Receiving 239 reports of suspicious transactions relating to laundered money

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This is the report of the State Bank of Vietnam (SBV) on the results of implementing the issues committed at the interrogation session at the year-end meeting of 2017 of the National Assembly.

Regarding the coordination with state management agencies to inspect, detect and handle violations, limit the cases of illegal transfer money through intermediaries, the report said: in recent times the State Bank has focused on building and completing the legal framework on money laundering prevention, specifically the Law on Anti- Money Laundering 2012 and guidance documents for implementing law.

The report said that Circular 13/2014 / TT-NHNN provided complete and specific guidance on anti-money laundering measures as well as to help organizations to minimize the risk of money laundering. The SBV regulated by requesting financial institutions to collect additional information on average monthly income for at least the last 3 months of high risk individuals and to update their client information periodically, at least once a year.

For electronic money transfer transaction, the SBV has specifically stipulated the value of transactions must be reported to the Department of money laundering prevention. Specifically, financial institutions authorized to provide domestic and international payment services must report on each electronic money transfer transaction in the country with a value of 500 million VND or more, or a foreign currency equivalent. Also, transactions of international electronic money transfer into Vietnam valued at $US 1 million or more, or in other foreign currencies with equivalent value.

Regarding the internal audit of money laundering prevention, it must be carried out annually by financial organizations and related non-financial business organizations. Regular training for full time or part time officials and specialists in charge of money laundering prevention as well as officials involved in the prevention and combat of money laundering.

Representative of SBV affirmed that the State Bank of Vietnam is continuing to work with relevant national authorities to transfer information, case files, and warnings to agencies, organizations and individuals about emerging issues related to the risk of money laundering, terrorist financing.

Remarkably, on 15/4/2018, the State Bank received 239 suspicious transaction reports and handed over information to 41 competent authorities relating to 110 reports. Received 51 documents and processed 46 documents from competent agencies to review and provide information related to the accused, defendants or subjects in the cases.

The State Bank of Vietnam is chairing and co-coordinating with relevant units in order to carry out national risk assessment on money laundering and terrorist financing, to identify the risks of money laundering and terrorist financing in relevant fields with the intention of proposing appropriate solutions for overcoming the identified risks.