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Transactions over VND400 million must be reported

The Saigon Times

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HCMC – Beginning December 1, all transactions of real estate, foreign exchange and game prizes must be reported to the State Bank of Vietnam (SBV) if they are valued at VND400 million or above each.

According to Decision 11/2023, which replaces Decision 20/2013 issued by the prime minister, the mandatory reporting requirement applies to financial institutions, organizations, and individuals engaged in non-financial businesses related to property and currency exchange, as stipulated in the anti-money laundering law.

Entities obligated to report to the State Bank of Vietnam include financial institutions licensed to receive deposits, provide lending services, finance leasing services, payment services, payment intermediary services, money remittances, financial commitments, foreign exchange services, securities brokerage services, and similar activities.

This requirement also applies to entities and individuals involved in prize-winning games, casinos, lotteries, bookkeeping services, law firms, legal services provided by lawyers, and other similar activities.

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