On what date must banks licensed to trade and provide foreign exchange services make periodic reports to the State Bank of Vietnam?
- On what date must banks licensed to trade and provide foreign exchange services make periodic reports to the State Bank of Vietnam?
- What are the responsibilities of banks licensed to trade and provide foreign exchange services for one-way money transfers abroad?
- What are the regulations on the responsibilities of organizations and individuals involved in one-way money transfer abroad?
On what date must banks licensed to trade and provide foreign exchange services make periodic reports to the State Bank of Vietnam?
According to the provisions of Article 15 of Circular 20/2022/TT-NHNN of Vietnam as follows:
Report regime
1. On a monthly basis, no later than the 20th of the reporting month, the bank is allowed to report on the situation of buying, transferring and bringing foreign currency abroad of residents being organizations for the purpose of transferring money for sponsorship, aid as prescribed in Article 4 of this Circular (under the form in the Appendix issued with this Circular). The closing time for reporting data is calculated from the 15th of the previous month to the 14th of the reporting month. The report is sent by email to the email address baocaongoaite@sbv.gov.vn of the State Bank of Vietnam.
2. On a monthly basis, the bank is allowed to report on the situation of buying, transferring and carrying foreign currency of residents being Vietnamese citizens, the situation of buying and selling foreign currency in cash with individuals in accordance with regulations on regulation Statistical reporting level of the State Bank of Vietnam.
Thus, monthly, at the latest before the 20th day of the reporting month, the bank is allowed to report on the situation of buying, transferring and bringing foreign currency abroad of residents being organizations for the purpose of transferring money for sponsorship, aid.
The closing time for reporting data is calculated from the 15th of the previous month to the 14th of the reporting month.
The report is sent by email to the email address baocaongoaite@sbv.gov.vn of the State Bank of Vietnam.
On what date must banks licensed to trade and provide foreign exchange services make periodic reports to the State Bank of Vietnam?
What are the responsibilities of banks licensed to trade and provide foreign exchange services for one-way money transfers abroad?
Responsibilities of banks licensed to trade and provide foreign exchange services for one-way money transfers abroad are specified in Article 16 of Circular 20/2022/TT-NHNN of Vietnam as follows:
- Strictly implement and guide customers to implement the provisions of this Circular.
- Develop and take responsibility for the content of internal regulations on business processes related to one-way money transfer abroad and payment and money transfer for other current transactions, in which include at least the following:
+ Regulations on papers and documents related to money transfer transactions to ensure that the provision of foreign exchange services is carried out for the right purposes and in accordance with the provisions of this Circular and the provisions of relevant laws;
+ Principles of building the level of buying, transferring and carrying foreign currency for the purposes of one-way money transfer;
+ Check and supervise the data of organizations and individuals buying, transferring and carrying foreign currency for the purposes of one-way money transfer and other current transactions in the same banking system to ensure the amount of money purchased, transferred, carry not exceeding the amount stated on relevant papers and documents, the levels of foreign currency purchased, transferred or brought abroad specified in this Circular;
+ Request organizations and individuals to make a written commitment to buy, transfer and bring foreign currency in accordance with the levels of buying, transferring and bringing foreign currency abroad specified in this Circular.
- Check and keep documents and vouchers consistent with actual transactions as prescribed in this Circular and relevant laws.
- Requesting organizations and individuals wishing to carry out transactions of buying, transferring and carrying foreign currency for the purposes of one-way money transfer and payment and money transfer activities for other current transactions to provide information on Necessary information about organizations and individuals buying, transferring and carrying foreign currencies and beneficiary organizations and individuals, including at least the following information:
+ Information identifying customers as organizations or individuals buying, transferring or carrying foreign currency in accordance with the provisions of the law on prevention and combat of money laundering;
+ Necessary information about beneficiary organizations and individuals for payment and money transfer activities for the purpose of one-way money transfer and other current transactions: Name of beneficiary organization or individual, account number of beneficiary organization, individual, beneficiary bank (address, country). If the beneficiary's account number is not available, provide his/her identity card number or citizen identification number or passport number or an equivalent legal document that is still valid.
- The licensed bank has the right to refuse or not perform the transaction of selling, transferring or issuing the Certificate of carrying foreign currency abroad if the organization or individual fails to provide complete and/or accurate information as prescribed in Clause 4 of this Article.
- Fully comply with the provisions of the law on prevention and combat of money laundering, terrorist financing, financing the proliferation of weapons of mass destruction.
What are the regulations on the responsibilities of organizations and individuals involved in one-way money transfer abroad?
According to the provisions of Article 17 of Circular 20/2022/TT-NHNN of Vietnam, organizations and individuals involved in one-way money transfer abroad are as follows:
- Provide sufficient information to the licensed bank as prescribed in Clause 4, Article 16 of this Circular and take responsibility before law for the authenticity of the information provided to the licensed bank.
- Present papers and vouchers when buying, transferring or bringing foreign currency abroad for the purpose of one-way money transfer of individuals and payment and money transfer for other current transactions as prescribed by licensed banks.
- Present papers and documents proving the sponsorship purpose, source of funding, decision approving the level of funding of the legal representative of the organization, written commitment on the legitimacy of the money source and other relevant papers and documents as prescribed by the licensed bank when buying, transferring or carrying foreign currency for the purpose of one-way money transfer of the organization (except for the case specified in Clause 4 of this Article).
- Residents being organizations that transfer money abroad for the purpose of sponsorship or aid from voluntary contributions specified at Point b, Clause 1, Article 4 of this Circular are responsible for presenting:
+ The document on the mobilization and receipt of voluntary contributions for sponsorship and aid, which includes the following main contents: Aid and sponsorship purposes; beneficiaries of funding and aid; starting and ending time of receiving voluntary contributions; the way to receive the contribution is by bank transfer and/or cash, the contribution currency is Vietnam Dong; account information receiving voluntary contributions;
+ The list includes the name, address (if any) and the amount of the voluntary contribution of the organization or individual;
+ Documents proving the amount received from voluntary contributions;
+ The organization's written commitment that the organization opens only one account at a licensed bank to receive voluntary contributions;
+ Other papers and documents as prescribed by the licensed bank.
- To take responsibility before the law for the authenticity of the papers and documents presented to the licensed bank.
- Do not use a set of documents to buy, transfer or carry foreign currency in excess of the amount stated in relevant papers and documents, the levels of foreign currency purchased, transferred or brought abroad specified in this Circular at one or more licensed banks.
- Using foreign currency in cash purchased at licensed banks for the right purposes and in accordance with the provisions of law.
- Not to buy, transfer, bring foreign currency abroad for the purposes of money laundering, terrorist financing, financing the proliferation of weapons of mass destruction, fraud, fraud and other illegal acts. .
- Residents being organizations that transfer money abroad for the purpose of financing specified at Point c, Clause 1, Article 4 of this Circular may only purchase and transfer foreign currencies at an licensed bank during the entire process of making the sponsorship for each program, fund or project.
- Residents being organizations or individuals, when making payments or transferring money abroad to purchase and sell goods through the Overseas Goods Exchange, are responsible for complying with the provisions in this Circular, the provisions on the purchase and sale of goods through the Commodity Exchange in foreign countries through the Goods Exchange in Vietnam connected with the Commodity Exchange in foreign countries and relevant regulations.
- Strictly comply with the provisions of this Circular and relevant laws.
Circular 20/2022/TT-NHNN of Vietnam takes effect from February 15, 2023.
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