Is transfer value of 500,000,000 VND or more subject to reporting to the State Bank of Vietnam?

Is transfer value of 500,000,000 VND or more subject to reporting to the State Bank of Vietnam? (image from the Internet)

1. Is transfer value of 500,000,000 VND or more subject to reporting to the State Bank of Vietnam?

Clause 1, Article 9 of Circular 09/2023/TT-NHNN stipulates that the reporting entities are responsible for collecting information as specified in Clause 3, Article 9 of Circular 09/2023/TT-NHNN and report to the anti-money laundering authority by electronic data as prescribed in Clause 1, Article 10 of Circular 09/2023/TT-NHNN when conducting electronic funds transfers in the following cases:

- electronic funds transfer transactions where all financial institutions participating in the electronic funds transfer as specified in Clause 1, Article 8 of Circular 09/2023/TT-NHNN are within Vietnam (hereinafter referred to as domestic electronic funds transfer transactions) with a transaction value of 500,000,000 (five hundred million) VND or more or equivalent value in foreign currency;

- electronic funds transfer transactions where at least one of the financial institutions participating in the electronic funds transfer as specified in Clause 1, Article 8 of Circular 09/2023/TT-NHNN is in countries or territories outside of Vietnam (hereinafter referred to as international electronic funds transfer transactions) with a transaction value of 1,000 (one thousand) US dollars or more or an equivalent value in other foreign currency.

2. Regulations on policies for reporting of electronic funds transfer in Vietnam

Clauses 3, 4, and 5, Article 9 of Circular 09/2023/TT-NHNN stipulate the policies for reporting of electronic funds transfer in Vietnam as follows:

- The minimum content required in an electronic funds transfer report includes the following information:

+ Information about the initiating and beneficiary financial institutions, including: the transaction name of the institution or the transaction branch; the address of the headquarters (or bank code for domestic electronic funds transfers, SWIFT code for international electronic funds transfers); the country sending and receiving money;

+ Information about the individual customer participating in the electronic funds transfer: full name, date of birth; ID card number or citizen identification number or personal identification number or passport number; visa number (if any); registered permanent address or current residence address (if any); nationality (based on the transaction document);

+ Information about the corporate customer participating in the electronic funds transfer: full transaction name and abbreviation (if any); address of the headquarters; establishment license number or enterprise code or tax code; the country where the headquarters is located;

+ Information about the transaction: account number (if any); amount; currency type; amount converted to VND (if the transaction currency is a foreign currency); reason, transaction purpose; transaction code; transaction date;

+ Other information as required by the anti-money laundering authority to serve the state management of anti-money laundering work in each period.

- Information about the date of birth, ID card number or citizen identification number or personal identification number or passport number, visa number (if any) as specified at point b, Clause 3, Article 9 of Circular 09/2023/TT-NHNN; establishment license number or enterprise code or tax code as specified at point c, Clause 3, Article 9 of Circular 09/2023/TT-NHNN are not mandatory for:

+ Beneficiaries in international electronic funds transfer transactions from Vietnam to abroad;

+ Initiators in international electronic funds transfer transactions from abroad to Vietnam.

- electronic funds transfer transactions that are not required to be reported include:

+ Transactions arising from the use of debit cards, credit cards, or prepaid cards for payment of goods and services;

+ Money transfer and payment transactions between financial institutions where both the initiator and the beneficiary are financial institutions.

To Quoc Trinh

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE