The State Bank of Vietnam recently issued Circular 27/2025 guiding the implementation of a number of articles of the Law on Anti-Money Laundering. This document takes effect from today (November 1), providing many new regulations to improve the effectiveness of controlling and preventing money laundering and terrorist financing in financial activities.
One of the notable points is the regulation on reporting regime of electronic money transfer transactions. Financial institutions, payment intermediary service providers and related units must report on transactions that reach a certain threshold.
Entities must report when money transfer transactions involving domestic organizations have a value of VND500 million or more or equivalent foreign currency. For international transactions, the reporting threshold applies when electronic money transfer transactions have a value of USD1,000 or more.
The report must include complete information about the initiating and beneficiary organizations, the sender and the recipient, and details of the account number, amount, currency, purpose and date of the transaction. The information must be submitted electronically, ensuring accuracy and timeliness as required by the regulatory agency.
In addition to reporting obligations, financial institutions must also proactively review, suspend or refuse transactions in case of detecting inaccurate information or signs of suspicion related to money laundering.
In fact, the VND 500 million level for domestic electronic money transfer transactions that must be reported is not a new regulation in Circular 27/2025, but has been maintained since 2007 until now.
Since 2005, Decree 74/2005 of the Government on anti-money laundering has stipulated the transaction value that must be reported. Accordingly, cash transactions with a value of 200 million VND and savings deposit transactions with a value of 500 million VND (or equivalent value in foreign currency or gold) must be reported.
Subsequent documents such as the 2012 Law on Anti-Money Laundering, the 2022 Law on Anti-Money Laundering and guiding Circulars, including Circular No. 27/2025, continue to inherit and perfect legal regulations on electronic money transfer transactions and the reporting regime for electronic money transfer transactions to meet international standards of FATF (Financial Action Task Force on Anti-Money Laundering).
The threshold for reporting electronic funds transfers alone has remained unchanged since 2007.
"Circular No. 27/2025 does not change the reporting value threshold but clarifies the responsibility of organizations providing electronic money transfer services in ensuring consistent and timely data and applying scanning and filtering technology to detect transactions with signs of risk," the State Bank stated.
The new circular takes effect today, but to give organizations time to prepare, the State Bank has stipulated a transition period. Specifically, until December 31 this year, reporting units will continue to apply internal procedures and risk management according to current regulations.
PV (synthesis)Source: https://baohaiphong.vn/tu-hom-nay-1-11-chuyen-tien-tu-500-trieu-dong-tro-len-se-phai-bao-cao-525276.html
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