July 28th ,2023 the State Bank of Vietnam issued Circular No. 09/2023/TT-NHNN guiding implementation of the law on anti-money laundering, whereby:
Circular No. 09/2023/TT-NHNN 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 (hereinafter referred to as “AML”); 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.
Reporting entities are responsible for collecting information and reporting to AML authority via electronic means when executing electronic funds transfer which falls under any of the cases below:
– Electronic funds transfer where all participating financial organizations which are located in Vietnam (hereinafter referred to as “domestic electronic funds transfer”) and minimum transfer value is 500.000.000 VND or in equivalent value in foreign currency.
– Electronic funds transfer where at least one participating financial organization which are located outside of Vietnam (hereinafter referred to as “international electronic funds transfer”) and minimum transfer value is 1.000 USD or in equivalent value in other foreign currency.
Circular No. 09/2023/TT-NHNN takes effect from July 28th ,2023 except for eegulations on money laundering risk management under Clause 2 Article 5, regulations on reporting of large transactions under Article 6, regulations on reporting of electronic funds transfer under Article 9, and suspicious transaction report forms under Appendix II attached hereto come into force from December 1st, 2023.
