Banks will have to report transactions whose value is 400 million VND or more to the central bank. (Photo: tienphong.vn) Under Prime Minister’s Decision 11/2023/QĐ-TTg, the new regulation is applied to financial institutions; and organisations and individuals engaged in related non-financial businesses as prescribed in Clauses 1 and 2, Article 4 of the Anti-Money Laundering Law.
It affects financial institutions licensed to perform one or several activities including: acceptance of deposits; lending; financial leasing; payment services; intermediary payment services; issuance of negotiable instruments, bank cards, money transfer orders; bank guarantees and financial commitments; provision of foreign exchange services and monetary tools in the currency market; securities brokerage; securities investment consulting, securities underwriting; securities investment fund management; securities investment portfolio management; life insurance business; and currency exchange.
Relevant non-financial businesses and professions carrying out one or several activities including prize-awarding games (including electronic games); telecommunications network-based games; Internet-based games; casinos, lottery and betting; real estate transactions except real estate leasing and subleasing activities and real estate consulting services; trading precious metals and gemstones; providing accounting services, notary services and legal services by lawyers and law-practicing organizations; services for establishing, managing and operating businesses; director and secretary services for third parties; and legal agreement services will also have to comply with the decision.
Currently, the value of transactions to be reported to the SBV is 300 million VND./.
VNA
