The document provides regulations on criteria and methods for assessing money laundering risks of reporting entities. (Photo: baochinhphu.vn) The document provides regulations on criteria and methods for assessing money laundering risks of reporting entities; the process of managing money laundering risks and classifying customers in accordance with their level of money laundering risk; and internal regulations on anti-money laundering.
It also stipulates the reporting of high-value transactions and suspicious transactions, electronic money transfer transactions; and forms and deadlines for electronic data reporting.
Reporting entities must submit to agencies responsible for anti-money laundering activities, which includes personal information of individuals involved in electronic transfer transactions if the transaction is equal to or exceeds 500 million VND (21,097 USD), the circular said.
The circular also states clearly cases where individuals conduct transactions exceeding 500 million VND but are not required to report to the state agency.
Along with that, the circular also specifies electronic money transfer transactions that do not need to be reported to the state agency, including money transfers using debit, credit or prepaid cards to pay for goods and services; and those between financial institutions where the originator and the beneficiary are both financial institutions./.
VNA
