On 27 April 2023, the Prime Minister issued the Decision No. 11/2023/QD-TTg regulating the high value transactions subject to reporting, substituting for the Decision No. 20/2013/QD-TTg dated 18 April 2013.
Accordingly, as of 01 December 2023, financial institutions, and related organizations and individuals engaged in non-financial business lines as stated in Clauses 1 and Clause 2, Article 4 of the Law on Anti-Money Laundering 2022 must report to the State Bank of Vietnam when carrying out the transactions with the value of more than 400,000,000 Vietnam Dong. In particular, the reporting subjects under this Decision include the following organizations and individuals:
Group 1: Financial institutions licensed to conduct one or more of the following activities or operations:
- Acceptance of deposits;
- Financial leasing;
- Payment services;
- Payment intermediary services;
- Issuance of negotiable instruments, bank cards, money transfer orders;
- Bank guarantees, financial commitments;
- Provision of foreign exchange services, money market instruments;
- Securities brokerage; security investment consulting, provision of security for securities issues;
- Security investment fund management; security investment portfolio management;
- Life insurance business; and
- Money and currency changing.
Group 2: Related organizations and individuals engaged in non-financial business lines as prescribed by law conduct one or more of the following activities or operations:
- Doing business in prize-awarding games, including: prize-awarding electronic games; telecommunications network-based games, Internet-based games; casinos; lottery tickets; betting;
- Real estate business, except leasing or subleasing of real property and real estate consulting;
- Doing business in precious metals, jewels;
- Doing business in accounting services; provision of notarial services; provision of legal services rendered by lawyers, legal professional organizations; and
- Provision of services of enterprise establishment, management, and administration; provision of company director or secretary services to the third parties; provision of legal agreement service.