ANTD.VN - Money transfer transactions with a value of 500 million VND or more, or equivalent in foreign currency, must be reported to the agency performing the function and task of preventing and combating money laundering.
This is one of the regulations in Circular 09/2023/TT-NHNN guiding the implementation of a number of articles of the Law on Anti-Money Laundering, recently 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 large value transactions that must be reported; reporting regime for suspicious transactions, etc.
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Transfer transactions of 500 million VND or more must be reported to the anti-money laundering agency. |
Specifically, the reporting entity is responsible for collecting information and reporting to the agency performing the function and task of preventing and combating money laundering using electronic data when domestic electronic money transfer transactions of credit institutions have a value of VND 500 million or more or in foreign currency with equivalent value.
For electronic money transfer transactions in which at least one of the participating financial institutions is located in countries or territories outside of Vietnam (international electronic money transfer transactions), reporting must be done for transactions with a value of 1,000 USD or more or in other foreign currencies with equivalent value.
Domestic financial institutions that are intermediary financial institutions or beneficiary financial institutions participating in electronic money transfer transactions must have measures to identify transactions with incomplete or inaccurate information according to regulations on non-cash payments and foreign exchange management.
At the same time, appropriate remedial measures must be applied, including refusing or suspending transactions or applying post-transaction controls or reviewing and reporting suspicious transactions for transactions with incomplete or inaccurate information on non-cash payments and foreign exchange management.
The detailed regulation of the level of high-value transactions that must be reported, according to the State Bank, 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...
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