Circular stipulates new regulations on electronic money transfers
The State Bank of Vietnam has issued a circular guiding certain provisions of the Law on Money Laundering Prevention and Control.
The document provides regulations on criteria and methods for assessing money laundering risks of reporting entities; the process of managing money laundering risks and classifying customers in accordance with their level of money laundering risk; and internal regulations on anti-money laundering.
It also stipulates the reporting of high-value transactions and suspicious transactions, electronic money transfer transactions; and forms and fix deadlines for electronic data reporting.
Particularly, reporting entities must submit a report to agencies responsible for anti-money laundering activities, which includes personal information of individuals involved in electronic transfer transactions if the transaction is equal to or exceeds VND500 million (US$21,097), the circular said.
The circular also states clearly cases where individuals conduct transactions exceeding VND500 million but are not required to report to the state agency.