Vietnam: Are individuals executing electronic funds transfer of at least 500.000.000 VND required to provide personal information?
- Are individuals executing electronic funds transfer of at least 500.000.000 VND in Vietnam required to provide personal information?
- What are the cases in which individuals engaging in electronic funds transfer of at least 500.000.000 VND are not required to report to state agencies in Vietnam?
- What is the electronic funds transfer that is not required to be reported to state agencies in Vietnam?
Are individuals executing electronic funds transfer of at least 500.000.000 VND in Vietnam required to provide personal information?
Pursuant to Article 9 of Circular 09/2023/TT-NHNN as follows:
Reporting of electronic funds transfer
1. Reporting entities are responsible for collecting information under Clause 3 of this Article and reporting to AML authority via electronic means according to Clause 1 Article 10 hereof when executing electronic funds transfer which falls under any of the cases below:
a) Electronic funds transfer where all participating financial organizations under Clause 1 Article 8 hereof are located in Vietnam (hereinafter referred to as “domestic electronic funds transfer”) and minimum transfer value is 500.000.000 VND or in equivalent value in foreign currency.
b) Electronic funds transfer where at least one participating financial organization under Clause 1 Article 8 hereof are located outside of Vietnam (hereinafter referred to as “international electronic funds transfer”) and minimum transfer value is 1.000 USD or in equivalent value in other foreign currency.
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Thus, the reporting entities are responsible for collecting information and reporting to AML authority via electronic means executing electronic funds transfer of over 500.000.000 VND:
- Information on customers that are individuals engaging in electronic funds transfer: full name, date of birth; ID Card or Citizen ID Card or Personal Identification or passport number; visa number (if any); permanent resident registration or current residence (if any) address; nationality (according to transaction documents);
- Information on customers that are organizations engaging in electronic funds transfer: full business name and abbreviations (if any); head office address; establishment license or enterprise identification or tax identification number; countries where head office of these organizations are located;
In addition, a report on electronic funds transfer must contain:
- Information on transmitting organizations and destination organization, including: business name of the organizations or trading branches; address of head office (or bank identification code for domestic electronic funds transfer or swift code for international electronic funds transfer); destination and transmitting countries;
- Information on transactions: account number (if any): amount; type of currency; amount converted to VND (if the money transferred is in foreign currency); reason and purpose of transactions; code of transaction; date of transaction;
- Other information requested by AML authority for the purpose of AML from time to time.
Thus, executing domestic electronic funds transfer of at least 500.000.000 VND, the reporting entities are responsible for reporting to AML authority via electronic means on personal information of individuals engaging in electronic funds transfer: full name, date of birth; ID Card or Citizen ID Card or Personal Identification or passport number; visa number (if any); permanent resident registration or current residence (if any) address; nationality.
Specifically, the reporting entities prescribed in Article 2 of Circular 09/2023/TT-NHNN include:
- Financial institutions
- Organizations and individuals engaging in relevant non-financial professions.
- Vietnamese organizations, individuals, foreign organizations, foreigners, international organizations trading with financial institutions, organizations, and individuals engaging in relevant non-financial professions.
- Other organizations and individuals relating to anti-money laundering.
What are the cases in which individuals engaging in electronic funds transfer of at least 500.000.000 VND are not required to report to state agencies in Vietnam?
Pursuant to Clause 4, Article 9 of Circular 09/2023/TT-NHNN as follows:
Reporting of electronic funds transfer
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4. Information regarding date of birth, ID Card or Citizen ID Card or Personal Identification or Passport or visa (if any) number under Point b Clause 3 of this Article; establishment license or enterprise identification or tax identification number under Point c Clause 3 of this Article is not required for:
a) Beneficiaries in international electronic funds transfer where money is transferred from Vietnam to other countries;
b) Transmitting individuals in international electronic funds transfer where money is transferred to Vietnam from other countries.
Thus, for individuals engaging in electronic funds transfer of at least 500.000.000 VND, information regarding date of birth, ID Card or Citizen ID Card or Personal Identification or Passport or visa (if any) number; establishment license or enterprise identification or tax identification number is not required for:
- Beneficiaries in international electronic funds transfer where money is transferred from Vietnam to other countries;
- Transmitting individuals in international electronic funds transfer where money is transferred to Vietnam from other countries.
What is the electronic funds transfer that is not required to be reported to state agencies in Vietnam?
Pursuant to Clause 5, Article 9 of Circular 09/2023/TT-NHNN as follows:
Reporting of electronic funds transfer
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5. Electronic funds transfer that is not required to be reported include:
a) Transactions originating from services that involve the use of debit cards, credit cards, or pre-paid cards to pay for goods and services;
c) Transactions and payments between financial institutions where both transmitters and beneficiaries are financial institutions.
Thus, the electronic funds transfer that is not required to be reported to state agencies in Vietnam includes:
- Transactions originating from services that involve the use of debit cards, credit cards, or pre-paid cards to pay for goods and services;
- Transactions and payments between financial institutions where both transmitters and beneficiaries are financial institutions.
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