This is one of the notable contents in Circular 09/2023/TT-NHNN guiding the implementation of a number of articles of the Law on Anti-Money Laundering, which has just been issued by the State Bank.
This Circular stipulates criteria and methods for assessing money laundering risks of reporting entities; money laundering risk management process and customer classification according to money laundering risk level; reporting regime for high-value transactions that must be reported; reporting regime for suspicious transactions, etc.
According to Circular 09/2023/TT-NHNN, for domestic transactions, payment service providers must report to the Anti-Money Laundering Department (State Bank) each domestic electronic money transfer transaction with a value of VND 500 million or more or equivalent in foreign currency. International electronic money transfer transactions with a value of USD 1,000 or more or equivalent in other foreign currencies must also be reported to the State Bank.
The content of information on electronic money transfer transaction reports is guided in detail by the State Bank.
Accordingly, regarding information of the initiating and beneficiary financial institutions, the reporting information includes the transaction name of the institution or transaction branch; head office address (or bank code for domestic electronic money transfers, SWIFT code for international electronic money transfers); receiving and transferring countries.
Information about individual customers participating in electronic money transfer transactions includes full name, date of birth; identity card number or citizen identification number or personal identification number or passport number; entry visa number (if any); permanent residence address or other current residence (if any); nationality (according to transaction documents).
Information about customers who are organizations participating in electronic money transfer transactions includes full transaction name and abbreviation (if any); head office address; establishment license number or business registration number or tax code; country where the head office is located.
Transaction information includes account number (if any); amount; currency type; amount converted to Vietnamese Dong (if the transaction currency is foreign currency); reason and purpose of transaction; transaction code; transaction date;…
On the other hand, the State Bank also said that electronic money transfer transactions that do not need to be reported include: money transfer transactions originating from transactions using debit cards, credit cards or prepaid cards to pay for goods and services; money transfer and payment transactions between financial institutions where the initiator and the beneficiary are both financial institutions.
Previously, in the draft Decision of the Prime Minister, it was stipulated that the value of large-value transactions must be reported to the State Bank according to the provisions of Clause 2, Article 25 of the Law on Anti-Money Laundering, the transaction value that must be reported is 300 million VND.
Meanwhile, according to the recommendation of the Financial Action Task Force on Money Laundering (FATF), the recommended threshold for reportable transaction value is 15,000 USD (equivalent to 375 million VND).
According to the State Bank, the detailed regulation of high-value transactions that must be reported aims to contribute to improving the effectiveness of anti-money laundering work; in accordance with international requirements and standards on anti-money laundering that Vietnam is obliged to implement on the basis of ensuring economic independence and autonomy, ensuring monetary security, national financial safety...
Source
Comment (0)