Vietnam’s Circular 35: When to make the report on suspicious transactions?

According to Vietnam’s current regulations, suspicious transactions are the transactions with unusual signs or the reasonable grounds to suspect the property in transaction has derived from criminal activity or related to money laundering.

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

Financial institutions and related non-financial business entities and individuals 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.

Specifically, upon detecting any suspicious transaction as prescribed in Article 22 of the Law on anti-money laundering and Article 14 of Decree No. 116/2013/ND-CP dated 04/10/2013, detailing implementation of a number of Articles of Law on anti-money laundering, the reporting units shall make written report to the Bureau of Anti-money laundering according to Form No.01 attached to Circular No. 35/2013/TT-NHNN or e-data file as prescribed in Article 10 of Circular No. 35/2013/TT-NHNN.

Also according to Circular No. 35/2013/TT-NHNN, the Bureau of anti-money laundering shall certify the receipt of report on suspicious transaction and reply to subject of report about problems arising as necessary.

View full text at Circular No. 35/2013/TT-NHNN of the State Bank of Vietnam, effective from February 14, 2014.

Thu Ba

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