On April 27, 2023 the Prime Minister issued Decision No. 11/2023/QD-TTg, whereby from December 1, 2023, all transactions valued from 400.000.000 VND or higher are mandatorily reported to the State Bank (Current regulation requires the level of 300.000.000 VND for transaction which must be reported to the State Bank)
Regulated entities are financial institutions and relevant non-financial businesses and professions according to Clause 1 and Clause 4 Article 4 of the Law on Anti-Money Laundering 2022, details are as follows:
(1). Reporting entities are financial institutions licensed to conduct one or more of the following activities or operations:
- Acceptance of deposits;
- Lending;
- Financial leasing;
- Payment services;
- Payment intermediary services;
- Issuing negotiable instruments/transferable securities, bank cards, fund/money transfer/wire transfer orders;
- Bank guarantees and financial commitments;
- Providing foreign exchange services, money market instruments;
- Securities brokerage; advice to security investment, provision of security for securities issues;
- Investment fund and portfolio management;
- Life insurance business;
- Money and currency changing.
(2) Reporting entities are relevant non-financial businesses and professions subject to law that conduct one or more of the following activities or operations:
- Prize-awarding games, including electronic games; telecommunications network-based games, Internet-based games; casinos; lottery tickets; betting;
- Real estate business, except leasing or subleasing of real property and real estate consulting;
- Dealing in precious metals, jewels;
- Supply of accounting services; provision of notarial services; provision of legal services rendered by lawyers, legal professional organizations;
- Providing business formation, management and administration services; services of acting as a director or secretary of a company to third parties; legal arrangement services.
