New organizational structure of the State Bank: Adding the Anti-Money Laundering Department

ANTD.VN - The Anti-Money Laundering Department will be a unit directly under the State Bank of Vietnam, instead of being under the Banking Inspection and Supervision Agency as before.

On November 6, 2024, the Government issued Decree No. 146/2024/ND-CP amending, supplementing, and repealing a number of articles of Decree No. 102/2022/ND-CP dated December 12, 2022, of the Government stipulating the functions, tasks, powers, and organizational structure of the State Bank of Vietnam (SBV). The Decree takes effect from January 5, 2025.

According to this Decree, the Forecasting and Statistics Department and the Monetary and Financial Stability Department will merge into the Forecasting and Statistics - Monetary and Financial Stability Department.

Notably, the Decree adds one new unit within the State Bank of Vietnam: the Anti-Money Laundering Department. Meanwhile, the organizational structure of the Banking Inspection and Supervision sector will no longer include the Anti-Money Laundering Department.

The new organizational structure of the State Bank of Vietnam will be implemented from January 5, 2025.

Specifically, the organizational structure of the Banking Inspection and Supervision system under the new regulations will include: the Banking Inspection and Supervision Agency under the State Bank of Vietnam; the Banking Inspection and Supervision Department under the Banking Inspection and Supervision Agency; and the Banking Inspection and Supervision Department under the State Bank of Vietnam branches in provinces and centrally-administered cities (State Bank of Vietnam Branch Inspection and Supervision Department).

Thus, compared to Decree No. 26/2014/ND-CP, the organizational structure of the Banking Inspection and Supervision Department has been supplemented with the Banking Inspection and Supervision Department under the Banking Inspection and Supervision Agency. Meanwhile, the Anti-Money Laundering Department is no longer under this unit.

Previously, according to Decision No. 1654/QD-NHNN dated July 14, 2009, of the Governor of the State Bank of Vietnam, the Anti-Money Laundering Department was a unit within the organizational structure of the Banking Inspection and Supervision Agency; its function was to assist the Chief Inspector of Banking Inspection and Supervision in performing anti-money laundering tasks in accordance with the law and international commitments on anti-money laundering that Vietnam had signed or participated in.

Decree No. 146/2024/ND-CP also amends and supplements Clauses 1 and 2 of Article 7 of Decree No. 26/2014/ND-CP, which were previously amended and supplemented by Clause 3 of Article 1 of Decree No. 43/2019/ND-CP concerning the Banking Inspection and Supervision Agency.

Specifically, the Banking Inspection and Supervision Agency is a unit equivalent to a General Department, directly under the State Bank of Vietnam, performing the function of advising and assisting the Governor of the State Bank of Vietnam in state management of credit institutions and branches of foreign banks; state management of banking inspection and supervision; receiving citizens, resolving complaints and denunciations; preventing and combating corruption and negative practices; and deposit insurance; carrying out administrative inspections, specialized inspections, and banking supervision in areas within the scope of state management of the State Bank of Vietnam; receiving citizens, resolving complaints and denunciations; and preventing and combating corruption and negative practices as prescribed by law and assigned by the Governor of the State Bank of Vietnam.

Therefore, the Banking Supervision and Inspection Agency no longer performs tasks related to anti-money laundering and anti-terrorism financing.

Decree No. 146/2024/ND-CP stipulates that the Chief Inspector of Banking Supervision, the Director of the Banking Supervision Department, and the Chief Inspector of Banking Supervision of the State Bank of Vietnam branch issue inspection decisions.

The Chief Inspector of Banking Supervision decided to re-inspect a case that had already been concluded by the Director of the Banking Supervision Department and the Chief Inspector of the State Bank of Vietnam branch, but discovered signs of legal violations through the review and handling of complaints, denunciations, suggestions, and feedback…

Source: https://www.anninhthudo.vn/co-cau-to-chuc-moi-cua-ngan-hang-nha-nuoc-bo-sung-cuc-phong-chong-rua-tien-post594878.antd