Vietnam’s Decree 116: Information to identify clients in trading activities through introduction

Specifically, according to Article 10 of Decree No. 116/2013/ND-CP of Vietnam’s Government, information to identify clients in trading activities through introduction is specified as follows:

1. At the request of the reporting entities, the intermediate parties must ensure to provide timely and sufficient information to identify clients as prescribed in Article 4 of this Decree.

2. In case where intermediate party is a Vietnam organization, this organization must be object suffering management and supervision of Vietnamese competent agencies and must apply measures to identify and updated information of clients as prescribed in Article 3 of this Decree, Article 10 of Law on anti money laundering and requirements on archival of dossiers, reports, documents as prescribed in Article 27 of Law on anti money laundering.

3. In case where an intermediate party is a foreign organization, this organization must be object suffering management and supervision of competent agencies and must apply measures to identify and updated information of clients and archive dossiers in accordance with law of country where such foreign organization locates its head office or conduct its key business operations. In case where law of this country has not yet satisfy or just satisfy partly requirements in recommendations of the Financial Action Task Force, the reporting entity should consider the national risk element to decide that it may base on the intermediate party or not.

4. In case the intermediate party is a part affiliated a financial group and this financial group has performed fully requirements as prescribed in Clauses 2, 3 of this Article, such intermediate party will be considered as it has complied fully with requirements in accordance with regulations.

View more details at Decree No. 116/2013/ND-CP of Vietnam’s Government, effective from October 10, 2013.

Ty Na

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