Vietnam’s Updated Anti-Money Laundering Law: A New Era in Combating Financial Crimes
The National Assembly of Vietnam ratified the revised Anti-Money Laundering (AML) Law on December 23, 2022, with implementation beginning on March 1, 2023. This upgrade from the previous 2012 legislation brings stricter measures to combat financial crimes and strengthens Vietnam’s financial transparency, attracting abroad investor confidence.
Key Amendments to the AML 2022 Law
- Broader definition of money laundering: Includes activities aimed at legitimizing ill-gotten gains.
- Extensive list of reporting entities: Digital wallet providers, payment services, etc.
- Detailed KYC information: Customer’s nationality, identity, and organization status.
- New risk assessment policy: Periodic assessments and public disclosures.
- Expanded definition of PEPs: Individuals with political influence and senior positions.
Expanded List of Reporting Entities
- Financial leasing activities
- Payment services
- Bank guarantees activities
- Stockbrokers
- Securities investment consulting, securities underwriting
- Management of securities investment funds
- Life insurance business
- Casino business
- Currency exchange activities
- Accounting and legal services
- Trading in precious metals
- Foreign exchange services
- Management of securities investment funds
Compliance Steps for Businesses
- Provide detailed training: To employees on best practices to combat money laundering under a risk assessment framework.
- Implement reliable AML systems: Utilize data intelligence software for accurate identification and intervention.
AML 2022 Law’s Objectives
- Strengthen Vietnam’s anti-money laundering framework
- Adhere to international standards
- Protect the integrity of Vietnam’s financial system
- Safeguard investor trust
Contact Information
ASEAN Briefing is a publication of Dezan Shira & Associates. For professional services to foreign investors in ASEAN and office locations in Vietnam, Singapore, Indonesia, Malaysia, Thailand, China, and India, please contact us at asean@dezshira.com or visit our website at www.dezshira.com.