licensing procedures comply with the provisions of article 10 paragraph 3 of this circular;
d) term of the license granted is the time limit for the remainder of the licenses granted at the time.
2. Adjust the license a) controlled business licence in the following cases:-changing company name;
-Changes the Bank is allowed to open business where specialized accounts in foreign currencies;
-Change Exchange Fund subsistence levels of cash.
b) enterprise needs to adjust the content license posted 02 (two) the proposed profile to adjust the license by direct submission form or sent by post to the State Bank branch in the city, the place of business most recent electronic games business Points bonus for foreigners. Profile includes:-single license adjustment proposal, which stated the reason suggested adjustments (according to the model in annex No. 3);
-Certified copy of the licence has been issued is valid;
-Text, the main papers proving the content adapted to the provisions of art. 2 of this Article (if available);
c) procedure for applying for State Bank (Foreign Exchange Management Service) follow prescribed item 2 article 10 of this circular;
d) licensing procedures comply with the provisions of article 10 paragraph 3 of this circular;
DD) the term of the license to be adjusted is the time limit for the remainder of the license granted in the most recent times;
e) where the change is allowed where the bank account opening business professional exchange, within 5 (five) working days from when the license is adjusted, the enterprises must open new professional account and transfer the foreign currency balance remaining from the old professional account to use the new account or current account in foreign currency at the same time the close account procedures used and old State Bank report (according to the model in annex No. 4);
g) within a period of 5 (five) working days from when the license is adjusted, the business must submit the original licence was granted to the State Bank (Foreign Exchange Management Service).
3. a license renewal) expiry licences issued by the State Bank, businesses must submit 2 (two) the profile suggested by license renewal form submitted directly or sent by post to the State Bank branch in the city, the place of business most recent electronic games business Points bonus for foreigners. Records suggest the extension of the licence include:-application to renew the licence (according to the model in annex No. 3);
-Certified copies of license validity a minimum 1 (one) month before the application deadline;
-The papers specified in point b of article 10 paragraph 1 c, of this circular;
b) apply procedures State Bank (Foreign Exchange Management Service) follow prescribed item 2 article 10 of this circular;
c) procedure for renewal of a licence made under the provisions of article 10 paragraph 3 of this circular;
d) the term of the license is renewed consistent with the term of the certificate of eligibility to the electronic game business has rewarded;
DD) within a period of 5 (five) working days from the date of renewal of the license, the business must submit the original licence was granted to the State Bank (Foreign Exchange Management Service).
Article 12. Revocation of the license of the State Bank's business license revoked in the following cases: 1. the suggested profile license fraud information to be eligible to be licensed.
2. no business operating expense foreign exchange and other foreign exchange activities after 12 (twelve) months from the date of grant of the license.
3. The enterprise being split, merger, amalgamation, dissolution, bankruptcy in accordance with the law.
4. enterprises were State bodies have the authority to revoke the investment certificate, the certificate of registration or certificate of eligible electronic games business has rewarded.
5. Corporate sanctioned administrative offense from 3 (three) times over for violation of the Foreign Exchange Management Administration.
Chapter III RESPONSIBILITIES of ORGANIZATIONS and INDIVIDUALS RELATED to the BUSINESS ACTIVITIES of ELECTRONIC GAMBLING GAME for FOREIGNERS article 13. The responsibility of the State Bank of India branch of the province, the city of 1. Bank instructions and allowed local businesses to the full observance of the provisions of this circular.
2. Inspection, testing, monitoring currency, foreign currencies and the foreign exchange operations of local enterprises were State-licensed banks. Cases detected the violations stipulated in license and stipulated in this circular, the State Bank branch in the city, the handle specified by the relevant law.
3. Coordinate with agencies, organizations and individuals to implement relevant measures for prevention of money laundering in the business activities of electronic gambling games under the provisions of the law.
Article 14. The liability of the Bank are allowed 1. Make check, control of the papers and vouchers by the players, the business processes to make the currency lodging cash transactions on the account, transfer the foreign exchange, verification of the number of Exchange carried out of foreign players (according to the model in annex No. 5).
Certificate of carrying foreign currency cash abroad is only valid for use within a period of 30 (thirty) days from the date of issue.
2. Keep the papers, documents related to foreign exchange transactions as prescribed in this circular and in accordance with the relevant legislation.
3. Detection of violations of the provisions of this circular of the business or of the player, the timeliness of reporting the State Bank branch in the city, the place of business most recent electronic games business Points bonus for foreigners to take measures to handle.
4. Observance of the provisions of this circular, the provisions of the law on prevention of money laundering and the provisions of relevant laws.
Article 15. The responsibility of business 1. Listing, public announcement switch rates between the face value of a coin Convention with Vietnam and other foreign currencies.
2. Perform validation Prize, bonus pay, in Exchange for money for the conventional players (according to the model in annex No. 6), providing documents from the relevant and responsible before the law on the legality of the money prize, bonus pay, the amount of change from conventional currencies due to players not playing out as the basis for the Bank to be allowed to confirm the carrying , currency transfer abroad, foreign currency lodging on the player's account as defined in article 3 of this circular.
Certificate is only valid for use 1 (one) times within a period of 30 (thirty) days from the date of issue.
3. Present the full documents from the Bank are allowed when making foreign currency lodging cash transactions in foreign currency and use account trading, foreign currency transfer.
4. Perform recording modes, statistics, store vouchers under the provisions of the relevant law.
5. building regulations, internal controls for revenue, foreign currencies in operations electronic games are rewards for foreigners, which at a minimum includes the following content: the process of currency, foreign currency; process control of revenues and expenses in foreign currencies to ensure regulations on money laundering prevention, ensure safety of cash collected in the course of business; the functions, duties and powers of the Department, the individual concerned.
6. the correct observance of the provisions of the license, the provisions of this circular, the provisions of the law on prevention of money laundering and the provisions of relevant laws.
7. Quarterly, before the 10 (ten) months of the following quarter, enterprises must report the State Bank (Foreign Exchange Management Service) and the State Bank branch in the city, the place of business most recent electronic games business Points bonus for foreigners about currency, foreign currencies and other exchange activities (according to the model in annex No. 7).
Article 16. Responsibility of the responsible players players accepted the provisions of this circular and the provisions of relevant laws.
Chapter IV IMPLEMENTATION article 17. Transitional provisions 1. The transition period

Within a period of 12 (twelve) months from the date of this circular effect enforcement, businesses had previously been the State Bank allowed the implementation of currency, foreign currency in cash for the business activities of electronic gambling game for foreigners to do the procedure to convert the previous written approval to license. So the time limit stated above, businesses don't do conversion procedure must terminate the currency, foreign currencies and other exchange activities are related to the business activities of electronic gambling game for foreigners.
2. The scope of the transition activities that currency, foreign currency cash and foreign exchange activities being implemented under business approval of State Bank are converted to the corresponding license within the scope of the provisions of article 5 of this circular.
3. Profile, sequence, procedure to convert a) enterprises pay 2 (two) record licensing proposal by direct submission form or sent by post to the State Bank branch in the city, the place of business most recent electronic games business Points bonus for foreigners. The records include:-form license change (according to the model in annex No. 8);
-Certified copy of certificate of investment or business registration certificate;
-Certified copy of certificate of eligibility to the electronic game business has rewarded;
-Regulations, internal controls for revenue and expenses in foreign currencies due to the legal representative of the enterprise;
-Active approval cash foreign currency income and foreign exchange operations were to be granted;
A report on the implementation of currency, foreign currencies and foreign exchange activities related to the business activities of electronic gambling game since the State Bank issued written approval (according to the model in annex No. 9);
b) apply procedures State Bank (Foreign Exchange Management Service) follow prescribed item 2 article 10 of this circular;
c) licensing procedures comply with the provisions of article 10 paragraph 3 of this circular.
Article 18. Enforcement organization 1. This circular effect since September 2014.
2. Office, Director of the Foreign Exchange Management, the heads of the relevant units in the State Bank of Vietnam, the Director of the branch of the State Bank, the central cities, Chairman of the Board, the President of the Council members, the Director-General (Executive Director) of the banks are allowed to , General Director of the enterprise (Director) is responsible for organizing the implementation of this circular.