Financial Crime World

VTN and Partners: Expert Guidance on Trading and AML Compliance

The 2022 Anti-Money Laundering (AML) Law has introduced new requirements for reporting entities to conduct regular risk assessments and implement internal regulations to combat money laundering.

Risk Assessment Update

According to the law, reporting entities must update their risk assessment annually and report it to the State Bank of Vietnam (SBV) within a specified timeline. The national risk assessment on money laundering is conducted every five years, with the SBV taking the lead in coordinating with relevant ministries.

Internal AML Regulations

The 2022 AML Law also requires reporting entities, except for micro-enterprises, to establish and maintain internal AML regulations that cover all mandatory terms as specified by the law. These regulations must be made available to relevant authorities upon request.

Unusual Transactions

Reporting entities are now required to pay special attention to:

  • Complex or unusual large transactions
  • Those involving natural or legal persons in countries listed on the Financial Action Task Force’s (FATF) list or greylist
  • High-value and suspicious transactions

They must also report these transactions promptly to the SBV.

High-Value Transactions

The 2022 AML Law sets a threshold of VND400 million (approximately USD 17,167) for reporting high-value transactions. Reports must be made within one working day from the date of electronic transaction.

Suspicious Transactions

Reporting entities are required to report suspicious transactions that may include:

  • Those conducted at the request of accused individuals
  • Those possibly related to money laundering

Reports must be made within three working days from the date of transaction.

Interim Measures

The law also allows reporting entities to apply interim measures, including:

  • Postponement of transactions
  • Sealing of assets
  • Freezing of assets or accounts
  • Temporarily seizing of assets

These measures must be reported promptly to relevant authorities.

Contact Us

For more information on AML compliance and trading regulations, please contact VTN’s key persons:

Disclaimer

The article is for general informational purposes only and does not constitute legal advice.