Transactions from 400 million VND must be reported

According to Decision 11/2023/QD-TTg of the Prime Minister regulating the level of large-value transactions that must be reported, from December 1, 2023, the level of large-value transactions that must be reported is from 400 million VND or more.

The content of reporting large-value transactions is specifically regulated in the Law on Anti-Money Laundering, effective from March 1, 2023, and Decree No. 19/2023/ND-CP detailing a number of articles of the Law on Anti-Money Laundering (Decree 19), Circular 09/2023/TT-NHNN.

Article 48 of the Law on Anti-Money Laundering stipulates that the State Bank is responsible to the Government for performing state management of anti-money laundering.

According to the instructions of the Anti-Money Laundering Department (SBV) for credit institutions in implementing electronic reports on anti-money laundering, credit institutions send daily electronic reports to the Anti-Money Laundering Department with the following report forms:

CTR ( Cash Transaction Report) is a report of large value transactions that must be reported when a customer makes a transaction in cash or foreign currency cash with a total value of 400 million VND or more in 1 day (there can be 1 or more transactions).

PTR ( Production Transaction Report) is a report on the use of cash to conduct transactions of buying and selling goods and services. For example: buying gold, real estate, conventional currency in casinos,...

DWT ( Domestic Wired Transfer ) report is a report on domestic electronic money transfers (financial institutions participating in transactions in Vietnam) from account to account, account to wallet and vice versa with a value of 500 million VND or more, the value is calculated for each transaction.

EFT (Electronic Fund Transfer) report is an international electronic money transfer report which is an electronic money transfer transaction in and out of Vietnam (with at least one financial institution participating in the transaction outside of Vietnam) with a value of 1,000 USD or more or other foreign currency with equivalent value, the value is calculated for each transaction.

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Cash transactions of VND400 million or more must be reported to anti-money laundering authorities. Photo: Nam Khanh.

Identify customers suspected of money laundering

According to Article 6 of Decree 19, financial institutions must identify customers in the following cases:

When a customer first opens an account, including a payment account, e-wallet and other types of accounts/ or when a customer first establishes a relationship with a financial institution to use products and services provided by the financial institution;

When a customer does not have an account/ or has an account but has not made any transactions for 6 consecutive months before making a deposit, withdrawal or transfer transaction with a total value of 400 million VND or equivalent in foreign currency or more in one day (except for transactions to settle or withdraw savings interest, repay credit card debt, repay credit loans to financial institutions, periodic payments registered with financial institutions, transactions to withdraw interest from securities investment activities, bond investment);

Organizations and individuals doing business in prize-winning games, including: electronic games with prizes; games on telecommunications networks, the Internet; casinos; lotteries; and betting must identify customers when customers make transactions with a total value of 70 million VND or more in foreign currency with equivalent value in one day.

Organizations and individuals doing real estate business, except for real estate leasing, sub-leasing and real estate consulting services, must identify customers for buyers and sellers in real estate brokerage activities; for property owners in real estate management services.

Organizations and individuals trading in precious metals and gemstones must identify customers when customers conduct cash transactions to buy or sell precious metals and gemstones worth VND 400 million or more in foreign currency cash with equivalent value in one day.

On March 13, Lam Dong Provincial Police successfully dismantled a money laundering case worth up to 30 billion VND per day, arresting 23 related subjects to serve the investigation.

The group rented a house in Da Lat City to conduct money laundering by hiring people to open accounts at banks, then transferring money into these bank accounts to conduct money laundering for a subject from Cambodia named "Billy".

The main subject in this group, Le Van Diep, confessed to providing about 100 bank accounts to “Billy” to carry out money laundering. The total amount of money that the accounts received and transferred daily was about 20 to 30 billion VND.