Transfers of 500 million VND or more must be reported to the State Bank: Latest update

Individuals and organizations that transfer money from 500 million VND are not required to report. This responsibility belongs to commercial banks and intermediary payment organizations.

According to new regulations in Circular 27/2025/TT-NHNN of the State Bank of Vietnam , effective from November 1, domestic transfer transactions with a value of VND500 million or more, or USD1,000 or more for international transactions (including foreign currencies of equivalent value), will have to be reported to the State Bank.

In addition, suspicious transactions such as high-frequency money transfers to many different accounts must also be reported for financial supervision purposes.

However, the individual or organization that makes the money transfer is not subject to reporting obligations. This responsibility lies with commercial banks and intermediary payment organizations.

Financial institutions will make transaction reports using electronic data, including full information such as the name of the sending and receiving bank, the sender and recipient, account number, amount, currency, purpose and time of transaction.

Vietcombank 's system is ready to automatically identify transactions worth VND500 million or more, or showing signs of abnormality. Once detected, the bank will compile and send an online report to the State Bank.

Other major banks such as VietinBank and many domestic credit institutions also confirmed that they are applying similar procedures to ensure that supervision is carried out fully and promptly.

A senior leader of the State Bank said that requiring reporting of large-value or suspicious transactions is to help management agencies screen and detect unusual signs, especially acts of money laundering, terrorist financing or concealing the origin of illegal assets.

This is a necessary step to ensure that Vietnam's financial system complies with international standards on anti-money laundering, while enhancing transparency and safety in electronic transactions.

AD Advertising

Source: https://baonghean.vn/chuyen-khoan-tu-500-trieu-dong-phai-bao-cao-nhnn-cap-nhat-moi-nhat-10309719.html