Transactions worth from 400 million VND to be reported to state bank
Transactions with a value of 400 million VND ($16,520)or more must be reported to the State Bank of Vietnam (SBV) from December 1, 2023, according to a new regulation.
Banks will have to report transactions whose value is 400 million VND or more to the central bank. (Photo: tienphong.vn)
Hanoi (VNA) - Transactions with a value of 400million VND (16,520 USD) or more must be reported to the State Bank of Vietnam (SBV) fromDecember 1, 2023, according to a new regulation.
Under Prime Minister’s Decision 11/2023/QĐ-TTg, the new regulationis applied to financial institutions; and organisations and individuals engagedin related non-financial businesses as prescribed in Clauses 1 and 2, Article 4of the Anti-Money Laundering Law.
It affects financialinstitutions licensed to perform one or several activities including:acceptance of deposits; lending; financial leasing; payment services;intermediary payment services; issuance of negotiable instruments, bank cards,money transfer orders; bank guarantees and financial commitments; provision offoreign exchange services and monetary tools in the currency market; securitiesbrokerage; securities investment consulting, securities underwriting;securities investment fund management; securities investment portfoliomanagement; life insurance business; and currency exchange.
Relevant non-financialbusinesses and professions carrying out one or several activities includingprize-awarding games (including electronic games); telecommunicationsnetwork-based games; Internet-based games; casinos, lottery and betting; realestate transactions except real estate leasing and subleasing activities andreal estate consulting services; trading precious metals and gemstones;providing accounting services, notary services and legal services by lawyersand law-practicing organizations; services for establishing, managing andoperating businesses; director and secretary services for third parties; andlegal agreement services will also have to comply with the decision.
Currently, the value of transactions to be reported to the SBV is 300million VND./.
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Banks will have to report transactions whose value is 400 million VND or more to the central bank. (Photo: tienphong.vn) 
