Foreign Customers Who Are Politically Exposed Persons

Bich Hoa

21:24, 11/07/2024

Foreign customers who are politically exposed persons are individuals holding senior positions in relevant agencies or organizations of foreign countries.

According to the provisions of Article 13 of the Anti-Money Laundering Law 2012, the State Bank of Vietnam announces the list of foreign customers who are politically exposed persons based on recommendations from international anti-money laundering organizations.

Reporting entities must have a risk management system to identify foreign customers who are politically exposed persons and apply the following measures:

- Establish internal control regulations for opening accounts or establishing transactions when customers or beneficial owners are identified as politically exposed persons;- Implement measures to identify the source of customers' assets;- Enhance monitoring of customers and business relationships with customers.

Simultaneously, reporting entities must apply these measures to customers who are parents, spouses, children, brothers, or sisters of individuals on the list of foreign customers who are politically exposed persons.

See more related content at: Anti-Money Laundering Law 2012, effective January 1, 2013.

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