Circular No. 20/2019/TT-NHNN dated November 14, 2019 of the State Bank of Vietnam on amending and supplementing a number of articles of Circular No. 35/2013/TT-NHNN of December 31, 2013, guiding a number of provisions on anti-money laundering

CIRCULAR

Amending and supplementing a number of articles of Circular No. 35/2013/TT-NHNN of December 31, 2013, guiding a number of provisions on anti-money laundering^[1]

Pursuant to the June 16, 2010 Law on the State Bank of Vietnam;

Pursuant to the June 18, 2012 Anti-Money Laundering Law;

Pursuant to the June 12, 2013 Counter-Terrorism Law;

Pursuant to the June 23, 2014 Customs Law;

Pursuant to the Government’s Decree No. 116/2013/ND-CP of October 4, 2013, detailing a number of articles of the Anti-Money Laundering Law;

Pursuant to the Government’s Decree No. 87/2019/ND-CP of November 14, 2019, amending and supplementing a number of articles of Decree No. 116/2013/ND-CP of October 4, 2013, detailing a number of articles of the Anti-Money Laundering Law;

Pursuant to the Government’s Decree No. 122/2013/ND-CP of October 11, 2013, prescribing circulation suspension, freezing, sealing, temporary seizure and disposal of money and assets related to terrorism and terrorism financing; and compilation of the list of organizations and individuals involved in terrorism or terrorism financing;

Pursuant to the Government’s Decree No. 16/2017/ND-CP of February 17, 2017, defining the functions, tasks, powers and organizational structure of the State Bank of Vietnam;

At the proposal of the Chief of the Banking Supervision Agency;

The Governor of the State Bank of Vietnam promulgates the Circular amending and supplementing a number of articles of Circular No. 35/2013/TT-NHNN of December 31, 2013, guiding a number of provisions on anti-money laundering.

Article 1. To amend and supplement a number of articles of Circular No. 35/2013/TT-NHNN of December 31, 2013, guiding a number of provisions on anti-money laundering

1. To amend and supplement Article 1 as follows:

“Article 1. Scope of regulation

This Circular provides measures of intensive assessment of high-risk customers; update of customer information; notification of the list of foreigners with political influence; terrorism financing prevention and combat; contents and forms of reports; high-value transactions, suspicious transactions, electronic money-transfer transactions and acts of money laundering for terrorism financing; and value of foreign-currency cash, Vietnam-dong cash, precious metals, gems and negotiable instruments subject to customs declaration, and papers to be produced to border-gates customs offices by persons on exit or entry who carry foreign-currency or Vietnam-dong cash, precious metals and gems.”

2. To add the following Article 3a:

“Article 3a. Assessment of money laundering and terrorism financing risks

Reporting subjects shall:

1. Base themselves on results of assessment of money laundering or terrorism financing risks in their countries, sectors and fields to assess money laundering and terrorism financing risks in order to thoroughly understand money laundering and terrorism financing risks (for customers, countries or geographic areas, products, services, transactions or distribution channels). Assessment results shall be approved and signed for issuance by Boards of Directors or Directors General.

2. Base themselves on results of assessment of money laundering and terrorism financing risks to develop a policy and process of management of risks found through risk assessment reports. Such policy and process shall be approved and signed for issuance by Boards of Directors or Directors General.

3. Annually update, amend or supplement results of assessment of money laundering and terrorism financing risks and issued policy and process of risk management.

4. Send results of assessment or update of money laundering and terrorism financing risks and policies and processes of risk management to the State Bank of Vietnam (the Anti-Money Laundering Agency) and state agencies directly managing them within 30 days after they are signed, issued or amended or supplemented and, at the same time, announce and publicize them in their systems.