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 moneylaundering risks of reporting entities; the process of managing moneylaundering risks and classifying customers in accordance with their level ofmoney laundering risk; and internal regulations on anti-money laundering.
It also stipulates the reporting of high-value transactions and suspicioustransactions, electronic money transfer transactions; and forms and deadlinesfor electronic data reporting.
Reporting entities must submit to agencies responsible for anti-moneylaundering activities, which includes personal information of individualsinvolved in electronic transfer transactions if the transaction is equal to orexceeds 500 million VND (21,097 USD), the circular said.
The circular also states clearly cases where individuals conduct transactionsexceeding 500 million VND but are not required to report to the state agency.
Along with that, the circular also specifies electronic money transfertransactions that do not need to be reported to the state agency, includingmoney transfers using debit, credit or prepaid cards to pay for goods andservices; and those between financial institutions where the originator and thebeneficiary are both financial institutions./.
VNA
