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Reports required for money transfers from VND500 million

By N. Tan

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HCMC – The State Bank of Vietnam has issued Circular 09/2023 requiring that information on individuals involved in an electronic transfer of VND500 million or above be reported to competent authorities.

The circular, which provides guidance on execution of some provisions of the Anti-Money Laundering Law, requires reporting entities to provide information about individuals involved in electronic transfers of VND500 million or above. The reported information includes full name, date of birth, ID or passport number, registered address or current residence address, and nationality of the involved individuals.

However, beneficiaries in international electronic transfers where money is sent from Vietnam to other countries and vice versa are exempt from the reporting requirement.

The circular specifies that electronic funds transfers originating from services that involve the use of debit cards, credit cards, or pre-paid cards to pay for goods and services, and transactions and payments between financial institutions where both transmitters and beneficiaries are financial institutions, are not subject to reporting.

Circular 09/2023 also provides criteria and methods for assessing money laundering risks and management, customer risk ratings, as well as reporting of large transactions and suspicious transactions.

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