The State Bank of Vietnam (SBV) has just issued a document requesting credit institutions, foreign bank branches, precious metals and gemstone trading organizations including gold trading companies and payment intermediary companies to comply with the law on preventing and combating money laundering and terrorist financing.

Accordingly, the SBV requires the above organizations to strictly implement the provisions of the 2022 Law on Anti-Money Laundering; Decree No. 19/2023 of the Government detailing a number of articles of the Law on Anti-Money Laundering; Decision No. 11/2023 of the Prime Minister stipulating the level of high-value transactions that must be reported and Circular No. 09/2023 of the Governor of the SBV guiding the implementation of a number of articles of the Law on Anti-Money Laundering.

Units shall strengthen customer identification (including collecting, updating, and verifying customer identification information) in accordance with the provisions of Articles 9 to 14 of the Law on Anti-Money Laundering, Article 6 of Decree No. 19, ensuring that customer identification and customer transactions are carried out in accordance with information about customers, business activities, money laundering risk level, and customer asset origin.

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Photo: Nguyen Hue.

Report to the State Bank of Vietnam on large-value transactions that must be reported according to the provisions of Article 25 of the Law on Anti-Money Laundering, Decision 11, and report on electronic money transfer transactions according to the provisions of Article 34 of the Law on Anti-Money Laundering and Article 9 of Circular No. 09.

According to Decision 11 of the Prime Minister, from December 1, large transactions of 400 million VND or more must be reported. Thus, with the current gold price (over 70 million VND/tael), any transaction of over 6 taels of gold must be reported to the State Bank.

In case of detecting any unusual signs through customer identification and transaction monitoring, report suspicious transactions to the State Bank in accordance with the provisions of Articles 26 to 33 of the Law on Anti-Money Laundering 2022. Promptly report, provide information and documents related to suspicious transactions, and coordinate with competent state agencies in accordance with the provisions of the law on anti-money laundering.