That is the notable content in the draft Decree amending and supplementing a number of articles of Decree No. 24/2012/ND-CP of the Government on the management of gold trading activities, which has just been released by the State Bank for comments.

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The State Bank has proposed that gold purchases and sales of 20 million VND or more must be transferred. Photo: Minh Hien

Specifically, this draft decree adds Clause 10, Article 4 as follows: “Payments for buying and selling gold worth VND 20 million or more must be made through the customer's payment account and the payment account of the gold trading enterprise opened at a commercial bank or foreign bank branch.”

The State Bank believes that this regulation aims to ensure the requirement of authenticating customer information but does not create additional obligations for buyers because authentication has been performed when customers open and use payment accounts at commercial banks or foreign bank branches.

At the same time, this regulation also aims to increase publicity and transparency in gold trading transactions, in the context that a series of gold trading enterprises and banks have just been inspected and found to have violated anti-money laundering and gold trading regulations.

Source: https://vietnamnet.vn/ngan-hang-nha-nuoc-muon-mua-ban-vang-tu-20-trieu-dong-bat-buoc-phai-chuyen-khoan-2411215.html