Transactions worth from 400 million VND must be reported to state bank from Dec 1

Illustrative image (Source: VNA)

Transactions with a value of 400 million VND (16,520 USD) or more must be reported to the State Bank of Vietnam (SBV) from December 1, according to a new decision issued by the Prime Minister.

Previously, the value of transactions to be reported to the SBV is 300 million VND.

Under the Prime Minister’s Decision 11/2023/QD-TTg, the new regulation is applied to financial institutions, and organisations and inpiduals engaged in related non-financial businesses as prescribed in Clauses 1 and 2, Article 4 of the Anti-Money Laundering Law.

It affects financial institutions licensed to perform one or several activities including: acceptance of deposits; lending; financial leasing; payment services; intermediary payment services; issuance of negotiable instruments, bank cards, money transfer orders; bank guarantees and financial commitments; provision of foreign exchange services and monetary tools in the currency market; securities brokerage; securities investment consulting, securities underwriting; securities investment fund management; securities investment portfolio management; life insurance business; and currency exchange.

Relevant non-financial businesses and professions carrying out one or several activities including prize-awarding games (including electronic games); telecommunications network-based games; Internet-based games; casinos, lottery and betting; real estate transactions except real estate leasing and subleasing activities and real estate consulting services; trading precious metals and gemstones; providing accounting services, notary services and legal services by lawyers and law-practicing organisations; services for establishing, managing and operating businesses; director and secretary services for third parties; and legal agreement services will also have to comply with the decision./.