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Vietnam’s New Anti-Money Laundering Law Takes Effect

Hanoi, Vietnam - March 1, 2023 marked the effective date of Vietnam’s new Anti-Money Laundering Law (Law No. 14/2022/QH15), aimed at strengthening the country’s efforts to prevent and combat money laundering.

Defining Money Laundering

The law defines “money laundering” as an act of an individual or organization to legitimize the origin of property obtained from a crime. This includes:

• Collecting and updating customer identification information
• Conducting a money laundering risk assessment
• Establishing policies and procedures to identify and assess customers’ money laundering risk levels

Obligations for Reporting Entities

Reporting entities, including financial institutions, payment intermediary service providers, and non-financial businesses such as real estate companies and casinos, have obligations to:

• Report large-value transactions and suspicious transactions to the State Bank of Vietnam
• Review the list of politically influential foreign individuals announced by the State Bank of Vietnam and take appropriate measures to verify the origin of assets and beneficial owners of these customers

Signs of Suspicious Transactions

The law provides guidelines on signs of suspicious transactions, including:

• Delaying transactions for up to three working days if they suspect or ascertain that parties involved in transactions are on the black list
• Suspecting or believing a transaction is related to criminal activities

Strengthening International Cooperation

The new Anti-Money Laundering Law aims to enhance Vietnam’s anti-money laundering regime and strengthen international cooperation to combat money laundering and terrorist financing.