Circular stipulates new regulations on electronic money transfers

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The document provides regulations on criteria and methods for assessing money laundering risks of reporting entities; the process of managing money laundering risks and classifying customers in accordance with their level of money laundering risk; and internal regulations on anti-money laundering.

It also stipulates the reporting of high-value transactions and suspicious transactions, electronic money transfer transactions; and forms and  fix deadlines for electronic data reporting.

Particularly, reporting entities must submit a report to agencies responsible for anti-money laundering activities, which includes personal information of individuals involved in electronic transfer transactions if the transaction is equal to or exceeds 500 million VND (21,097 USD), the circular said.

The circular also states clearly cases where individuals conduct transactions exceeding 500 million VND but are not required to report to the state agency.

VNA