Transactions not required to be reported
On November 11, 2014, the State Bank of Vietnam issued the Circular No. 31/2014/TT-NHNN amending and supplementing a number of articles of Circular No. 35/2013/TT-NHNN of December 31, 2013 guiding the implementation of a number of provisions on anti-money laundering. Of which, there are important amendments on intensive assessment of high-risk clients.
Specifically, from December 26, 2014, when assessing high-risk clients being individual, financial institutions or an institution, individual engaged in a related non-financial business line, it needs collecting his/her monthly income in the last three months; Name, address and telephone number of the agency, organization or owner of the establishment where he/she works or earns most of his/her income; updating information at least once a year or when knowing that client information has changed. Besides, financial institutions shall report to the Anti -Money Laundering Agency every domestic electronic money transfer transaction worth VND 500 million or more or an equivalent value in a foreign currency, or international electronic money transfer transaction worth USD 1,000 (one thousand) or more or an equivalent value in a foreign currency. Electronic money transfer transactions are not required to be reported including: money transfer transactions following transactions using debit cards, credit cards or prepaid cards for goods and service payment; money transfer and payment transactions among financial institutions of which both creators and beneficiaries are financial institutions.
This Circular takes effect on December 26, 2014.