Financial institutions ordered to report transactions from $17,000 to central bank

By Tri Duc

Mon, May 1, 2023 | 6:00 pm GMT+7

Financial institutions and institutions or individuals working in non-financial sectors must report transactions of VND400 million ($17,000) or above to the central bank from December 1 as part of the Law on Anti-money Laundering.

Currently, these entities are only required to report transactions of VND300 million ($12,800) or above to the State Bank of Vietnam.

The new rule, per a decision signed by Deputy Prime Minister Le Minh Khai, aims to improve the fight against money laundering in line with international standards on the basis of the country’s economic independence and financial security.

Transactions of VND400 million ($17,000) or more must be reported to the State Bank of Vietnam. Photo courtesy of Economy & Urban Areas newspaper.

Per the anti-money laundering law, financial institutions must make reports if they are licensed to receive deposits, provide loans, offer financial leasing or transaction services, issue bank guarantees, supply foreign exchange services, conduct securities brokerage, manage securities portfolios, or provide life insurance, among others.

Non-financial institutions and individuals are also required to make reports if they operate in such sectors as gambling, real estate with an exception for leasing activities; jewelry; accounting, notary and legal services, among others.

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