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Transactions worth from 400 million VND must be reported to state bank from Dec 1

Transactions with a value of 400 million VND (16,520 USD) or more must be reported to the State Bank of Vietnam (SBV) from December 1, according to a new decision issued by the Prime Minister.
Transactions worth from 400 million VND must be reported to state bank from Dec 1 ảnh 1Illustrative image (Source: VNA)
Hanoi (VNA) - Transactions with a value of 400million VND (16,520 USD) or more must be reported to the State Bank of Vietnam(SBV) from December 1, according to a new decision issued by the PrimeMinister.
Previously, the value of transactions to be reported to the SBV is 300 million VND.

Under the Prime Minister’s Decision 11/2023/QD-TTg, the newregulation is applied to financial institutions, and organisations andindividuals engaged in related non-financial businesses as prescribed inClauses 1 and 2, Article 4 of the Anti-Money Laundering Law.

It affects financial institutions licensed to perform one orseveral activities including: acceptance of deposits; lending; financialleasing; payment services; intermediary payment services; issuance ofnegotiable instruments, bank cards, money transfer orders; bank guarantees andfinancial commitments; provision of foreign exchange services and monetarytools in the currency market; securities brokerage; securities investmentconsulting, securities underwriting; securities investment fund management;securities investment portfolio management; life insurance business; andcurrency exchange.

Relevant non-financial businesses and professions carryingout one or several activities including prize-awarding games (includingelectronic games); telecommunications network-based games; Internet-basedgames; casinos, lottery and betting; real estate transactions except realestate leasing and subleasing activities and real estate consulting services;trading precious metals and gemstones; providing accounting services, notaryservices and legal services by lawyers and law-practicing organisations;services for establishing, managing and operating businesses; director andsecretary services for third parties; and legal agreement services will alsohave to comply with the decision./.
VNA
#State Bank of Vietnam (SBV) #Decision 11/2023/QD-TTg #Anti-Money Laundering Law #non-financial businesses #Vietnam #Vietnam news #Vietnam News Agency
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