Finance - Banking

From December 1, transactions from 400 million VND must be reported to the State Bank.

According to VTC News • November 21, 2023 20:30

Reporting entities are financial institutions, organizations and individuals doing business in non-financial sectors with transactions of 400 million VND or more that must report to the State Bank.

According to Decision 11/2023 replacing Decision 20/2013/QD-TTg of the Prime Minister, from December 1, transactions with a value of 400 million VND or more must be reported to the State Bank.

This Decision stipulates the level of large-value transactions that must be reported to the State Bank of Vietnam according to the provisions of Clause 2, Article 25 of the Law on Anti-Money Laundering (The Prime Minister decides the level of large-value transactions that must be reported in accordance with socio-economic conditions in each period).

Từ ngày 1/12, giao dịch từ 400 triệu đồng phải báo cáo Ngân hàng Nhà nước. (Ảnh: PV/Vietnam+) — From December 1, transactions from 400 million VND must be reported to the State Bank.

Reporting entities are financial institutions, organizations and individuals doing business in related non-financial sectors as prescribed in Clauses 1 and 2, Article 4 of the Law on Anti-Money Laundering 2022, including:

Financial institutions are licensed to perform one or several activities: Receiving deposits; lending; financial leasing; payment services; payment intermediary services; issuing transfer instruments, bank cards, money transfer orders; bank guarantees, financial commitments;

Providing foreign exchange services, monetary instruments in the money market; securities brokerage; securities investment consulting, securities underwriting; securities investment fund management; securities investment portfolio management; life insurance business; currency exchange.

Organizations and individuals doing business in relevant non-financial sectors and professions as prescribed by law carry out one or several activities: Business of prize-winning games, including prize-winning electronic games; games on telecommunications networks, the Internet; casino; lottery; betting.

Real estate business, except for real estate leasing, sub-leasing and real estate consulting services; trading in precious metals and gemstones; accounting services; providing notary services; providing legal services of lawyers and law practice organizations; providing services of establishing, managing and operating enterprises; providing director and company secretary services to third parties; providing legal agreement services.

According to VTC News