Administrative fines for violations against regulations on reporting on high-value transactions, suspicious transactions and money laundering in Vietnam

Administrative fines for violations against regulations on reporting on high-value transactions, suspicious transactions and money laundering in Vietnam (Image from the Internet)

What are administrative fines for violations against regulations on reporting on high-value transactions, suspicious transactions and money laundering in Vietnam?

Pursuant to Clause 27, Article 1 of Decree 143/2021/ND-CP stipulating:

Violations against regulations on reporting on high-value transactions, suspicious transactions, electronic money transfer, money laundering for terrorism financing purposes, financing terrorism, and proliferation of weapons of mass destruction

1. A fine ranging from 80.000.000 VND to 120.000.000 VND for failing to submit reports on schedule as prescribed in the Law on Anti-money Laundering and Law on Anti-terrorism Financing.

2. A fine ranging from 150.000.000 VND to 250.000.000 VND for the following violations:

a) Failing to report on high-value transactions;

b) Failing to report on suspicious transactions related to money laundering, terrorism financing, and weapons of mass destruction financing and proliferation;

c) Failing to report on electronic money transfers;

d) Failing to report on money laundering activities for terrorism financing purposes as prescribed in Article 30 of the Law on Anti-money Laundering; failing to report on customers’ transactions suspected of being related to terrorism financing or weapons of mass destruction financing and proliferation; failing to report on customers on the blacklist or the designated list as prescribed in the Law on Anti-terrorism and Law on Combating of the Financing and Proliferation of Weapons of Mass Destruction.

3. Remedial measures:

a) Enforced submission of sufficient and accurate reports regarding violations prescribed in this Article;

b) Request competent authorities to consider prohibiting violating entities and/or persons responsible for the violation prescribed in this Article from holding management and supervision positions at credit institutions or foreign bank branches.

Request credit institutions or foreign bank branches to dismiss and implement other handling measures in accordance with the law regarding violating individuals under their management.

Best regards!