22 August 2023

From 1 December 2023, transactions with a value of VND400 million (approximately US$16,900/S$22,400) or more conducted by relevant entities or individuals must be reported to the State Bank of Vietnam, pursuant to Decision 11/2023/QD-TTg issued on 27 April 2023 (“Decision”).

This article sets out the entities affected by this Decision.

Article 2 of the Decision provides that the financial institutions, organisations and individuals prescribed in Clauses 1 and 2 of Article 4 of the Law on Anti-Money Laundering 2022 fall within its remit. These are as follows:

  • Financial institutions licensed to conduct one or more of the following:
    • Acceptance of deposits
    • Financial leasing
    • Payment intermediary services
    • Bank guarantees and financial commitments
    • Securities brokerage; advice to security investment, provision of security for securities issues
    • Life insurance business
    • Lending
    • Payment services
    • Issuing negotiable instruments/ transferable securities, bank cards, fund/money transfer/wire transfer orders
    • Providing foreign exchange services, money market instruments
    • Investment fund and portfolio management
    • Money and currency changing
  • An organisation or individual engaged in related non-financial business lines as prescribed by law, performing one or some of the following activities:
    • Prize-awarding games, including electronic games, telecommunications network-based games, Internet-based games, casinos, lottery tickets, betting;
    • Real estate business, except leasing or subleasing of real property and real estate consulting;
    • Dealing in precious metals, jewels;
    • Supply of accounting services, provision of notarial services, provision of legal services rendered by lawyers, legal professional organisations;
    • Providing business formation, management and administration services; or
    • Providing services of acting as (or arranging for another person to act as) a director or secretary of a company to third parties.