New regulations on large-value money transfers from November 1

In addition, suspicious transactions must also be reported. The responsibility for reporting belongs to financial institutions such as commercial banks and payment intermediaries.

These are notable contents stipulated in Circular No. 27/2025/TT-NHNN guiding the implementation of a number of articles of the Law on Anti-Money Laundering, which will take effect from November 1, 2025.

The Circular stipulates the minimum required content of an electronic money transfer transaction report: Information about the initiating or beneficiary financial institution including the transaction name of the institution or transaction branch; head office address or bank code/SWIFT code; country receiving and transferring money.

Information about individual customers participating in transactions must include full name, date of birth, ID card/CCCD/passport number or identification number, permanent address or current residence and nationality according to transaction documents. Information about organizational customers participating in electronic money transfer transactions includes full name, head office address, establishment license number or business registration/business registration number, as well as the country where the headquarters is located.

In addition, the report must clearly state the account number (if any), amount, currency type, amount converted to VND (if foreign currency), reason and purpose of the transaction, date of execution and the unique code or reference number of the transaction. If necessary, the anti-money laundering agency may request additional information to serve management purposes.

In addition, Circular 27 also stipulates the value and documents to be presented to border customs when carrying foreign currency in cash, Vietnamese Dong in cash, negotiable instruments, precious metals, and gemstones exceeding the prescribed level.

Specifically, the value of precious metals (except gold) and gemstones is 400 million VND; the value of transfer instruments is also 400 million VND.

The value of foreign currency in cash, Vietnamese Dong in cash and gold that must be declared at border customs when exiting or entering the country shall comply with current regulations of the State Bank on carrying foreign currency in cash, Vietnamese Dong in cash and gold when exiting or entering the country.

Circular No. 27/2025/TT-NHNN consists of 13 Articles, which stipulate criteria and methods for assessing money laundering risks of reporting entities; money laundering risk management process and customer classification according to money laundering risk level; internal regulations on anti-money laundering; reporting regime for large value transactions that must be reported; reporting regime for suspicious transactions; electronic money transfer transactions; reporting regime for electronic money transfer transactions; form and deadline for reporting electronic data; value level and documents to be presented to border customs when carrying foreign currency in cash, Vietnamese Dong in cash, transfer instruments, precious metals, and gemstones exceeding the prescribed level.

The State Bank said that in order to ensure that reporting entities have adequate time to prepare for the implementation of the Circular's adjustments related to internal regulations, risk management processes, reporting forms, and reporting requirements, the Circular has added transitional provisions for some contents. Accordingly, reporting entities will continue to implement the regulations on internal regulations and risk management processes according to current regulations until December 31, 2025.

From January 1, 2026, reporting entities shall be responsible for completing the adjustment and updating of internal regulations and risk management processes to ensure full compliance with the provisions of this Circular and building an appropriate information technology system to serve the reporting by electronic data and must have a software system to scan and filter according to the blacklist, warning list, and list of politically influential individuals specified in Clause 9, Clause 10, Article 3 and Clause 1, Article 17 of the Law on Anti-Money Laundering and Transaction Monitoring to detect and warn of appropriate suspicious signs for the purpose of preventing and combating money laundering, terrorist financing, and financing the proliferation of weapons of mass destruction.

Circular 27/2025/TT-NHNN was developed on the basis of inheriting the relevant provisions of Circular 09/2023/TT-NHNN, and at the same time amending and supplementing many contents to remove obstacles for financial institutions in the implementation process. The issuance of this document not only helps to increase the effectiveness of the work of preventing and combating money laundering, terrorist financing, and financing the proliferation of weapons of mass destruction, but also contributes to enhancing the prestige and image of Vietnam in international financial cooperation.

Circular No. 27/2025/TT-NHNN is built on the basis of inheriting the relevant provisions in Circular No. 09/2023/TT-NHNN; amending and supplementing a number of contents to remove the main difficulties and obstacles of reporting entities and management agencies in the implementation process, at the same time, ensuring strict implementation of the commitments in Action No. 5 of the Appendix to the National Action Plan to implement the commitments of the Government of Vietnam on preventing and combating money laundering, terrorist financing, and financing of proliferation of weapons of mass destruction with the Financial Action Task Force on Money Laundering (FATF) issued together with Decision No. 194/QD-TTg dated February 23, 2024 of the Prime Minister .

Experts say tightening the supervision of large-value and suspicious transactions will not only help increase the effectiveness of the work of preventing and combating money laundering, terrorist financing, and financing the proliferation of weapons of mass destruction, but also contribute to enhancing Vietnam's reputation and image in international financial cooperation.

baotintuc.vn

Source: https://baolaocai.vn/quy-dinh-moi-ve-chuyen-tien-gia-tri-lon-tu-ngay-111-post882599.html