Vietnam’s Decree 87: Request upon provision of services related to new technologies

According to Decree No. 87/2019/ND-CP of Vietnam’s Government, transactions related to new technologies are transactions using technologies which allow clients to conduct transactions without directly facing officials of the reporting entities. The reporting entities, upon the above-mentioned providing services must implement the following requirements:

- Request the client to provide information as prescribed in Article 4 of this Decree and decide whether to meet the client in person when the relation is established for the first time (instead of directly facing clients upon setting up relationship at the first time and requesting clients for providing information as prescribed in Decree No. 116/2013/ND-CP of Vietnam’s Government). If not meeting the client in person, the reporting entity must apply measures, methods and technology to identify and verify the client.

- Elaborate a process of assessing risks involving money laundering upon providing services using new technologies. This process must include minimally the following contents: Determination and simulation of risks involving money laundering which may arise, for transactions applying new technologies; putting out suitable measures to prevent and minimize risks may arise.

The reporting entities shall request the client to provide the following information:

- Information used to identify clients being Vietnamese organizations and individuals or foreigners must include information specified in Clause 1 Article 9 of the Anti-Money Laundering Law of Vietnam.

- For clients being individuals who are stateless, information used to identify will include: Full name; date of birth; occupation, position; visa book; agency issuing visa for immigration; address of resident registration place in foreign country and in Vietnam.

- For clients being individuals who have two (02) or more nationalities, apart from information defined in Clause 1 of this Article, the reporting entities must collect additional information about nationalities, addresses of resident registration at countries where clients bearing nationalities.

- The reporting entities must verify information used to identify clients as prescribed in Article 11 of the Anti-Money Laundering Law.

View more details at Decree No. 87/2019/ND-CP of Vietnam’s Government, effective from November 14, 2019, which replaces Decree No. 116/2013/ND-CP.

Thu Ba

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