Vietnam: 06 cases where financial organizations must apply measures to identify clients

11:59, 10/10/2013

On October 04, 2013, the Government of Vietnam issued Decree No. 116/2013/ND-CP detailing implementation of a number of articles of the Law on Prevention of Money Laundering.

biện pháp nhận biết khách hàng, Nghị định 116/2013/NĐ-CP

According to Decree No. 116/2013/ND-CP of Vietnam’s Government, financial organizations must apply measures to identify clients in the following cases:

- Clients open accounts for the first time, including payment account, saving account, card account and other account types;

- Clients set up relationship with financial organizations for the first time aiming to use products and services provided by financial organizations;

- Clients conduct irregular transactions with big value. Irregular transactions with big value are transactions of clients possessing no account or possessing payment account but having no transaction within 6 months or more with total value of 300,000,000 (three hundred million) VND or more in a day;

- When conduct electronic remittance but information is lack about name, address or account number of the originator;

- Having doubts that transactions or parties related to transactions are related to activities of money laundering;

- Having doubts about accuracy or sufficiency of information to identify clients already collected before.

Besides, organizations and individuals trading in games with prizes, casinos must conduct measures to identify clients conducting financial transactions with a total value of 60,000,000 (sixty million) VND or more within a day.

View more details at Decree No. 116/2013/ND-CP of Vietnam’s Government, effective from October 10, 2013.

Ty Na

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