Which electronic funds transfers in Vietnam are not required to be reported? What content shall be included in the report on electronic funds transfer in Vietnam?

Which electronic funds transfers in Vietnam are not required to be reported?

Pursuant to Clause 5 Article 9 of the Circular 09/2023/TT-NHNN stipulating 02 electronic funds transfers in Vietnam that are not required to be reported as follows:

(1) Transactions originating from services that involve the use of debit cards, credit cards, or pre-paid cards to pay for goods and services;

(2) Transactions and payments between financial institutions where both transmitters and beneficiaries are financial institutions.

What content shall be included in the report on electronic funds transfer in Vietnam?

Pursuant to Clause 3 Article 9 of the Circular 09/2023/TT-NHNN stipulating content of the report on electronic funds transfer in Vietnam follows:

- 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 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;

- 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.

Note: 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:

- 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 information shall be provided when executing international electronic funds transfer in Vietnam?

Pursuant to Clause 1 Article 9 of the Circular 09/2023/TT-NHNN stipulating regulations on reporting of electronic funds transfer 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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As regulations above, following information shall be provided when executing international electronic funds transfer in Vietnam:

- Have at least one participating financial organization are located outside of Vietnam:

+ Transmitting organizations

+ Intermediary organizations 

+ Destination organizations

- Minimum transfer value is 1.000 USD or in equivalent value in other foreign currency. 

Meanwhile, following information shall be provided when executing domestic electronic funds transfer in Vietnam:

- Electronic funds transfer where all participating financial organizations are located in Vietnam.

- Minimum transfer value is 500.000.000 VND.

Best regards!