Vietnam’s Circular 20: Information of the remitter and beneficiary included in the report

According to Vietnam’s current regulations, except electronic money transfer transactions not required to be reported, financial institutions that are licensed to provide domestic and international payment services shall report to the Anti-Money Laundering Agency every domestic electronic money transfer transaction worth VND 500 million or more or an equivalent value in a foreign currency, or international electronic money transfer transaction worth USD 1,000 (one thousand) or more or an equivalent value in a foreign currency. For domestic electronic money transfer transactions, money transfer order-making financial institutions shall report and collect adequate information on money transfer order-making individuals or organizations.

According to Clause 4 Article 1 of Circular No. 20/2019/TT-NHNN of the State Bank of Vietnam, which amends Point c Clause 2 Article 7 of Circular No. 35/2013/TT-NHNN, information of the individual or organization being the remitter and individual or organization being the beneficiary is specified as follows:

- For individuals: Full name; number of unexpired identity card or passport; account number (if any); transaction code; amount of money and type of currency of the transaction; current address; permanent address; temporary address; country;

- For organizations: Name; tax identification number; number of enterprise registration certificate; account number; transaction code; amount of money and type of currency of the transaction; current address; premises address; country;

- For domestic electronic money transfers: If the remitter or beneficiary is a foreigner, number of visa (if any), overseas address and Vietnamese address are required;

- For electronic money transfers from Vietnam to another country: Number of unexpired identity card or passport of the beneficiary being an individual, and tax identification number and number of enterprise registration certificate of the beneficiary being an organization are not required;

- For electronic money transfers from another country to Vietnam: Number of unexpired identity card or passport of the remitter being an individual, and tax identification number and number of enterprise registration certificate of the remitter being an organization are not required.

Moreover, Circular No. 20/2019/TT-NHNN also supplements cases of electronic money transfers, such as:

- For international electronic money transfers of USD one thousand or more, the reporting entity serving the beneficiary must verify and identify the beneficiary according to regulations of Article 11 of the Anti-Money Laundering Law (“AML Law”) and retain such identification information as prescribed by law. 

- During and after the transfers, the reporting subject serving the beneficiary must implement monitoring measures to detect international electronic money transfers that lack information on the persons issuing the transfer orders or beneficiaries according to regulations of Point c Clause 2 of Circular No. 35/2013/TT-NHNN.

The reporting entity must implement measures for account suspension and freeze, and sealing and impoundment of cash and property and comply with regulations that prohibit transactions with organizations and individuals involved in terrorism and TF that are included in designation lists in Resolutions of the United Nations Security Council (“designation list”) and black lists compiled by the Ministry of Public Security according to regulations of laws (“black list”).

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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