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State Bank tightens rules for online foreign currency transactions

Financial institutions have to report international online transactions worth more than 1,000 USD, or the equivalent in other currencies, to the State Bank of Vietnam's (SBV) Anti-money Laundering Department.
Financial institutions have to report international online transactionsworth more than 1,000 USD, or the equivalent in other currencies, to theState Bank of Vietnam's (SBV) Anti-money Laundering Department.

They are also required to report local transactions worth more than500 million VND (23,810 USD), or the equivalent in other currencies, tothe department.

The regulations are part of SBV'sCircular No 31/2014/TT-NHNN on amendments and additions to Circular No35 on anti-money laundering measures.

Financialinstitutions have not been asked to report transactions done amonginstitutions or done through credit cards, debit cards and prepaidcards.

However, they are responsible for collectingall information about individuals and organisations doing local moneytransactions. The institutions also have to increase the monitoring ofindividuals who are highly likely to engage in money-launderingactivities, and gather information about their average income in thelast three months.

In addition, the institutions haveto collect information about the total revenues of suspectorganisations in the last two years, and of the lists of members intheir board of directors and legal representatives. The new circular,issued on November 11, will come into effect on December 26.-VNA
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