This Circular prescribes criteria and methods for assessing money laundering risks of reporting entities; risk management procedures for money laundering risks and customer classification based on money laundering risk levels; internal regulations on anti-money laundering; reporting of large transactions; reporting of suspicious transactions; electronic funds transfer; reporting of electronic funds transfer; format and time limit of report on electronic data.
Notably, according to Article 9 of this Circular, with regard to electronic funds transfer among domestic financial organizations, it is required to report to the State Bank of Vietnam (SBV) if the minimum transfer value is 500,000,000 VND or in equivalent value in foreign currency.
With regard to electronic funds transfer with the participation of foreign financial organizations (international electronic funds transfer), it is required to report to the SBV if the minimum transfer value is 1,000 USD or in equivalent value in other foreign currency
However, the electronic funds transfers are not required to be to be reported in cases of transactions originating from services that involve the use of debit cards, credit cards, or pre-paid cards to pay for goods and services; transactions and payments between financial institutions where both transmitters and beneficiaries are financial institutions.
This Circular comes into force from July 28th, 2023, except for cases under Clause 2 of this Article.
|Published||Vietlaw's Newsletter No. 624|