Law on Anti-Money Laundering 2012: Report on Suspicious Transactions

Signs of suspicion are stipulated as follows:

- Basic signs of suspicion include:

- The customer provides inaccurate, incomplete, or inconsistent customer identification information;- The customer persuades the reporting entity not to report the transaction to the competent state authority;- Unable to identify the customer based on the information provided by the customer or the transaction involves an unidentified party;- The personal or office phone number provided by the customer cannot be reached or does not exist after opening the account or conducting the transaction;- Transactions conducted under the order or authorization of an organization or individual on the warning list;- Transactions that, through customer identification information or consideration of the economic and legal basis of the transaction, can establish a connection between the parties involved in the transaction with criminal activities or related to organizations or individuals on the warning list;- Organizations or individuals conduct transactions with large amounts of money that do not match their income or business activities;- Customer transactions are conducted through the reporting entity not in accordance with the legal process and procedures.

- Signs of suspicion in the banking sector include:

- There is a sudden change in transaction volume in the account; deposits and withdrawals are made quickly from the account; large transaction volume within the day but the account balance is very small or zero;- Small-value money transfers from multiple different accounts to one account or vice versa in a short period; money is transferred through various accounts; related parties do not care about transaction fees; conduct multiple transactions, each transaction near the large reportable value;- Using letters of credit and other trade finance methods with large values, with a high discount rate compared to normal;- The customer opens multiple accounts at a credit institution or foreign bank branch in a geographic area different from where the customer resides, works, or has business activities;- The customer's account has no transactions for over a year, then conducts transactions without a reasonable reason; the customer's account suddenly receives a large deposit or transfer;- Large amounts of money are transferred from the company's account abroad after receiving many small amounts transferred in by electronic transfers, checks, or drafts;- Foreign-invested enterprises transfer money abroad immediately after receiving investment capital or transfer money abroad not in line with business activities; foreign enterprises transfer money abroad immediately after receiving money from abroad into accounts opened at credit institutions or foreign bank branches operating in Vietnam;- The customer frequently exchanges small denomination money for large denomination money;- Transactions of deposits, withdrawals, or transfers conducted by organizations or individuals related to crimes generating illegal assets that have been reported in the mass media;- The customer requests to borrow the maximum amount allowed based on a one-time premium insurance contract right after paying the insurance premium, except where required by the credit institution;- The information about the origin of assets used for financing, investing, lending, financial leasing, or investment entrustment by the customer is unclear and non-transparent;- The information about the collateral's origin for the customer's loan application is unclear and non-transparent.

See more suspicious signs in the insurance business sector, securities sector, gaming sector, casino, real estate business, etc. in Article 22 of the Anti-Money Laundering Law 2012 enacted on June 18, 2012, and effective on January 1, 2013.

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