Vietnam: What information shall the client provide to determine such client’s involvement in legal arrangement?

13:59, 17/11/2019

This is a notable content of Circular No. 20/2019/TT-NHNN of the State Bank of Vietnam amending a number of Articles of Circular No. 35/2013/TT-NHNN dated December 31, 2013 guiding implementation of a number of regulations on anti-money laundering.

According to Clause 10 Article 1 of Circular No. 20/2019/TT-NHNN of the State Bank of Vietnam, legal arrangements are trust agreements made in writing between domestic and foreign organizations and individuals.

cap nhat thong tin KH co tham gia thoa thuan phap ly, Thong tu 20/2019/TT-NHNN

Besides the required client's information defined in regulations of Articles 9 and 10 of the Law on anti-money laundering of Vietnam, the reporting entity shall request its client to provide information to determine such client’s involvement in legal arrangements upon account opening, business relation establishment or conducting high value transactions. Such information includes:

- Name of the trustor (if any);

- Date of the trust agreement;

- Contents of the trust agreement, including value of the money and assets placed in the trust;

- Home country of the trustor;

- The trust’s identification number assigned by competent authorities (if any);

- Information on identity of the beneficiary and information on relevant organizations and individuals (if any).

The reporting entity shall verify and retain trust-related documents containing the required information specified above.

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

Thu Ba

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