Greater scrutiny for equities transactions

September 30, 2010 | 16:22

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Individual stock transactions worth more than VND200 million ($10,256) are to be closely watched.

Vietnam’s Ministry of Finance is drafting a circular on anti-monetary laundering in insurance, stock markets and electronic gaming.

Individuals who pay insurance fees at VND200 million a day, a VND200 million stock transaction per day for individual investors or a VND500 million stock transaction for institutional investors are considered of significant value.

“All these actions will be regularly reported to the market regulator and any doubtful transactions will be reported within 48 hours,” Securities Investment Online quoted local media as saying.

Transactions with sudden changes in clients’ accounts, accounts inactive for a year which make transactions again without suitable reasons, transactions relating to illegal activities, changes in selected beneficiaries by other persons having no relation to insurance buyers will be scutinised, according to the drafting circular.

By Trung Hung

vir.com.vn

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