Domestic money transfers of 500 million VND or more must be reported.

In Circular 27 recently issued, the State Bank requires domestic money transfer transactions of 500 million VND or more or foreign currency of equivalent value to be reported to the Anti-Money Laundering Department.

The State Bank requires domestic money transfer transactions of 500 million VND or more or foreign currency of equivalent value to be reported to the Anti-Money Laundering Department - Photo: QUANG DINH

Reporting requirements for anti-money laundering

Circular No. 27 is built on the basis of inheriting the relevant regulations in Circular No. 09/2023 and amending and supplementing a number of contents to remove the main difficulties and obstacles of reporting subjects and management agencies during the implementation process.

In Circular 27 recently issued, the State Bank requires domestic money transfer transactions of 500 million VND or more or foreign currency of equivalent value to be reported to the Anti-Money Laundering Department.

Money transfer transactions involving organizations outside of Vietnam with a value of 1,000 USD or more are also subject to reporting.

Carrying silver, platinum and precious stones worth from 400 million VND must be declared to customs.

The Circular also stipulates the value and documents to be presented to border customs when carrying foreign currency in cash, VND in cash, precious metals, and gemstones exceeding the prescribed level.

Accordingly, the value of precious metals (except gold) and gemstones is 400 million VND. Similarly, the value of transfer instruments is also 400 million VND.

The value of foreign currency in cash, VND in cash and gold that must be declared at border customs when exiting or entering the country shall comply with current regulations of the State Bank on carrying foreign currency in cash, Vietnamese Dong in cash and gold when exiting or entering the country.

The Circular takes effect from November 1, 2025. However, to ensure that reporting entities have time to prepare for appropriate implementation of the circular's adjustments related to internal regulations, risk management processes, reporting forms, and reporting requirements, the Circular has added transitional provisions for some contents.

From January 1, 2026, reporting entities are responsible for completing the adjustment and updating of internal regulations and risk management processes, and must have a software system to scan and filter blacklists, warning lists, lists of politically influential individuals, and monitor transactions to detect and warn of suspicious signs appropriate for the purpose of preventing and combating money laundering, terrorist financing, and financing the proliferation of weapons of mass destruction.

PINK LIGHT

Source: https://tuoitre.vn/chuyen-tien-trong-nuoc-tu-500-trieu-dong-tro-len-phai-bao-cao-20250919205028089.htm