Financial Crime World

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Customer’s Financial Institution Undertakes KYC Measures

A local financial institution has been required to conduct Know Your Customer (KYC) measures on a customer who recently opened an account with the institution. The customer, identified as [Name], is an individual with a permanent residence address in Vietnam and a registered residence address in Ho Chi Minh City.

According to the 2022 Anti-Money Laundering (AML) Law, the financial institution must collect specific information from customers, including:

  • Full name
  • Date of birth
  • Nationality
  • ID card or passport numbers
  • Permanent residence address
  • Registered residence address

The customer’s beneficial owners, if any, were also required to provide relevant information.

Appointment of Agent

The financial institution has appointed an agent to work on behalf of the customer in conducting transactions with the institution. The agent is responsible for ensuring that all transactions comply with AML regulations and reporting requirements.

Assessment of Money-Laundering Risks

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As part of its ongoing efforts to prevent money laundering, the financial institution must conduct an annual assessment of money-laundering risks. This report will be submitted to the State Bank of Vietnam (SBV) and other relevant authorities within a specified timeline.

Internal AML Regulations

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The 2022 AML Law requires all reporting entities, except for micro-enterprises, to establish internal AML regulations that cover all mandatory terms as required by law. The financial institution has complied with this requirement and made its internal AML regulations available for review.

Paying Special Attention to Suspicious Transactions

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The financial institution is required to pay special attention to suspicious transactions in certain sectors, such as:

  • Securities
  • Insurance
  • Prized gaming
  • Casino

Any transactions that show one or more signs of suspicious activity will be subject to further investigation and reporting.

Applying Interim Measures

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In cases where immediate action is necessary to prevent money laundering, the financial institution may apply interim measures, including:

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

These measures must be applied in accordance with law and reported promptly to the SBV and other relevant authorities.

Contact Information

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For more information on AML regulations and requirements, please contact VTN & Partners at [email address] or [phone number].