Who must report transfers of 500 million VND or more?

(NLDO) - Individuals and organizations making money transfers do not have the responsibility to report, but the responsibility belongs to other units.

According to Circular 27/2025/TT-NHNN, effective from November 1, domestic electronic money transfer transactions with a value of VND 500 million or USD 1,000 or more (for international transactions, including foreign currencies of equivalent value) must be reported to the State Bank of Vietnam .

In addition, suspicious transfer transactions are also subject to reporting. However, individuals and organizations making the transfer are not obliged to report, but the reporting responsibility belongs to commercial banks and intermediary payment organizations.

Individuals and organizations making money transfers do not have reporting obligations; this responsibility belongs to commercial banks and intermediary payment organizations.

Speaking to a reporter from Nguoi Lao Dong Newspaper, Mr. Le Hoang Tung, Deputy General Director of the Joint Stock Commercial Bank for Foreign Trade ( Vietcombank ), said that financial institutions must report transactions using electronic data, including full information such as the bank transferring and receiving money, the sender and receiver, account number, amount, currency, purpose and date of transaction.

According to Mr. Tung, Vietcombank's system is now ready to identify money transfer transactions from 500 million VND, suspicious transactions transferring money to multiple accounts, transferring money at high frequency... After that, Vietcombank will compile an online report to the State Bank.

Similarly, the Vietnam Joint Stock Commercial Bank for Industry and Trade and many other banks said that reporting of transfers of 500 million VND or more is done the same as Vietcombank.

A senior leader of the State Bank said the regulation on reporting transfer transactions of 500 million VND or more (or equivalent foreign currency) and suspicious transactions to provide data is for the State Bank to screen and detect unusual transactions.

At the same time, the State Bank also monitors signs related to money laundering activities and concealment of illegal origins; ensures that large-scale transactions are closely monitored, promptly detects and prevents the use of money for illegal activities so that Vietnam complies with international standards on preventing and combating money laundering and terrorist financing as recommended by international organizations.

Source: https://nld.com.vn/cap-nhat-moi-nhat-ve-quy-dinh-chuyen-khoan-tu-500-trieu-dong-phai-bao-cao-196251030123431026.htm