Strengthening the review of transactions related to high-risk money laundering in Vietnam

Strengthening the review of transactions related to high-risk money laundering in Vietnam

The Governor of the State Bank of Vietnam requires credit institutions, foreign bank branches, and payment intermediary companies to effectively implement the following tasks:

- Enhance inspection and review of documents and transactions when providing products with potential money laundering risks in the banking sector identified according to the national risk assessment results on money laundering of Vietnam for the period 2018-2022.

- Intensify the review of transactions with customers related to fields with high or medium-high money laundering risks based on the national risk assessment results on money laundering of Vietnam for the period 2018-2022.

- Based on the regulations on suspicious transaction reports in Clause 1, Article 26 and Clause 3, Article 37 of the Anti-Money Laundering Law 2022, credit institutions, foreign bank branches, and payment intermediary companies should particularly note during the review process of transactions, if there is suspicion or reasonable grounds to suspect that the money or assets in the transaction are related to source crimes with high or medium-high money laundering risks according to the national risk assessment results on money laundering of Vietnam for the period 2018-2022, including:

+ Fraud to appropriate property;

+ Illicit trafficking of narcotics; embezzlement of property;

+ Bribery; abuse of position or power to appropriate property;

+ Tax evasion; human trafficking;

+ Smuggling;

+ Illegal transportation of goods or currency across borders;

+ Gambling; organizing gambling;

+ Organized crime, transnational crime;

+ Environmental crime, must prepare and submit suspicious transaction reports to the Anti-Money Laundering Department.

- Enhance training and professional development to ensure compliance with legal regulations on anti-money laundering and to implement risk management measures appropriate to the national and organizational money laundering risks.

For detailed content, refer to the Directive 05/CT-NHNN dated November 6, 2024.

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