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New regulation requires notification of high value transactions to central bank (25/4)
25/04/2013 - 18 Lượt xem
Signed by Prime Minister Nguyen Tan Dung last Thursday, the decision applies to financial institutions and relevant organisations and individuals conducting non-financial business lines prescribed in Article 4 of the Law on Anti-Money Laundering. The Viet Nam Law on Anti-Money Laundering came into effect on January 1 this year.
The decision replaces Government Decree 74 dated 2005 which stipulated that any transaction worth over VND200 million must be reported to the Central Bank.
Under the new ruling, a financial organisation is an organisation licensed to carry out one or more of the following operations:
- Receiving deposits
- Making loans
- Financial leasing
- Payment services
- Issuing instruments of assignment, credit cards, debit cards, money orders and electronic money
- Banking guarantees and financial undertakings
- Providing foreign exchange services and monetary instruments on the money market; consulting and guaranteeing securities insurance and agency of securities distributions.
- Managing the investment capital portfolio and managing cash or securities for other organisations and individuals.
- Providing insurance services and investment operations related to life insurance and money exchange.
Organisations and individuals doing business in the relevant non-financial sector are those carry out one or more of the following activities:
- Doing business in games with prizes
- Doing business in the sector of real estate management, the brokerage of real estate or the real estate trading floor.
- Trading in precious metals and stones
- Providing notary and accounting services or legal services
- Providing investment trust services, establishing, managing and running an enterprise or serving as director and secretary of an enterprise.
Viet Nam became the 34th member of the Asia/Pacific Group on Money Laundering in May 2007.
Source: VNS
