08 basic suspicious signs in n transactions related to money laundering in Vietnam

According to Article 22 of the Law on prevention of money laundering 2012 of Vietnam, the reporting subjects shall report to the State Bank of Vietnam upon having suspects or the reasonable grounds to suspect the property in the transaction has derived from the criminal activity or in relation with money laundering. The basic suspicious signs including:

- The client provides incorrect, incomplete and inconsistent client identification information;

- The clients persuade the reporting subjects not to make report on the transactions to the competent State agencies;

- Unable to identify clients by the information provided by the client or the transaction related to a party whose identity cannot be identified.

- The individual or agency phone number provided by the client agencies can not be contacted or this phone number does not exist after opening the account or doing the transaction;

- The transactions are done by the order or under the authorization of the organizations and individuals in the warning list;

- The transactions that through the client identification information or through the consideration of economic and legal grounds of the transaction can be determined the relationship between the parties taking part in transaction with the criminal activities or in relation with the organizations and individuals in the warning list;

- The organizations and individuals involved in transaction with a large amounts inconsistent with the income, business activities of these organizations and individuals;

- Clients’ transactions done through the reporting subjects are not in proper process and procedures as prescribed by law.

Note: Reports of suspicious transactions are made under the form prescribed by the State Bank of Vietnam.

View more details at the Law on prevention of money laundering 2012 of Vietnam, effective on January 01, 2013.

Ty Na

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