Circular stipulates new regulations on electronic money transfers

August 07, 2023 | 11:48

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The State Bank of Vietnam has issued a circular guiding certain provisions of the Law on Money Laundering Prevention and Control.

Circular stipulates new regulations on electronic money transfers | Society | Vietnam+ (VietnamPlus)

Circular stipulates new regulations on electronic money transfers, Illustrative image (Photo: SBV)

Hanoi – The State Bank of Vietnam has issued a circular guiding certain provisions of the Law on Money Laundering Prevention and Control.

The document provides regulations on criteria and methods for assessing money laundering risks of reporting entities; the process of managing money laundering risks and classifying customers in accordance with their level of money laundering risk; and internal regulations on anti-money laundering.

It also stipulates the reporting of high-value transactions and suspicious transactions, electronic money transfer transactions; and forms and fix deadlines for electronic data reporting.

Particularly, reporting entities must submit a report to agencies responsible for anti-money laundering activities, which includes personal information of inpiduals involved in electronic transfer transactions if the transaction is equal to or exceeds 500 million VND (21,097 USD), the circular said.

The circular also states clearly cases where inpiduals conduct transactions exceeding 500 million VND but are not required to report to the state agency.

Electronic payment continues to flourish in Vietnam

The trend of electronic and non-cash payments in the Vietnamese economy in 2023 continued to record growth of 52.35 per cent in volume over the same period last year.

By VNA

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