Amendments to the regulations on the Categorizing Customers by Levels of Money Laundering Risk in Vietnam

Amendments to the regulations on the Categorizing Customers by Levels of Money Laundering Risk in Vietnam
Nguyễn Như Mai

The National Assembly of Vietnam approved Anti-Money Laundering (AML) Law 2022 November 15, 2022. In which, the regulations on Categorizing Customers by Levels of Money Laundering Risk in Vietnam are amended.

According to Anti-Money Laundering (AML) Law 2022, the classification of customers according to low, medium and high level of risk in Vietnam is as follows:

- Based on the results of money-laundering risk assessment and update defined in Article 15 of the Anti-Money Laundering (AML) Law 2022, reporting entities shall develop the procedures for management of money laundering risk

Procedures for management of money laundering risks shall cover classification of customers by low, medium and high level of risk, and risk management methodologies in response to specific levels of money laundering risk from customers.

(Currently, customers are classified by low and high risk).

- Each reporting entity may apply measures according to the level of risk of money laundering represented by any customer subject to the following regulations:

+ For the customer representing a low risk of money laundering, the reporting entity may collect, update and verify customer identification data to a mitigated degree when starting a relationship with that customer;

+ For the customer representing a medium level of money laundering risk, the reporting entity may apply CDD measures specified in Article 9 of the Anti-Money Laundering (AML) Law 2022 to that customer;

+ For the customer representing a high level of money laundering risk, in addition to the CDD measures applied as specified in Point b, Clause 2, Article 16 of the Anti-Money Laundering (AML) Law 2022, the reporting entity shall apply enhanced CDD measures, including the intensified collection, updating and verification of customer identification data and close monitoring of that customer’s transactions in Vietnam.

Vietnam's Anti-Money Laundering (AML) Law 2022 takes effect from March 1, 2023 and replaces the Anti-Money Laundering (AML) Law 2012.

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