Guidance on gathering, handling and analysis of anti-money laundering information in Vietnam

Guidance on gathering, handling and analysis of anti-money laundering information in Vietnam (Image from the Internet)

1. Guidance on gathering, handling and analysis of anti-money laundering information in Vietnam

According to Article 10 of Decree 19/2023/ND-CP, the regulations on gathering, handling and analysis of anti-money laundering information in Vietnam are as follows:

- The agency performing the functions and tasks of anti-money laundering under the State Bank of Vietnam is entitled to request organizations and individuals involved to provide information, records, documents, and reports stored at their organizations or individuals as stipulated by law, and the information, records, and documents collected within the scope of their functions, tasks, and authority to serve the analysis, exchange, provision, and transfer of information on anti-money laundering.

- The related organizations and individuals must provide the information, records, and documents to the agency performing the functions and tasks of anti-money laundering under the State Bank of Vietnam within the stipulated timeframe.

- The agency performing the functions and tasks of anti-money laundering under the State Bank of Vietnam processes and analyzes the information and reports received, including:

+ Analyzing and processing information based on available sources and additional collections to identify trends and patterns of money laundering to build strategies and targets for anti-money laundering in the industry, sector, and nation for each specific period.

+ Analyzing and processing information based on available sources and additional collections to track transactions, identify relationships, and suspicious activities related to money laundering or other criminal activities.

2. Regulations on exchange, provision and transfer of anti-money laundering information with domestic competent authorities in Vietnam

The regulations on exchange, provision and transfer of anti-money laundering information with domestic competent authorities in Vietnam, according to Article 11 of Decree 19/2023/ND-CP, are as follows:

- The agency performing the functions and tasks of anti-money laundering under the State Bank of Vietnam exchanges, provides, and transfers information on anti-money laundering in the following cases:

+ Exchanging and providing information upon the request of a competent procedural authority as prescribed in the Criminal Procedure Code 2015;

+ Exchanging and providing information to competent authorities to serve the requirements of anti-money laundering, including the competent procedural authorities as prescribed in the Criminal Procedure Code 2015 and relevant ministries and central authorities engaged in anti-money laundering;

+ Transferring information or case files to investigation agencies or those tasked with conducting certain investigation activities when there are reasonable grounds to suspect that the transactions noted in the information and reports relate to money laundering.

- Information exchanged and provided according to points a and b of Clause 1, Article 11 of Decree 19/2023/ND-CP includes:

+ Information about transactions, organizations, or individuals suspected of illegal activities for the purpose of anti-money laundering;

+ Information about the inadequacies in mechanisms, policies, and state management activities for the purpose of anti-money laundering.

- Reasonable grounds to suspect transactions mentioned in the information and reports related to money laundering as prescribed at point c, Clause 1, Article 11 of Decree 19/2023/ND-CP include:

+ Transactions related to organizations or individuals listed in the Black List;

+ Transactions related to organizations or individuals who have been denounced, detained in urgent cases, notified by competent authorities, recommended for prosecution, arrested, detained, investigated, or convicted under Vietnam's criminal procedural law in connection with money laundering;

+ Transactions related to organizations or individuals under investigation, prosecution, or trial by competent authorities in other countries or territories worldwide;

+ Other transactions which the agency performing the functions and tasks of anti-money laundering under the State Bank of Vietnam identifies through the analysis of suspicious transaction information as potentially related to money laundering or other criminal activities.

- Competent authorities as prescribed at points a and b, Clause 1, Article 11 of Decree 19/2023/ND-CP have the responsibility to retain and use the received information, reports, and documents in accordance with the law and notify the results of processing the provided and transferred information to the agency performing the functions and tasks of anti-money laundering under the State Bank of Vietnam as stipulated by law.

- Investigation agencies or those tasked with conducting certain investigation activities upon receiving information or case files as prescribed at point c, Clause 1, Article 11 of Decree 19/2023/ND-CP are responsible for classifying and resolving them per the criminal procedural law and retaining the received information, reports, and documents under confidential policies, and providing feedback on the results and effectiveness of the information processing to the agency performing the functions and tasks of anti-money laundering under the State Bank of Vietnam.

- The agency performing the functions and tasks of anti-money laundering under the State Bank of Vietnam is responsible for exchanging and providing information from its database to competent authorities as prescribed at point a, Clause 1, Article 11 of Decree 19/2023/ND-CP within 7 working days from the date of receiving the request.

- The agency performing the functions and tasks of anti-money laundering under the State Bank of Vietnam and the competent authorities prescribed in Article 11 of Decree 19/2023/ND-CP may sign cooperation regulations to facilitate the quick and efficient exchange, provision, and transfer of information.

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