Who must report transfers of 500 million VND or more?

(NLDO) - According to Circular 27/2025/TT-NHNN, effective from November 1, domestic electronic money transfers worth VND 500 million or more must be reported.

Illustration photo

Specifically, Circular 27 stipulates that 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 (SBV).

In addition, suspicious transfer transactions are also subject to reporting. However, the responsibility for reporting belongs to financial institutions such as commercial banks and intermediary payment organizations, not the individual making the transfer.

This Circular also stipulates that financial institutions must report transactions using electronic data, including full information such as: initiating organization, beneficiary organization, account number, amount, currency, purpose and date of transaction.

Although the regulation takes effect from November 1, financial institutions are allowed to transition until December 31 to adjust internal processes and risk management.

From January 1, 2026, these organizations must complete the process and update the software system to scan and filter transactions according to blacklists, warning lists and lists of individuals related to high risks.

Speaking to a reporter from Nguoi Lao Dong Newspaper, a senior leader of the State Bank of Vietnam said that the regulation on reporting transfer transactions of 500 million VND or more (or equivalent foreign currency) and suspicious transactions aims to provide data for the State Bank of Vietnam to screen and detect unusual transactions.

At the same time, the State Bank also monitors signs related to money laundering activities, such as transferring money through multiple accounts to conceal illegal origins; ensuring that large-scale transactions are closely monitored, promptly detecting and preventing the use of money for illegal activities.

This regulation also helps Vietnam comply with international standards on preventing money laundering and terrorist financing as recommended by international organizations.

Source: https://nld.com.vn/tu-1-11-chuyen-khoan-tren-500-trieu-dong-phai-bao-cao-ngan-hang-nha-nuoc-ai-la-nguoi-thuc-hien-196250920113215585.htm