On April 27, the Prime Minister issued Decision 11/2023/QD-TTg stipulating the level of large-value transactions that must be reported.
This Decision stipulates that large value transactions must be reported to the State Bank of Vietnam (SBV) according to the provisions of Clause 2, Article 25 of the Law on Anti-Money Laundering.
Accordingly, from December 1, 2023, the value of large-value transactions that must be reported is from VND 400 million or more. Currently, Decision 20/2013/QD-TTg stipulates that the value of large-value transactions that must be reported is VND 300 million.
The subjects of application are financial institutions; organizations and individuals doing business in related non-financial sectors as prescribed in Clause 1 and Clause 2, Article 4 of the Law on Anti-Money Laundering.
Pursuant to Clause 1 and Clause 2, Article 4 of the Law on Anti-Money Laundering, the reporting entity is a financial institution licensed to perform one or more of the following activities: Receiving deposits; lending; financial leasing; payment services; payment intermediary services; issuing transfer instruments, bank cards, money transfer orders; bank guarantees, financial commitments; providing foreign exchange services, monetary instruments on the money market; securities brokerage; securities investment consulting, securities underwriting; securities investment fund management; securities investment portfolio management; life insurance business; currency exchange.
The reporting entities are organizations and individuals doing business in relevant non-financial sectors and professions as prescribed by law and performing one or more of the following activities: Business of prize-winning games, including: prize-winning electronic games; games on telecommunications networks and the Internet; casinos; lotteries; betting; real estate business, except for leasing, subleasing real estate and real estate consulting services; trading in precious metals and gemstones; accounting services; providing notary services; providing legal services of lawyers and law practice organizations; providing services of establishing, managing and operating enterprises; providing director and company secretary services to third parties; providing legal agreement services.
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