Financial Crime World

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Vietnam’s New AML Law: Key Changes and Practical Solutions

PwC Vietnam, a leading professional services firm, has released an updated report highlighting the key changes and practical solutions for financial institutions to comply with Vietnam’s new Anti-Money Laundering (AML) law.

Key Changes

  • Enhanced Customer Due Diligence (CDD): Financial institutions must verify the identity of customers and beneficial owners.
  • Strengthened Correspondent Banking Relationships: Risk-based monitoring and reporting are now required.
  • Expanded Suspicious Transaction Reporting: More types of transactions must be reported, with a 48-hour deadline for financial institutions to report suspicious activities.
  • Technology-Based Anti-Money Laundering Systems: Automated screening and monitoring tools are now introduced.

Practical Solutions

To ensure effective implementation of the new AML law, PwC Vietnam recommends that financial institutions:

  • Establish an effective quality assurance program to monitor and evaluate outsourced service providers.
  • Implement a risk-focused approach to monitoring and reporting suspicious transactions.
  • Ensure staff involved in handling suspicious transaction alerts are adequately skilled and experienced to identify and assess criminal activity.

Expert Insights

“We understand that implementing these changes can be complex and challenging for financial institutions,” said Mr. Hiran Cabraal, Director, Financial Crime Risk Consulting Service at PwC Vietnam. “Our team of experts is committed to helping clients navigate these changes and ensure compliance with the new AML law.”

PwC Vietnam has extensive experience in providing anti-money laundering consulting services to financial institutions across Vietnam. Our team of experts can assist clients in implementing effective risk management strategies, conducting training and awareness programs for employees, and ensuring ongoing compliance with regulatory requirements.

Contact Us

For more information on the new AML law and how PwC Vietnam can assist you in implementing these changes, please contact: