ANTD.VN - Banks, payment intermediaries, organizations trading in precious metals and gemstones, including gold trading companies, must report to the Anti-Money Laundering Department and the State Bank of Vietnam transactions worth VND400 million or more.
The State Bank of Vietnam has just issued Document No. 10064/NHNN-TTGSNH on compliance with laws on preventing and combating money laundering and terrorist financing.
The document is sent to credit institutions, foreign bank branches, precious metal and gemstone trading organizations including gold trading companies, and payment intermediary companies.
Accordingly, in order to enhance the effectiveness and efficiency of anti-money laundering work, the State Bank requires the above units to strictly implement the provisions of the 2022 Law on Anti-Money Laundering; Decree No. 19/2023/ND-CP dated April 28, 2023 of the Government detailing a number of articles of the Law on Anti-Money Laundering; Decision No. 11/2023/QD-TTg dated April 27, 2023 of the Prime Minister stipulating the level of large-value transactions that must be reported and Circular No. 09/2023/TT-NHNN dated July 28, 2023 of the Governor of the State Bank guiding the implementation of a number of articles of the Law on Anti-Money Laundering.
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Gold businesses must report large value transactions |
In particular, units must strengthen customer identification (including collecting, updating, and verifying customer identification information) according to the provisions of Articles 9 to 14 of the Law on Anti-Money Laundering, Article 6 of Decree No. 19, ensuring that customer identification and customer transactions are carried out in accordance with information about customers, business activities, money laundering risk levels, and customer asset origins.
At the same time, it is necessary to report to the State Bank (Department of Anti-Money Laundering) large value transactions that must be reported according to the provisions of Article 25 of the Law on Anti-Money Laundering, Decision No. 11 and report electronic money transfer transactions according to the provisions of Article 34 of the Law on Anti-Money Laundering and Article 9 of Circular No. 09.
Currently, according to Decision 11/2023/QD-TTg, from December 1, 2023, the large value transaction that must be reported is from 400 million VND or more.
“In case of detecting any unusual signs through customer identification and transaction monitoring, report suspicious transactions to the State Bank (Anti-Money Laundering Department) in accordance with the provisions of Articles 26 to 33 of the 2022 Law on Anti-Money Laundering.
“Timely report, provide information and documents related to suspicious transactions, coordinate with competent state agencies according to regulations of law on anti-money laundering” – the State Bank emphasized.
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