Preventing money laundering in crypto-asset markets and banking

On the morning of October 16 in Hanoi, the State Bank of Vietnam (SBV) held a live and online workshop to disseminate Circular No. 27/2025/TT-NHNN dated September 15, 2025 guiding the implementation of a number of articles of the Law on Anti-Money Laundering and Dissemination of anti-money laundering contents in Resolution No. 05/2025/NQ-CP on piloting the crypto-asset market; at the same time, updated the results of the national risk assessment on money laundering and terrorist financing.

Báo Tin Tức•16/10/2025

Photo caption — Customer transaction counter at Vietcombank Head Office. Photo - illustration: Tran Viet/VNA

Speaking at the workshop, Deputy Governor of the State Bank of Vietnam Nguyen Ngoc Canh affirmed that the organization of the workshop is of great significance in the context that the Vietnamese Government is accelerating the implementation of the National Action Plan on preventing and combating money laundering, terrorist financing and financing of proliferation of weapons of mass destruction. He emphasized that in the context of many fluctuations in geopolitics and the international financial market, along with the increasing openness of the Vietnamese economy, the need to identify, manage and minimize risks in this field has become more urgent than ever.

The Deputy Governor said that at the meeting of the National Steering Committee on preventing and combating money laundering, terrorist financing and financing of proliferation of weapons of mass destruction held on October 15, Deputy Prime Minister Ho Duc Phoc, Head of the Steering Committee, requested the State Bank (the standing agency of the Steering Committee) to continue to closely coordinate with ministries and branches in implementing three strategic action groups, in which perfecting the legal framework is a key pillar. The Deputy Prime Minister also requested press agencies to step up propaganda so that the business community and people clearly understand and properly and fully perform their obligations on preventing money laundering, terrorist financing and related violations of law.

At the workshop, Ms. Nguyen Thi Minh Tho, Deputy Director of the Anti-Money Laundering Department (SBV) presented the main contents of Circular No. 27/2025/TT-NHNN issued on September 15, 2025 guiding the implementation of a number of articles of the Law on Anti-Money Laundering, replacing Circular No. 09/2023/TT-NHNN. The Circular takes effect from November 1, 2025, with a transition period until December 31, 2025, to help organizations and businesses proactively improve internal processes, update technology and compliance control mechanisms.

According to Ms. Nguyen Thi Minh Tho, Circular 27 provides detailed guidance on the implementation of a number of articles of the Law on Anti-Money Laundering in 2022, focusing on removing difficulties and obstacles in the actual implementation process. Notable new points include: Criteria and methods for assessing money laundering risks; process of classifying customers according to risk level; internal regulations on anti-money laundering; reporting regime for large-value transactions, suspicious transactions and electronic money transfers; and new regulations on deadlines, reporting forms and electronic data forms.

In particular, the Circular emphasizes the principle of risk-based management, requiring organizations to periodically update, evaluate and monitor customer relationships, ensuring transactions are consistent with identification records and legitimate sources of funds. This is an important step in realizing Action No. 5 of the National Action Plan that Vietnam has committed to with the Financial Action Task Force (FATF).

In parallel with the dissemination of Circular 27, the Workshop also introduced the contents of anti-money laundering stipulated in Resolution No. 05/2025/NQ-CP dated September 9, 2025 of the Government on piloting the crypto asset market in Vietnam. The implementation of Resolution 05 is considered an important step to establish a legal corridor for the testing phase, creating a foundation for the controlled development of the digital asset sector.

The State Bank of Vietnam emphasized that during the pilot phase, strict compliance with anti-money laundering regulations is a prerequisite to ensure the safety and sustainable development of the national financial and economic system.

The workshop also spent time updating the results of the national risk assessment on money laundering and terrorist financing for the 2023-2025 period and the implementation plan until 2027. This is an important preparation step for the multilateral assessment of the Asia- Pacific Group on Money Laundering (APG) expected to be carried out in Vietnam in the 2027-2028 period.

According to representatives of the State Bank and the Ministry of Public Security , the national risk assessment is carried out on the basis of the provisions of the Law on Anti-Money Laundering 2022 and FATF international standards, aiming to clearly identify high-risk areas and sectors to develop appropriate preventive measures.