From December 1, money transfer transactions from 400 million VND must be reported.

This Decision stipulates the level of large-value transactions that must be reported to the State Bank of Vietnam according to the provisions of Clause 2, Article 25 of the Law on Anti-Money Laundering (The Prime Minister decides the level of large-value transactions that must be reported in accordance with socio -economic conditions in each period).

Reporting entities are financial institutions, organizations and individuals doing business in related non-financial sectors as prescribed in Clauses 1 and 2, Article 4 of the Law on Anti-Money Laundering 2022, including financial institutions licensed to perform one or several activities: Receiving deposits; lending; financial leasing; payment services; payment intermediary services; issuing transfer instruments, bank cards, money transfer orders; bank guarantees, financial commitments.

money transfer.jpg — Money transfers of 400 million VND or more must be reported. (Photo: Hoang Ha)

In addition, there are also individual units providing foreign exchange services, monetary instruments in the money market; securities brokerage; securities investment consulting, securities underwriting; securities investment fund management; securities investment portfolio management; life insurance business; money exchange.

Organizations and individuals doing business in relevant non-financial sectors and professions as prescribed by law carry out one or several activities: Business of prize-winning games, including prize-winning electronic games; games on telecommunications networks, the Internet; casino; lottery; betting.

In addition, organizations and individuals doing real estate business, except for leasing, subleasing real estate and real estate consulting services; trading in precious metals and gemstones; providing accounting services; providing notary services; providing legal services of lawyers and law practice organizations; providing services of establishing, managing and operating enterprises; providing director and company secretary services to third parties; providing legal agreement services.

Decision 11/2023/QD-TTg replaces Decision 20/2013/QD-TTg dated April 18, 2013 of the Prime Minister regulating the value of large-value transactions that must be reported.

Bao Anh

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