Transferring 500 million must enter personal data from November 1

QNgTV- According to Circular 27 issued by the State Bank, from November 1, large-value money transfer transactions will have to comply with the State Bank's new regulations on providing personal information and transaction data.

Transferring 500 million must enter personal data from November 1

Specifically, all domestic electronic transactions with a value of VND 500 million or more and international transactions with a value of USD 1,000 or equivalent or more are required to provide full personal information of the sender and receiver. Financial institutions and payment intermediaries must store and report in detail the name, identification number, address, transaction purpose, beneficiary account, and transaction reference code.

In case of detecting unusual signs or suspicions related to money laundering or terrorist financing, the bank has the right to suspend or refuse to perform the transaction. The State Bank also allows a transition period until December 31, 2025 for units to deploy and complete technical procedures.

Source: https://quangngaitv.vn/chuyen-tien-500-trieu-phai-nhap-du-lieu-ca-nhan-tu-1-11-6508480.html