Vietnam’s Circular 20: Guidance on anti-terrorism financing reports

According to Circular No. 20/2019/TT-NHNN of the State Bank of Vietnam, the reporting entities must promptly check for updates on the designation lists and black lists posted on the web portal of the Ministry of Public Security, and review their clients, relevant parties and transactions according to these lists.

Moreover, Circular No. 20/2019/TT-NHNN stipulates that the reporting entities must implement the measures provided for from Article 3 to Article 14 and from Article 16 to Article 18 of the (amended) Government's Decree No. 116/2013/ND-CP dated October 04, 2013 detailing the implementation of a number of Articles of the Law on anti-money laundering to identify clients and apply measures for prevention of terrorism financing (“TF”) and money laundering (“ML”) for the purpose of TF.

In particular, if suspecting a client or a client’s transaction to be involved in TF or ML for the purpose of TF, the reporting entity must delay the transaction according to regulations of AML laws or suspend or freeze the account, or seal or impound cash and/or property according to regulations of anti-terrorism laws; report the transaction suspected of TF or ML for the purpose of TF to the AML Department; report the transaction delay, account suspension or freeze, cash and/or property sealing or impoundment to the Ministry of Public Security and AML Department as prescribed in Article 10 of this Circular.

Contents and deadlines of the reports are specified in Clause 2 and Clause 3 Article 8 of Circular No. 35/2013/TT-NHNN.

View more details at Circular No. 20/2019/TT-NHNN of the State Bank of Vietnam, effective from November 14, 2019.

Thu Ba

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