On April 27, 2023, the Prime Minister issued Decision 11/2023/QD-TTg stipulating that large value transactions must be reported to the State Bank.
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In the Law on Prevention and Combat of Money Laundering 2022, it can be understood that a large value transaction that must be reported is a transaction in cash or foreign currency in cash made one or more times in a day, with a total value equal to or exceeding the regulations.
Accordingly, the following reporting subjects are responsible for reporting to the State Bank of Vietnam when conducting large value transactions that must be reported:
(1) The reporting entity is a financial institution licensed to perform one or more of the following activities:
- Accepting deposits;
- Loans;
- Financial leasing;
- Payment services;
- Payment intermediary services;
- Issuing negotiable instruments, bank cards, money transfer orders;
- Bank guarantees, financial commitments;
- Providing foreign exchange services and monetary instruments on the currency market;
- Stockbroker; securities investment consulting, securities underwriting;
- Securities investment fund management; securities investment portfolio management;
- Life insurance business;
- Money change.
(2) Reporting subjects are organizations and individuals doing business in relevant non-financial industries and professions according to the provisions of law that carry out one or several of the following activities:
- Trading in games with prizes, including: electronic games with prizes; games on telecommunications networks and the Internet; casino; Lottery; place a bet;
- Real estate business, except real estate leasing and subleasing activities and real estate consulting services;
- Trading in precious metals and gemstones;
- Providing accounting services; providing notary services; Providing legal services by lawyers and law-practicing organizations;
- Providing services for establishing, managing and operating businesses; providing director and company secretary services to third parties; provides legal agreement services.
Pursuant to the Law on Prevention and Combat of Money Laundering 2022, it is stipulated that reporting subjects are responsible for reporting to the State Bank of Vietnam when conducting large value transactions that must be reported.
Photo 1. From December 1, 2023, transactions of 400 million VND or more must be reported to the State Bank_Hotline: 097 211 8764
On April 27, 2023, the Prime Minister issued Decision 11/2023/QD-TTg stipulating that large value transactions must be reported to the State Bank.
Accordingly, from December 1, 2023, the above reporting subjects when conducting transactions with a large value of 400,000,000 (four hundred million) VND or more must report to the State Bank.
Decision 11/2023/QD-TTg takes effect from December 1, 2023.
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Photo 2. Free legal advice _ Hotline: 0972118764
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