Business

Transactions worth from 400 million VND to be reported to state bank

Transactions with a value of 400 million VND ($16,520)or more must be reported to the State Bank of Vietnam (SBV) from December 1, 2023, according to a new regulation.
Transactions worth from 400 million VND to be reported to state bank ảnh 1Banks will have to report transactions whose value is 400 million VND or more to the central bank. (Photo: tienphong.vn)
Hanoi (VNA) - Transactions with a value of 400million VND (16,520 USD) or more must be reported to the State Bank of Vietnam (SBV) fromDecember 1, 2023, according to a new regulation.

Under Prime Minister’s Decision 11/2023/QĐ-TTg, the new regulationis applied to financial institutions; and organisations and individuals engagedin related non-financial businesses as prescribed in Clauses 1 and 2, Article 4of the Anti-Money Laundering Law.

It affects financialinstitutions 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 offoreign exchange services and monetary tools in the currency market; securitiesbrokerage; securities investment consulting, securities underwriting;securities investment fund management; securities investment portfoliomanagement; life insurance business; and currency exchange.

Relevant non-financialbusinesses and professions carrying out one or several activities includingprize-awarding games (including electronic games); telecommunicationsnetwork-based games; Internet-based games; casinos, lottery and betting; realestate transactions except real estate leasing and subleasing activities andreal estate consulting services; trading precious metals and gemstones;providing accounting services, notary services and legal services by lawyersand law-practicing organizations; services for establishing, managing andoperating businesses; director and secretary services for third parties; andlegal agreement services will also have to comply with the decision.

Currently, the value of transactions to be reported to the SBV is 300million VND./.
VNA
#transactions #State Bank of Vietnam #new regulation #financial institutions #accounting services #legal agreement services #Vietnam News Agency #Vietnamplus
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