New organizational structure of the State Bank: Addition of Anti-Money Laundering Department

ANTD.VN - The Anti-Money Laundering Department will be a unit directly under the State Bank, instead of being under the Banking Inspection and Supervision Agency as before.

On November 6, 2024, the Government issued Decree No. 146/2024/ND-CP amending, supplementing and abolishing a number of articles of Decree No. 102/2022/ND-CP dated December 12, 2022 of the Government stipulating the functions, tasks, powers and organizational structure of the State Bank of Vietnam (SBV). The Decree takes effect from January 5, 2025.

According to this Decree, the Department of Forecasting and Statistics and the Department of Monetary and Financial Stabilization will merge into the Department of Forecasting, Statistics and Monetary and Financial Stabilization.

Notably, the Decree adds one unit to the State Bank, the Anti-Money Laundering Department. Meanwhile, the organizational system of the Banking Inspection and Supervision Department will no longer include the Anti-Money Laundering Department.

The new organizational structure of the State Bank will be applied from January 5, 2025.

Specifically, the organizational system of the Banking Inspection and Supervision Department under the State Bank according to the new regulations will include: The Banking Inspection and Supervision Department under the Banking Inspection and Supervision Department; Banking Inspection and Supervision Department under the State Bank branches in provinces and centrally run cities (State Bank Branch Inspection and Supervision Department).

Thus, compared to Decree No. 26/2014/ND-CP, the organizational system of the Banking Inspection and Supervision Department has been supplemented with the Banking Inspection and Supervision Department under the Banking Inspection and Supervision Agency. Meanwhile, the Anti-Money Laundering Department is no longer part of this unit.

Previously, according to Decision No. 1654/QD-NHNN dated July 14, 2009 of the Governor of the State Bank, the Anti-Money Laundering Department is a unit under the organizational structure of the Banking Inspection and Supervision Agency; its function is to assist the Chief Banking Inspector and Supervision Officer in performing the task of preventing and combating money laundering in accordance with the provisions of law and international commitments on preventing and combating money laundering that Vietnam has signed or participated in.

Decree No. 146/2024/ND-CP also amends and supplements Clause 1 and Clause 2, Article 7 of Decree No. 26/2014/ND-CP, which has been amended and supplemented in Clause 3, Article 1 of Decree No. 43/2019/ND-CP on the Banking Inspection and Supervision Agency.

Specifically, the Banking Inspection and Supervision Agency is a unit equivalent to a General Department, directly under the State Bank, performing the function of advising and assisting the Governor of the State Bank in state management of credit institutions, foreign bank branches, state management of banking inspection and supervision, receiving citizens, handling complaints and denunciations, preventing and combating corruption and negativity, deposit insurance; performing administrative inspection, specialized inspection and banking supervision tasks in areas under the State management of the State Bank, receiving citizens, handling complaints and denunciations and preventing and combating corruption and negativity according to the provisions of law and the assignment of the Governor of the State Bank.

Thus, the Banking Inspection and Supervision Agency no longer performs its tasks of preventing and combating money laundering and terrorist financing.

Decree No. 146/2024/ND-CP stipulates that the Chief Inspector and Bank Supervisor, the Director of the Department of Banking Inspection and Supervision, and the Chief Inspector and Bank Supervisor of the State Bank branch shall issue inspection decisions.

The Chief Inspector and Bank Supervisor decided to re-inspect the case that had been concluded by the Director of the Department of Banking Inspection and Supervision and the Chief Inspector and Bank Supervisor of the State Bank branch, but discovered signs of law violations through consideration and handling of complaints, denunciations, recommendations, and reflections...

Source: https://www.anninhthudo.vn/co-cau-to-chuc-moi-cua-ngan-hang-nha-nuoc-bo-sung-cuc-phong-chong-rua-tien-post594878.antd