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.

Tags:

Vietnam

State Bank of Vietnam

Central Bank

money laundering

transaction

Comments (0)

Latest|Most liked

Tags:

Vietnam

State Bank of Vietnam

Central Bank

money laundering

transaction

Real estate developer Phat Dat’s “geographical edge” from HCMC expansion: From strategic core to new growth driver

The merger of Binh Duong and Ba Ria-Vung Tau into Ho Chi Minh City is ushering in a new chapter for the southern real estate market, and Phat Dat Real Estate Development Corporation is seen as one of the top beneficiaries poised to capitalize on this timely opportunity.

Real Estate - Sun, August 10, 2025 | 2:02 pm GMT+7

Vietnam’s garment, wooden furniture exports to US likely to slow: official

From now until late 2025, and possibly into the first half of 2026, some Vietnamese exports to the U.S may struggle to sustain the rapid growth seen in the first six months of this year, said Vu Ba Phu, director of the Trade Promotion Agency under the Ministry of Industry and Trade.

Economy - Sun, August 10, 2025 | 1:27 pm GMT+7

Vietnam port operators dock strong quarter

Many port operators in Vietnam logged strong Q2/2025 net profit, and analysts said that the sector has potential to sail further.

Companies - Sun, August 10, 2025 | 10:21 am GMT+7

Vietnam's Party chief To Lam leaves for state visit to South Korea

Vietnam's Party General Secretary To Lam and his spouse Ngo Phuong Ly departed from Hanoi on Sunday morning for a four-day state visit to South Korea, at the invitation of President Lee Jae Myung.

Politics - Sun, August 10, 2025 | 9:15 am GMT+7

Japan’s Sumitomo eyes LNG power plant in central Vietnam

Sumitomo Corporation is exploring the development of an LNG-to-power plant in Vietnam’s central coastal province of Khanh Hoa, part of its push into the country’s new energy sector.

Energy - Sun, August 10, 2025 | 8:00 am GMT+7

Brazilian meatpacker JBS to build 2 plants in Vietnam

Brazilian meat giant JBS S.A. will invest in two export-oriented food processing plants in Vietnam following a plan first announced in March.

Investing - Sun, August 10, 2025 | 12:28 am GMT+7

Vietnam's benchmark VN-Index likely to reach 1,800 points next year: broker

Despite potential short-term volatility from increased profit-taking pressure following a high-margin phase in late July, Vietnam’s benchmark VN-Index is expected to reach the 1,750-1,800 point range in 2026, according to leading broker Saigon Securities (SSI).

Finance - Sat, August 9, 2025 | 6:22 pm GMT+7