Reporting of transactions valued from 400 million VND or higher to State Bank of Vietnam now mandatory

Reporting of transactions valued from 400 million VND or higher to State Bank of Vietnam now mandatory

This is the content prescribed in Decision No. 11/2023/QD-TTg on the range of values of which transactions are subject to mandatory reporting promulgated by the Prime Minister of Vietnam on April 27, 2023.
 
Transactions valued from 400 million VND or higher have to be reported to State Bank of Vietnam
 
According to Clause 2 Article 25 of the Law on Anti-Money Laundering 2022, the Prime Minister of Vietnam shall decide on the range of values of which transactions are subject to mandatory reporting, depending on the socio-economic condition existing over time.
 
The Prime Minister of Vietnam promulgated Decision No, 11/2023/QD-TTg on the range of values of which transactions are subject to mandatory reporting in accordance with the regulation mentioned above.
 
This Decision provides for the range of values of which transactions are subject to mandatory reporting to the State Bank of Vietnam according to Clause 2 Article 25 of the Law on Anti-Money Laundering 2022.
 
Regulated entities are financial institutions and relevant non-financial businesses and professions according to Clause 1 and Clause 4 Article 4 of the Law on Anti-Money Laundering 2022. Specifically:
 
- Reporting entities are financial institutions licensed to conduct one or more of the following activities or operations: Acceptance of deposits; lending; financial leasing; payment services; payment intermediary services; issuance of negotiable instruments/transferable securities, bank cards, fund/money transfer/wire transfer orders; etc.
 
- Reporting entities are relevant non-financial businesses and professions that conduct one or more of the following activities or operations: Prize-awarding games; precious metals and gems trading; supply of accounting services; provision of notarial services; provision of legal services rendered by lawyers and legal professional organizations; etc.

Range of values of which transactions are subject to mandatory reporting to State Bank of Vietnam

According to Decision No. 11/2023/QD-TTg, transactions valued from 400.000.000 VND (four hundred million) or higher are considered high-value transactions subject to mandatory reporting.
 
(Previously, according to Decision No. 20/2013/QD-TTg, it was 300.000.000 VND (three hundred million) VND)
 
Decision No. 11/2023/QD-TTg comes into force as of December 1, 2023 and replaces Decision No. 20/2013/QD-TTg dated April 18, 2013.

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE