Financial institutions transacting from 400 million VND or more must report to the State Bank.

Specifically, according to Decision 11/2023/QD-TTg, from December 1, 2023, the value of large-value transactions that must be reported is from VND 400,000,000 or more. Currently, Decision 20/2013/QD-TTg stipulates that the value of large-value transactions that must be reported is VND 300,000,000. The subjects of application are financial institutions; organizations and individuals doing business in related non-financial sectors as prescribed in Clauses 1 and 2, Article 4 of the Law on Anti-Money Laundering.

Financial institutions transacting from 400 million VND or more must report to the State Bank. Illustrative photo

According to Clause 1 and Clause 2, Article 4 of the Law on Anti-Money Laundering, the reporting entity is a financial institution licensed to perform one or more of the following activities :

Receiving deposits; Lending; Financial leasing; Payment services; Payment intermediary services; Issuing transfer instruments, bank cards, money transfer orders;

Bank guarantees, financial commitments; Providing foreign exchange services, monetary instruments in the money market; Securities brokerage; securities investment consulting, securities underwriting;

Securities investment fund management; securities investment portfolio management; Life insurance business; Money exchange.

Reporting entities are organizations and individuals doing business in relevant non-financial industries and professions as prescribed by law and performing one or more of the following activities :

Business of prize-winning games, including: electronic games with prizes; games on telecommunications networks, the Internet; casino; lottery; betting;

Real estate business, except for real estate leasing, sub-leasing and real estate consulting services; Trading in precious metals and gemstones; Accounting services; providing notary services; providing legal services of lawyers and law practice organizations;

Providing services for establishing, managing and operating businesses; providing director and company secretary services for third parties; providing legal agreement services.

Source: https://www.congluan.vn/to-chuc-tai-chinh-giao-dich-tu-400-trieu-dong-tro-len-phai-bao-cao-ngan-hang-nha-nuoc-post245731.html