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Proposed Changes to Anti-Money Laundering Act
2021 Amendments
In 2021, proposed changes were made to Vietnam’s Anti-Money Laundering Law (AMLO) to expand definitions of financial institutions, predicate offenses, and professions. Additionally, companies subject to the law would have been required to perform more thorough reporting and due diligence.
However, recent amendments in 2022 only included minor procedural and substantive changes that did not significantly alter or expand the law.
Financial Intelligence Unit
- Of the total number of transactions reported to AMLO annually, [statistic].
Recent Developments
Vietnam’s Ministry of Finance Publishes Draft Circular on Securities Transactions
In April 2024, Vietnam’s Ministry of Finance published a draft circular concerning securities transactions, clearing and settlement of securities transactions, activities of securities companies, and information disclosure on the securities market. The draft circular will amend several regulations impacting public companies and the securities market.
Key Changes
- Relaxing pre-funding requirement for foreign institutional investors (FIIs)
- Allowing FIIs to purchase securities without 100% pre-funding their securities trading accounts, based on a signed agreement with a securities company
- State Securities Commission of Vietnam has the right to temporarily reinstate the 100% pre-funding requirement if measures for securities market stabilization are required
Thailand’s Anti-Money Laundering Office Issues Amended Notification
On May 17, 2024, Thailand’s Anti-Money Laundering Office (AMLO) issued an amended notification concerning the rules for designating or reviewing the list of high-risk customers who require close monitoring under the Ministerial Regulation on Customer Due Diligence B.E. 2563 (2020).
New Notification Covers Cybercrimes
- Account holders suspected of engaging in or facilitating technological crimes are to be classified as “high-risk persons”
- Financial institutions must take steps to manage money laundering risks and comply with the AMLO’s mandatory Guidelines on Customer Due Diligence
Vietnam’s New Law on Credit Institutions
Vietnam’s new Law on Credit Institutions will take effect on July 1, 2024, replacing the current Law on Credit Institutions issued in 2010. The law aims to strengthen banking operations and enhance transparency in this sector.