Transactions worth from 400 million VND to be reported to state bank

Banks will have to report transactions whose value is 400 million VND or more to the central bank. (Photo: tienphong.vn)

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, 2023, according to a new regulation.

Under Prime Minister’s Decision 11/2023/QĐ-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 organizations; 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.

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