Da Nang requires reporting of real estate transactions from 400 million VND

(NLDO) - Da Nang requires organizations and businesses to report real estate transactions worth from 400 million VND to prevent money laundering.

On October 15 , the Department of Construction of Da Nang City issued an official dispatch, requesting banks, bank branches, real estate project investors, real estate service businesses, and real estate trading floors to strengthen anti-money laundering work according to the provisions of the Law on Anti-Money Laundering 2022.

The Department of Construction requested that the above units must promptly report to the State Bank on real estate transactions worth VND400 million or more.

Da Nang City requires reporting to the State Bank for real estate transactions worth from 400 million VND

Organizations and businesses are also required to strictly implement regulations on customer identification, including collecting, verifying and updating customer information in accordance with legal procedures.

Along with that, units must assess money laundering risks, report assessment results periodically, and develop appropriate risk management processes.

In addition, the Department of Construction also requested the Department of Culture - Sports and Tourism, the State Bank - Region 9, the People's Committees of communes, wards and special zones to coordinate in promoting propaganda and dissemination of legal regulations on anti-money laundering to raise awareness among officials, businesses and people.

Source: https://nld.com.vn/da-nang-yeu-cau-bao-cao-giao-dich-bat-dong-san-tu-400-trieu-dong-196251015142702814.htm