Reporting of electronic funds transfer in anti-money laundering in Vietnam

Reporting of electronic funds transfer in anti-money laundering in Vietnam (Image from the Internet)

1. Reporting of electronic funds transfer in anti-money laundering in Vietnam 

The reporting of electronic funds transfer in anti-money laundering in Vietnam  according to Article 9 of Circular 09/2023/TT-NHNN is as follows:

- Reporting entities are responsible for collecting information as stipulated in Clause 3, Article 9 of Circular 09/2023/TT-NHNN and report to the agency performing the anti-money laundering function and task via electronic data following regulations stipulated in Clause 1, Article 10 of Circular 09/2023/TT-NHNN when performing electronic money transfer transactions in the following cases:

+ Electronic money transfer transactions where all financial institutions participating in the electronic money transfer as stipulated in Clause 1, Article 8 of Circular 09/2023/TT-NHNN are located in Vietnam (hereinafter referred to as domestic electronic money transfer transactions) with a transfer value of VND 500,000,000 (five hundred million dong) or more, or in foreign currency with equivalent value;

+ Electronic money transfer transactions where at least one of the financial institutions participating in the electronic money transfer as stipulated in Clause 1, Article 8 of Circular 09/2023/TT-NHNN is located in countries, territories outside of Vietnam (hereinafter referred to as international electronic money transfer transactions) with a transfer value of USD 1,000 (one thousand dollars) or more, or in other foreign currencies with equivalent value.

- In cases where the reporting entity is an intermediary financial institution in the electronic money transfer transaction, it is not required to report as stipulated in Clause 1, Article 9 of Circular 09/2023/TT-NHNN.

- The minimum content report of electronic money transfer transactions includes the following information:

+ Information about the initiating and beneficiary financial institutions including: trade name of the institution or transaction branch; head office address (or bank code for domestic electronic money transfer transactions, SWIFT code for international electronic money transfers); receiving and transferring countries;

+ Information about individual customers participating in the electronic money transfer transaction: full name, date, month, year of birth; identity card number or citizen identification number or personal identification number or passport number; visa number (if any); registered permanent address or current residence address (if any); nationality (as per transaction documents);

+ Information about organizational customers participating in the electronic money transfer transaction: full trade name and abbreviation (if any); head office address; establishment license number or business registration number or tax code; country where the main office is located;

+ Information about the transaction: account number (if any); amount; currency type; amount converted to Vietnamese dong (if the transaction currency is foreign currency); transaction reason, purpose; transaction code; transaction date;

+ Other information as requested by the Agency performing the anti-money laundering function and task to serve state management in anti-money laundering in each period.

- Information about date, month, year of birth, identity card number or citizen identification number or personal identification number or passport number, visa number (if any) stipulated in point b, Clause 3, Article 9 of Circular 09/2023/TT-NHNN; establishment license number or business registration number or tax number stipulated at point c, Clause 3, Article 9 of Circular 09/2023/TT-NHNN is not required for:

+ Beneficiaries in international electronic money transfer transactions from Vietnam to foreign countries;

+ Initiators in international electronic money transfer transactions from foreign countries to Vietnam.

- The electronic money transfer transactions that do not require reporting include:

+ Transactions originating from using debit cards, credit cards, or prepaid cards to pay for goods and services;

+ Transfer and payment transactions between financial institutions where both the initiator and the beneficiary are financial institutions.

2. Regulations on electronic funds transfer in anti-money laundering in Vietnam

Regulations on electronic money transfer transactions in anti-money laundering in Vietnam according to Article 8 of Circular 09/2023/TT-NHNN are as follows:

- Financial institutions participating in the electronic money transfer transaction include:

+ Initiating financial institution, which initiates the electronic money transfer order and performs the transfer on behalf of the initiator;

+ Intermediary financial institution, which receives and transfers the electronic money transfer order on behalf of the initiating financial institution and the beneficiary financial institution or on behalf of another intermediary financial institution;

+ Beneficiary financial institution, which receives the electronic money transfer order directly from the initiating financial institution or through an intermediary financial institution and performs payment to the beneficiary.

- Domestic financial institutions as initiating financial institutions in the electronic money transfer transaction are only allowed to conduct electronic money transfer transactions when the electronic money transfer order contains complete and accurate information following regulations on non-cash payment and foreign exchange management.

- Domestic financial institutions as intermediary financial institutions participating in the electronic money transfer transaction must ensure:

+ There are measures to identify electronic money transfer transactions that do not contain complete or accurate information according to regulations on non-cash payment and foreign exchange management;

+ Apply appropriate handling measures including refusing or temporarily suspending the transaction or applying post-transaction control measures or consider, report suspicious transactions for electronic money transfer transactions that do not contain complete or accurate information under legal regulations on non-cash payment and foreign exchange management.

- Domestic financial institutions as beneficiary financial institutions in the electronic money transfer transaction must ensure:

+ There are measures to identify electronic money transfer transactions that do not contain complete or accurate information according to regulations on non-cash payment and foreign exchange management;

+ Apply appropriate handling measures including refusing or temporarily suspending the transaction or applying post-transaction control measures or consider, report suspicious transactions for electronic money transfer transactions that do not contain complete or accurate information under legal regulations on non-cash payment and foreign exchange management.

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