(VOVWORLD) - The State Bank of Vietnam has issued a circular guiding certain provisions of the Law on Money Laundering Prevention and Control.
 Illustrative image (Photo: SBV) |
Especially, it stipulates the reporting of high-value transactions and suspicious transactions, electronic money transfer transactions; and forms and fix deadlines for electronic data reporting.
Reporting entities must submit a report to agencies responsible for anti-money laundering activities, which includes personal information of individuals involved in electronic transfer transactions if the transaction is equal to or exceeds 500 million VND (21,000 USD), the circular said.
The circular also states clearly cases where individuals conduct transactions exceeding 500 million VND but are not required to report to the state agency.