Da Nang tightens real estate transactions from 400 million VND

VTV.vn - Da Nang requires organizations and businesses to report real estate transactions worth VND400 million or more to strengthen control and prevent money laundering in this field.

The Department of Construction of Da Nang City requires organizations and businesses to report real estate transactions worth VND400 million or more. This is a move to prevent money laundering in the real estate business in the area.

Accordingly, the Department requested real estate project investors, real estate service businesses, real estate trading floors; banks and bank branches headquartered in Da Nang City to issue internal regulations on anti-money laundering.

Units are required to strictly implement the process of identifying customers, collecting and verifying information, and controlling high-risk transactions. At the same time, assess and manage money laundering risks, report the results of periodic assessments, and develop appropriate risk management processes.

The Department of Construction also instructed units to access the State Bank of Vietnam 's electronic information portal to update the national risk assessment report on money laundering, and to directly contact the Anti-Money Laundering Department (State Bank) for support and provision of necessary documents for compliance work.

"Strengthening anti-money laundering measures in the real estate sector aims to control financial risks, ensure a transparent, healthy investment environment and comply with international standards. This is a necessary step in the context of the real estate sector having many potential risks of money laundering," the Department of Construction of Da Nang City emphasized.

Source: https://vtv.vn/da-nang-siet-chat-giao-dich-bat-dong-san-tu-400-trieu-dong-10025101609142594.htm