Domestic transfers of VND500 mln or more must be reported: Vietnam central bank

Under the newly-issued Circular No. 27, the State Bank of Vietnam (SBV) requires all domestic money transfers of VND500 million ($18,952) or more - the equivalent in foreign currency - to be reported to its anti-money laundering department.

The move is part of enhanced efforts to combat money laundering and terrorist financing in the country.

According to the SBV, international transfers involving entities outside Vietnamese territory must also be reported if the transaction value is $1,000 or more.

The circular, dated September 15, also introduces new customs declaration thresholds for travelers carrying large amounts of cash, precious metals, or valuable items.

Specifically, individuals bringing platinum, gemstones, or other precious metals (excluding gold) valued at VND400 million ($15,162) or more across borders must declare them at customs. The same reporting threshold applies to negotiable instruments.

Reporting requirements for carrying cash (both VND and foreign currencies) and gold upon entry or exit will continue to follow existing SBV regulations.

The circular will take effect from November 1, 2025. However, to ensure that reporting entities have sufficient time to prepare for the implementation of the amended provisions related to internal regulations, risk management procedures, reporting templates, and reporting requirements, the circular includes transitional provisions for certain contents.

From January 1, 2026, organizations must fully comply, including the deployment of automated monitoring software capable of screening transactions against blacklists, watchlists, and politically exposed persons (PEPs) databases to flag suspicious activity.

The aim is to strengthen Vietnam’s compliance with international anti-money laundering, counter-terrorism financing, and weapons proliferation financing standards.