This Decree regulates in details the following contents of 2022 Law on Anti-Money Laundering
- Principles, criteria and methods of national assessment of money laundering risks;
- Cases to identity customers that have suspicious signs, suspicious transactions;
- Criteria for identification of beneficial owners; complex and unusually large transactions;
- Collection, processing and analysis of anti-money laundering information; responsibilities in relation to exchange, provision and transfer of anti-money laundering information with domestic competent authorities;
- Grounds to suspect or detect blacklisted transaction-related parties and state agencies having jurisdiction to receive reports of transaction postponement.
Notably, Article 6 of this Decree regulates suspicious large transaction values (showing signs of anti-money laundering), including: (i) a customer that does not have an account, or has an account inactive during the last six consecutive months, deposits, withdraws, or transfers money totaling at least VND 400,000,000 a day; (ii) a customer that performs prize-awarding electronic games, casinos, lottery tickets bet with a transaction totaling at least VND 70,000,000 a day; (iii) a customer makes a cash transaction to buy precious metals and gems worth at least VND 400,000,000 a day. The regulations on large transaction values at this Article shall take effect as of December 1st, 2023.
This Decree takes effect from the date of its signing.
To replace Decree No. 116/2013/ND-CP dated October 4th, 2013 (except regulations on transaction value at clause 1, clause 2 and clause 4 Article 3 which shall be expired from December 1, 2023); the Government’s Decree No. 87/2019/ND-CP dated November 14th, 2019 amending, supplementing to a number of articles of Decree No. 116/2013/ND-CP dated October 4th, 2013.
|Published||Vietlaw's Newsletter No. 610|