Anti-Money Laundering Law 2022, 14/2022/QH15

ANTI-MONEY LAUNDERING LAW^[1]

Pursuant to the Constitution of the Socialist Republic of Vietnam; 

The National Assembly promulgates the Anti-Money Laundering Law.

Chapter I

GENERAL PROVISIONS 

Article 1. Scope of regulation

1. This Law provides for measures to prevent, detect, stop and handle organizations and individuals committing acts of money laundering; responsibilities of agencies, organizations and individuals for money laundering prevention and combat; and international cooperation on money laundering prevention and combat.

2. The prevention and combat of acts of money laundering of organizations and individuals for the purpose of financing terrorism or financing the proliferation of weapons of mass destruction must comply with this Law, the criminal law, and the law against terrorism and proliferation of weapons of mass destruction.

Article 2. Subjects of application

1. Financial institutions.

2. Organizations and individuals engaged in related non-financial sectors and trades.

3. Vietnamese organizations and individuals, foreign organizations, foreigners, and international organizations that have transactions with financial institutions or organizations and individuals engaged in related non-financial sectors and trades.

4. Other organizations and individuals and agencies involved in anti-money laundering activities.

Article 3. Interpretation of terms

In this Law, the terms below are construed as follows:

1. Money laundering means acts of organizations or individuals aiming to legalize the origin of assets derived from crime.

2. Asset derived from crime means an asset derived directly or indirectly from a criminal act; or an amount of income, yields, gains or profits earned from an asset derived through a criminal act.

3. High-value transaction subject to reporting means a cash transaction in Vietnam dong or a foreign currency which is conducted once or more than once in a day with a total value equaling or exceeding the law-prescribed level.

4. Originator means an account holder or a person who requests a financial institution to make electronic money transfer in case no account is used.

5. Electronic money transfer means a transaction conducted by electronic means through a financial institution at the request of an originator in order to transfer a certain sum of money to a beneficiary at its/his/her financial institution. A beneficiary may also be an originator.    

6. Customer means an organization or individual that is using or intends to use services or products provided by a financial institution or an organization or individual engaged in related non-financial sectors and trades. 

7. Beneficial owner means an individual who has the actual ownership over one or more than one asset and has the right to dominate customers conducting asset-related transactions for him/her; or an individual who has the right to dominate a legal person or a legal arrangement.

8. Agent bank relationship means a relationship formed from the fact that a bank in a country or territory provides banking and payment services and other services to a partner bank in another country or territory.

9. Blacklists include the list of organizations and individuals linked to terrorism or terrorism financing made under the charge of the Ministry of Public Security and the list of organizations and individuals designated to be linked to the proliferation of or proliferation financing for weapons of mass destruction made under the charge of the Ministry of National Defense in accordance with law.

10. Warning list means the list of organizations and individuals made by the State Bank of Vietnam to warn about high-risk organizations and individuals for money laundering.

11. Financial Action Task Force means an inter-governmental organization that issues standards and promotes the effective enforcement of legal measures, management and actions to combat money laundering, terrorism financing and financing of the proliferation of weapons of mass destruction and other related threats to the integrity of the global financial system.

12. Legal arrangement means an agreement in the form of entrustment or another form of similar nature which is established in accordance with a foreign law, permitting the entrusted party to acquire the lawful ownership over an asset from the entrusting party to operate, manage and monitor such asset for benefits of a beneficiary or for the purpose stated in such agreement.  

13. Shell bank means a bank that has no physical presence in a country or territory where it is incorporated and licensed and which is not affiliated with or controlled by any regulated financial institution.

14. Not-for-profit organization means an organization operating not for the profit-making purpose, which may be a society, social fund, charity fund, religious organization or foreign non-governmental organization established, registered and operating in accordance with Vietnam’s law.

15. Foreign politically exposed person means a person holding a high-rank position in a foreign agency or organization or an international organization.

Article 4. Reporting entities    

1. Reporting entities are financial institutions licensed to carry out one or several of the following operations:

a/ Receiving deposits;

b/ Providing loans;

c/ Financial leasing;

d/ Proving payment services;

dd/ Providing intermediary payment services;

e/ Issuing negotiable instruments, bank cards and money transfer orders;

g/ Providing banking guarantee and financial commitments;

h/ Providing foreign exchange services and monetary instruments on the monetary market;

i/ Providing securities brokerage; providing securities investment consultancy and securities issuance underwriting;

k/ Managing securities investment funds; managing securities investment portfolios;

l/ Conducting life insurance business;

m/ Providing currency exchange services.

2. Reporting entities are organizations or individuals engaged in related non-financial sectors and trades as specified by law that carry out one or several of the following operations:

a/ Dealing in prize-winning games, including prize-winning video games; games on telecommunications networks or the Internet; casino; lottery; or betting;

b/ Conducting real estate business, except lease or sub-lease of real estate and provision of real estate consultancy services;

c/ Trading in precious metals and gems;

d/ Providing accounting services; providing notarization services; providing legal services of lawyers and law-practicing organizations;

dd/ Providing enterprise establishment, management and operation services; providing corporate directorship and secretarial services to third parties; providing legal arrangement services.

3. The Government shall specify emerging activities that are exposed to money laundering risks of reporting entities other than those specified in Clauses 1 and 2 of this Article after obtaining the consent of the National Assembly Standing Committee.

Article 5. Principles in money laundering prevention and combat

1. Money laundering prevention and combat must comply with law on the basis of ensuring the sovereignty, territorial integrity, national security and national interests; ensuring normal economic and investment activities; protecting the lawful rights and interests of organizations and individuals; and preventing the abuse of powers and anti-money laundering activities to infringe upon the lawful rights and interests of related organizations and individuals.

2. Money laundering acts shall be handled in accordance with law.

3. Anti-money laundering measures shall be implemented in a coordinated and timely manner.

Article 6. International cooperation on money laundering prevention and combat

1. International cooperation on money laundering prevention and combat shall be undertaken on the principles of respect for independence, sovereignty, territorial integrity, national security, mutual benefit, and compliance with Vietnam’s law, treaties to which the Socialist Republic of Vietnam is a contracting party, and international agreements between Vietnamese signatories and foreign signatories.

In case there is no treaty or international agreement between Vietnam and a foreign country, the exchange, provision and transfer of information in international cooperation on money laundering prevention and combat shall be carried out on the principle of reciprocity, not in contravention of Vietnam’s law, and in compliance with international law and practices.

2. Competent state agencies shall, within the ambit of their functions and tasks, undertake international cooperation on money laundering prevention and combat with the following contents:

a/ Identification and freezing of assets of money laundering criminals;

b/ Provision of mutual legal assistance;

c/ Exchange, provision and transfer of information on money laundering prevention and combat with/to foreign authorities;

d/ Research, training, provision of information, technical assistance and financial support, and exchange of experience in money laundering prevention and combat;

dd/ Other contents of cooperation on money laundering prevention and combat as specified by law.

3. In the course of undertaking international cooperation on money laundering prevention and combat, competent state agencies may refuse to exchange, provide or transfer information on money laundering prevention and combat in the following cases:

a/ Information requested to be exchanged, provided or transferred is likely to cause harms to independence, sovereignty, territorial integrity, national security, national interests or other important interests of Vietnam;

b/ Information requested to be exchanged, provided or transferred is not conformable with treaties to which the Socialist Republic of Vietnam is a contracting party, international agreements between Vietnamese signatories and foreign signatories, or Vietnam’s law;

c/ Requests for information exchange, provision or transfer are not complete as required by law;

d/ Foreign authorities fail to commit to keeping or fail to keep exchanged, provided or transferred information confidential under the confidentiality regime of Vietnam’s regulations on protection of state secrets, for information exchanged, provided or transferred by domestic competent state agencies.

4. The order and procedures for and methods of international cooperation on money laundering prevention and combat must comply with treaties to which the Socialist Republic of Vietnam is a contracting party, international agreements between Vietnamese signatories and foreign signatories, and other relevant regulations.

5. Every year or at the request of the State Bank of Vietnam, Vietnamese competent state agencies shall provide the State Bank of Vietnam with contents of international cooperation on money laundering prevention and combat with foreign authorities.

Article 7. National risk assessment of money laundering

1. Once every 5 years, the State Bank of Vietnam shall assume the prime responsibility for, and coordinate with related ministries and sectors in, carrying out the national risk assessment of money laundering and submit to the Government for approval assessment results and post-assessment plans. The national risk assessment of money laundering shall be carried out also for emerging activities that are possibly exposed to money laundering risks.

2. Ministries and sectors have the following responsibilities:

a/ To disseminate results of the national risk assessment of money laundering within their ministries and sectors and to reporting entities under their management and, at the same time, take measures to mitigate identified risks;

b/ To update results of the assessment of money laundering risks based on the implementation of post-assessment plans or upon the emergence of new risks in the fields falling under their management, then send them to the State Bank of Vietnam. Based on updated results of risk assessment received from ministries and sectors, the State Bank of Vietnam shall sum up and submit to the Government for approval the updated results of the national risk assessment of money laundering and post-updating plans.

3. The Government shall provide for principles of, criteria for, and methods of, the national risk assessment of money laundering.

Article 8. Prohibited acts in money laundering prevention and combat

1. Organizing, taking part in, facilitating, or supporting, the commission of money laundering acts.

2. Opening or maintaining unnamed accounts or accounts with fake names.

3. Establishing or maintaining business relationships with shell banks.

4. Illegally providing services of receiving cash, checks and other monetary instruments or store value facilities and making payments to beneficiaries.

5. Abusing positions and powers in money laundering prevention and combat to infringe upon the lawful rights and interests of organizations and individuals.

6. Obstructing the provision of information serving money laundering prevention and combat.

7. Intimidating or taking revenge on persons who detect, provide information on, report or denounce, money laundering acts.

Chapter II

ANTI-MONEY LAUNDERING MEASURES 

Section 1

KNOW-YOUR-CUSTOMER AND COLLECTION, UPDATING AND VERIFICATION OF KNOW-YOUR-CUSTOMER INFORMATION

Article 9. Know-your-customer 

1. Know-your-customer covers collection, updating and verification of the information specified in Articles 10 thru 14 of this Law.

2. A financial institution shall conduct know-your-customer activities in the following cases:

a/ A customer opens an account at or establishes a relationship with the financial institution for the first time;

b/ A customer conducts  infrequent transactions of a value equaling or exceeding the law-prescribed level; or conducts an electronic money transfer transaction while lacking information on the name, address and account number of the originator or transaction code in case the originator has no account;

c/ A transaction is or the parties to a transaction are suspected to be related to money laundering activities;

d/ There arises suspicion about the accuracy or adequacy of previously collected know-your-customer information.

3. An organization or individual engaged in related non-financial sectors and trades shall carry out know-your-customer activities in the following cases:

a/ An organization or individual engaged in a sector or trade specified at Point a, Clause 2, Article 4 of this Law shall carry out know-your-customer activities when a customer conducts a transaction of a value equaling or exceeding the law-prescribed level;

b/ An organization or individual engaged in a sector or trade specified at Point b, Clause 2, Article 4 of this Law shall carry out know-your-customer activities when providing real estate business services;

c/ An organization or individual engaged in a sector or trade specified at Point c, Clause 2, Article 4 of this Law shall carry out know-your-customer activities when a customer conducts a cash transaction of purchase and sale of precious metals or gems in Vietnam dong or foreign currencies of a value equaling or exceeding the law-prescribed level;

d/ An organization or individual engaged in a sector or trade specified at Point d, Clause 2, Article 4 of this Law shall carry out know-your-customer activities when providing accounting services; carrying out notarization procedures, or preparing, on behalf of its/his/her customers, conditions to conduct transactions, or conducting, on behalf of its/his/her customers, transactions on transfer of land use rights or ownership of houses or land-attached assets; managing money, securities or other assets of its/his/her customers; managing accounts of its/his/her customers at banks or securities companies; operating or managing companies; or taking part in acquisition activities;

dd/ An organization or individual engaged in a sector or trade specified at Point dd, Clause 2, Article 4 of this Law shall carry out know-your-customer activities when providing enterprise establishment, management and operation services; providing corporate directorship and secretarial services to third parties; or providing legal arrangement services.

4. The Government shall detail this Article.

Article 10. Know-your-customer information 

Reporting entities shall collect know-your-customer information, including:

1. Customer identification information, including also information on representatives of individual customers (if any):

a/ For a single-citizenship individual customer who is a Vietnamese: full name; date of birth; citizenship; occupation, position; phone number, people’s identity card number, citizen identity card number, personal identification number or passport number, and date and place of issuance; registered permanent residence address and another current place of residence (if any);

b/ For a single-citizenship individual customer who is a foreigner residing in Vietnam: full name; date of birth; citizenship; occupation, position; phone number; passport number, and date and place of issuance; entry visa number, unless he/she is entitled to visa exemption in accordance with law; overseas residence address and registered residence address in Vietnam;

c/ For a single-citizenship individual customer who is a foreigner not residing in Vietnam: full name; date of birth; citizenship; occupation, position; passport number or identification information issued by a foreign authority, and date and place of issuance; overseas residence address;

d/ For a multiple-citizenship individual customer: the relevant information specified at Point a, b or c of this Clause; citizenship(s) of, and residence address(es) in, the other country(ies);

dd/ For a stateless individual customer: full name; date of birth; occupation, position; international travel document (if any) number and visa number; entry visa issuer, unless he/she is entitled to visa exemption in accordance with law; overseas residence address (if any) and registered residence address in Vietnam;

e/ For an institutional customer: full transaction name and abbreviated name; head office address; establishment license number, enterprise identification number or tax identification number; phone number; fax number and website address (if any); areas of operation and business; information on its founder, at-law representative, director or director general, and chief accountant or person in charge of accounting (if any), including the relevant information specified at Point a, b, c, d or dd of this Clause, and the information specified at this Point, in case the founder is an institution;

2. Information on the beneficial owner, including the relevant customer identification information specified at Point a, b, c, d or dd, Clause 1 of this Article. Reporting entities shall identify the beneficial owners and apply measures to know and update information on the beneficial owners. The Government shall provide in detail criteria for identification of beneficial owners;

3. Purpose(s) and nature of the business relationship between customers and reporting entities.

Article 11. Updating of know-your-customer information

Reporting entities shall update know-your-customer information throughout the period of establishing relationships with customers in order to ensure that transactions currently conducted by such customers match customer information in available dossiers, information already known about customers, business operations, level of money laundering risks, and origin of assets of customers.

Article 12. Verification of know-your-customer information

1. Reporting entities may use materials and data to verify know-your-customer information, including:

a/ For an individual customer: people’s identity card, citizen identity card or passport which remains valid; other papers issued by competent agencies;

b/ For an institutional customer: establishment license, establishment decision or enterprise registration certificate; decision on reorganization, dissolution, bankruptcy or termination of operation of the institution (if any); charter of the institution; decisions on appointment or contracts on hiring of the general director or director and chief accountant or person in charge of accounting (if any); documents and data related to the founder and at-law representative of the institution, and the beneficial owner. 

2. Reporting entities may exploit information from national databases in accordance with law, through competent state agencies, other organizations specified in Article 13 or third parties specified in Article 14 of this Law for collation and verification of information provided by customers.

Article 13. Hiring other organizations to verify know-your-customer information

1. Reporting entities may hire other lawfully established and operating organizations to verify know-your-customer information, except the case specified in Article 14 of this Law. The hiring of other organizations to verify know-your-customer information must comply with agreements between the parties and relevant regulations.

2. Reporting entities shall ensure that hired organizations keep know-your-customer information confidential in accordance with law and shall take responsibility for results of the verification of know-your-customer information by hired organizations.

Article 14. Conducting know-your customer activities through third parties

1. A reporting entity may conduct know-your-customer activities through a third party and shall ensure that such third party satisfies the following requirements:

a/ Being a financial institution or an organization engaged in related non-financial sectors and trades that has established relationships with its customers, excluding agency and outsourcing relationships;

b/ Conducting know-your-customer activities in accordance with this Law or recommendations of the Financial Action Task Force in case the third party is an overseas institution;

c/ Storing and promptly and adequately providing know-your-customer information to the reporting entity when so requested; and keeping information confidential in accordance with law;

d/ Being subject to management and supervision by a competent agency.

2. In case a third party is a financial institution that has its parent company being a financial institution, the reporting entity shall ensure that such third party satisfies the requirements specified in Clause 1 of this Article and the parent company of the third party satisfies know-your-customer requirements and requirements on identification of foreign politically exposed persons, storage and assurance of confidentiality of information, dossiers, documents and reports specified in Articles 9, 17, 38 and 40 of this Law or according to related recommendations of the Financial Action Task Force, in case the parent company of the financial institution is a foreign institution, which shall be applied and controlled in the whole system; and apply policies to mitigate risks in fields highly prone to money laundering risks.

3. Reporting entities shall take responsibility for know-your-customer results of third parties.

Article 15. Assessment of money laundering risks of reporting entities

1. Reporting entities shall assess their money laundering risks. Results of the assessment of money laundering risks of reporting entities shall be updated on an annual basis. For institutional reporting entities, results and updated results of the assessment of money laundering risks shall be approved according to their internal regulations.

2. Reporting entities shall report on results and updated results of the assessment of money laundering risks to the State Bank of Vietnam and ministries and sectors performing the sector-based state management of the reporting entities within 45 days from the date of completion of the assessment, for individual reporting entities, or from the date such results are approved, for institutional reporting entities. Results and updated results of the assessment of money laundering risks shall be disseminated within entire systems of the reporting entities.

3. The Governor of the State Bank of Vietnam shall specify criteria for and methods of the assessment of money laundering risks of reporting entities.

Article 16. Classification of customers based on levels of money laundering risks

1. Based on results and updated results of the assessment of money laundering risks specified in Article 15 of this Law, reporting entities shall develop a process of management of money laundering risks. Such process must state the classification of customers based on risk levels, including low risk, medium risk and high risk, and applicable measures corresponding to the levels of money laundering risks of customers.

2. Reporting entities shall apply measures corresponding to the levels of money laundering risks of customers according to the following provisions:

a/ For customers with a low level of money laundering risks, reporting entities may collect, update and verify know-your-customer information at a simplified level after the first establishment of relationships with customers;

b/ For customers with a medium level of money laundering risks, reporting entities shall conduct know-your-customer activities under Article 9 of this Law;

c/ For customers with a high level of money laundering risks, in addition to the measures specified at Point b of this Clause, reporting entities shall apply enhanced measures, such as collecting, updating and verifying know-your-customer information in an intensified manner and closely monitoring customer transactions.

3. The Governor of the State Bank of Vietnam shall detail this Article.

Article 17. Responsibilities of reporting entities in relation to foreign politically exposed persons

1. Reporting entities shall review information sources, including also information on the list of foreign politically exposed persons notified by the State Bank of Vietnam, in order to make lists of customers being foreign politically exposed
persons for application.

2. A reporting entity must meet the following requirements:

a/ Having an appropriate risk management system to identify customers or beneficial owners who are foreign politically exposed persons; and beneficiaries or beneficial owners of beneficiaries stated in life insurance contracts who are foreign politically exposed persons;

b/ Obtaining approval from a senior manager in accordance with internal regulations before establishing business relationships with customers who are foreign politically exposed persons;

c/ Taking appropriate measures to verify the origin of assets of customers and beneficial owners who are foreign politically exposed persons and persons related to foreign politically exposed persons specified in Clause 3 of this Article, and supervising business relationships throughout the course of conducting transactions with reporting entities; closely monitoring business relationships with holders of life insurance contracts under which beneficiaries or beneficial owners of beneficiaries are foreign politically exposed persons and reviewing suspicious transaction reports when necessary.

3. Reporting entities shall comply with Points b and c, Clause 2 of this Article for individual customers falling into one of the following cases:

a/ Being parents, spouses, children or siblings of the individuals on the lists specified in Clause 1 of this Article;

b/ Being co-owners with the individuals on the lists specified in Clause 1 of this Article of one or more than one legal person or legal arrangement;

c/ Being beneficial owner(s) of one or more than one legal person or legal arrangement owned by the individuals on the lists specified in Clause 1 of this Article.

Article 18. Agent bank relationship

1. When establishing relationships with partner banks to provide the latter with banking and payment services and other services, reporting entities being banks shall:

a/ Collect information about partner banks in order to fully understand the nature of business and reputation of partner banks and information about whether or not the partner banks are subject to investigation into money laundering or other violations of the anti-money laundering law;

b/ Assess the implementation of anti-money laundering measures by partner banks;

c/ Clearly understand the responsibility of partner banks to prevent and combat money laundering in the agent bank relationship.

2. In case a customer of a partner bank is capable of making payment via the partner bank’s account opened at a reporting entity, the reporting entity shall ensure that the partner bank has adequately conducted know-your-customer activities and is able to provide know-your-customer information at the request of the reporting entity. The partner bank’s account opened at the reporting entity may not be used by any shell bank.

3. The establishment of agent bank relationship of a reporting entity shall be approved by the director/general director of the reporting entity or his/her authorized person.

Article 19. Responsibilities of reporting entities for new products and services or existing products and services with application of innovative technologies

1. Reporting entities shall issue policies and procedures to identify and assess levels of money laundering risks before providing new products and services or existing products and services with application of innovative technologies for the following purposes:

a/ Detecting and stopping the use of new products and services or existing products and services with application of innovative technologies for money laundering;

b/ Managing money laundering risks upon the establishment of transactions with customers that use new products and services or existing products and services with application of innovative technologies.

2. Reporting entities shall apply appropriate measures when providing new products and services or existing products and services with application of innovative technologies to minimize money laundering risks.

Article 20. Monitoring of a number of special transactions

1. Reporting entities shall monitor the following special transactions:

a/ Transactions with abnormally high values or complicated transactions as specified by the Government;

b/ Transactions with organizations and individuals in countries and territories on the list announced by the Financial Action Task Force to combat money laundering or on the warning list.

2. In order to monitor special transactions, reporting entities shall apply the enhanced measures specified at Point c, Clause 2, Article 16 of this Law; and check information on and purposes of such transactions. In case of any suspicion, reporting entities shall review, analyze and report on suspicious transactions and may reject such transactions.

Article 21. Transparency of information on legal persons

1. Business registration agencies and agencies granting establishment and operation licenses to legal persons shall update and store basic information on legal persons, including names and type of legal persons, establishment decisions, licenses related to operation, legal status, head office addresses, and organizational and managerial structure; list of managers of legal persons, charters; and beneficial owners of legal persons (if any). Such information shall be stored for at least 5 years from the date a legal person terminates its operation in accordance with law.

2. Legal persons shall collect, update and store their basic information, including names and type of legal persons, establishment decisions, operation licenses, legal status, head office addresses, and organizational and managerial structure; list of managers of legal persons, charters; and beneficial owners of legal persons.

3. In the course of performing their functions and tasks of state management of money laundering prevention and combat and carrying out investigation, prosecution or trial, the State Bank of Vietnam and competent state agencies may request agencies and legal persons to provide the information specified in Clauses 1 and 2 of this Article.

Article 22. Transparency of information on legal arrangements

1. The trusted party in a legal arrangement has the following responsibilities:  

a/ To collect and update identification information on the trusting party, trusted party, beneficiary(ies), related parties (if any), and the individual having the right to final control of the entrustment.

Such information shall be stored for at least 5 years from the date the trusted party stops participating in entrustment activities;

b/ To provide the information specified at Point a of this Clause to competent agencies upon request; and information related to entrusted assets upon request to financial institutions, and organizations and individuals engaged in related non-financial sectors and trades in the course of establishing and maintaining customer relationships with these organizations and individuals.

2. When conducting know-your-customer activities for customers being the trusted parties, financial institutions and organizations and individuals engaged in related non-financial sectors and trades may request the trusted parties to provide the information specified in Clause 1 of this Article and the entrustment documents.

3. In the course of performing their functions and tasks of state management of money laundering prevention and combat or carrying out investigation, prosecution and trial, the State Bank of Vietnam and competent state agencies may request organizations and individuals to provide the information specified in Clauses 1 and 2 of this Article.

Article 23. Transparency in operation of not-for-profit organizations

1. Not-for-profit organizations shall collect, update and store the following information, dossiers and documents:

a/ Information on donors, including full names, addresses, donation amounts, methods of donation giving, and other information (if any);

b/ Information on donation recipients, including full names, addresses, received donation amounts, methods of donation receipt, purposes of use of donations, and other information (if any);

c/ Dossiers, documents and papers related to the giving and receipt of donations.

2. Not-for-profit organizations shall store the information, dossiers and documents specified in Clause 1 of this Article for at least 5 years from the date the giving or receipt of donations is completed.

3. In case a not-for-profit organization is dissolved or terminates its operation, the information, dossiers and documents specified in Clause 1 of this Article shall be handed over to the competent agency managing such not-for-profit organization.

4. In the course of performing functions and tasks of state management of money laundering prevention and combat and carrying out investigation, prosecution and trial, the State Bank of Vietnam and competent state agencies may request not-for-profit organizations to provide the information, dossiers and documents specified in Clause 1 of this Article.

Section 2

RESPONSIBILITIES FOR FORMULATING INTERNAL REGULATIONS AND REPORTING, PROVIDING AND STORING INFORMATION AND DOSSIERS ON MONEY LAUNDERING PREVENTION AND COMBAT

Article 24. Internal regulations on money laundering prevention and combat

1. Institutional reporting entities shall issue their internal regulations on money laundering prevention and combat, which must have the following major contents:

a/ Customer acceptance policy, covering contents on account opening refusal, establishment of business relationships, performance of transactions or termination of business relationships with customers, in case the reporting entities are unable to complete know-your-customer activities for the reason that customers refuse to provide information or provide inadequate information;

b/ Procedures for conducting know-your-customer activities;

c/ Risk management policies and procedures, including the contents specified in Clause 1, Article 16; Clause 1, Article 19; and Clause 2, Article 34, of this Law;

d/ Procedures for reporting on transactions subject to reporting;

dd/ Procedures for reviewing, detecting, handling and reporting on suspicious transactions; methods of communicating with customers that conduct suspicious transactions;

e/ Information storage and confidentiality;

g/ Application of provisional measures and adherence to resolution principles in cases of transaction delay;

h Regime on reporting and provision of information to the State Bank of Vietnam and competent state agencies;

i/ Recruitment of personnel, and professional training and further training in money laundering prevention and combat;

k/ Control and internal audit of the compliance with policies, regulations, processes and procedures related to anti-money laundering activities; and responsibility of each individual or division for implementing internal regulations on money laundering prevention and combat.

2. Reporting entities being microenterprises or individuals shall issue internal regulations on money laundering prevention and combat, which must have the contents specified at Points a, b, c, dd, e and g, Clause 1 of this Article.

3. Internal regulations must ensure the prevention, detection, stoppage and handling of suspicious activities related to money laundering; be suitable to the organizational structure, scale of operation and level of money laundering risks in activities of reporting entities, and shall be applied and disseminated within entire systems and agents of reporting entities.

4. Every year, reporting entities shall assess their internal regulations on money laundering prevention and combat in order to consider making appropriate amendments and supplementations.

5. The Governor of the State Bank of Vietnam shall detail this Article.

Article 25. Reporting on high-value transactions subject to reporting

1. Reporting entities shall report to the State Bank of Vietnam when conducting high-value transactions subject to reporting.

2. The Prime Minister shall decide on a level at which a transaction is considered a high-value one subject to reporting as suitable to socio-economic conditions in each period.

3. The Governor of the State Bank of Vietnam shall provide for the regime of reporting on high-value transactions subject to reporting.

Article 26. Reporting on suspicious transactions

1. Reporting entities shall report on suspicious transactions to the State Bank of Vietnam in the following cases:

a/ They know that such transactions are conducted at the request of the accused, defendants or convicted persons and have reasonable grounds to suspect that assets involved in such transactions come under the ownership or originate from the ownership or under the control right of the accused, defendants or convicted persons. The identification of the accused, defendants or convicted persons shall be based on notices of competent state agencies;

b/ They have reasonable grounds to suspect assets in money laundering-related transactions, based on the review, collection and analysis of information when customers or transactions show one or more of the suspicious signs specified in Articles 27 thru 33 of this Law or show other signs as identified by the reporting entities.

2. Upon detecting suspicious signs other than those specified in Articles 27 thru 33 of this Law, reporting entities and related ministries and sectors shall notify them to the State Bank of Vietnam.

3. Based on requirements of money laundering prevention and combat in each period, the State Bank of Vietnam shall propose the Government to additionally specify suspicious signs in sectors and fields other than those specified in Articles 27 thru 33 of this Law.

4. The Governor of the State Bank of Vietnam shall provide for the regime of reporting on suspicious transactions.

Article 27. Basic suspicious signs

1. Customers refuse to provide information or provide inaccurate, incomplete or inconsistent know-your-customer information.

2. Customers persuade reporting entities not to report on transactions to competent state agencies.

3. It is impossible to identify customers based on information provided by such customers or transactions involve an unidentifiable party.

4. Telephone numbers provided by customers are not reachable or do not exist after accounts are opened or transactions are conducted.

5. Transactions are conducted by order or by authorization of organizations or individuals on the warning list.

6. Based on know-your-customer information or through consideration of economic and legal bases of transactions, it is possible to identify the connection between the parties participating in such transactions to criminal activities or determine that such transactions are related to organizations and individuals on the warning list.

7. Organizations and individuals participate in transactions with large amounts of money not suitable to their business activities and incomes.

8. Customers request reporting entities to conduct transactions at variance with the law-specified order and procedures.

Article 28. Suspicious signs in the banking sector

1. There is a sudden change in the trading turnover on accounts; quick topping up into and withdrawal of money from accounts are made; the trading turnover during a day is high but the account balance is very small or equal to zero.

2. Money transfer transactions are conducted with small values from different accounts to one account or vice versa during a short period; money is transferred through multiple accounts; stakeholders do not care about transaction fees; multiple transactions are conducted, each almost reaching the high value subject to reporting.

3. Letters of credit and other trade finance methods are used with abnormally high values and high discount rates compared to normal ones.

4. A customer opens multiple accounts at credit institutions or foreign bank branches in geographical areas other than where he/she resides, works or conducts business activities.

5. A customer’s account suddenly receives a deposited or transferred amount of an abnormally high value.

6. A large money amount is remitted abroad from an enterprise’s account after such account receives small money amounts by electronic money transfer, checks or bank drafts.

7. Foreign-invested economic organizations remit money amounts abroad immediately after receiving investment capital or remit abroad money amounts not suitable to their business activities; foreign investors remit money amounts abroad immediately after receiving money amounts transferred from abroad into their accounts opened at credit institutions or foreign bank branches operating
in Vietnam.

8. Customers regularly exchange small par values for high par values.

9. Money depositing, withdrawal or transfer transactions are conducted by organizations or individuals involved in crimes creating illicit assets as publicized in the mass media.

10. A customer wishes to borrow an allowable maximum money amount with security being a life insurance contract with one-off premium payment immediately after paying insurance premiums.

11. Information on the origin of customers’ assets used to finance, invest, provide loans or entrust investment is not clear and transparent.

12. Information on the origin of collateral of customers that wish to borrow loans is incomplete or inaccurate.

13. There are suspicious signs that customers use their personal accounts to conduct transactions related to activities of organizations or conduct transactions on behalf of other individuals.

14. Via-account online transactions see constant changes in login devices or Internet protocol addresses (below referred to as IP addresses) abroad.

Article 29. Suspicious signs in the field of intermediary payment

1. There is a sudden change in the trading turnover on e-wallets; there occur quick topping up into and withdrawal of money from e-wallets; the trading turnover in a day is high but the balance in e-wallets is very small or equal to zero.

2. Customers frequently make multiple tops-up of small values into one e-wallet, then make money transfer transactions of a large value to another e-wallet or make money withdrawal transactions of large values to their payment accounts or debit cards at banks or vice versa.

3. Transfers of money amounts of small values are made frequently from different e-wallets to one e-wallet or vice versa during a short period; a money amount is transferred through multiple e-wallets; stakeholders do not care about transaction fees; multiple transactions are conducted, each almost reaching a high value subject to reporting; multiple money transfer transactions are conducted from one e-wallet to another with an abnormally short time of transaction origination.

4. A customer’s e-wallet suddenly receives a topped-up amount of an abnormally large value.

5. Transactions of topping up money into e-wallets, withdrawing money from e-wallets or transferring money among e-wallets are conducted by organizations or individuals involved in crimes creating illicit assets already publicized in the mass media.

6. There are suspicious signs that customers use their personal e-wallets to conduct transactions related to activities of organizations or conduct transactions on behalf of other individuals.

7. Customers being payment-accepting units still conduct transactions even though their official websites or head offices are detected through verification as no longer existing.

8. Online transactions via e-wallets see constant changes in login devices or IP addresses.

9. Customers frequently use login devices or IP addresses abroad to access e-wallets or conduct transactions on e-wallets; a customer frequently uses one login device or one IP address to conduct transactions on multiple e-wallets not sharing the same owner.

 Article 30. Suspicious signs in the field of life insurance business

1. A customer asks for the purchase of an insurance contract of an abnormally high value, or asks for the package payment of premiums in a lump sum for insurance products not subject to application of the method of package payment, while his/her current insurance contracts only have a small value and are subject to periodical payment.

2. A customer asks for the entry into an insurance contract with periodical payment of premiums which is not suitable to his/her current income.

3. An insurance buyer pays premiums from an account other than his/her account or other than his/her authorized institution or individual or pays by bearer negotiable instruments.

4. An insurance buyer asks for the replacement of the designated beneficiary with a person who has unclear relationship with the insurance buyer.

5. A customer accepts all unfavorable conditions not related to his/her age and health; a customer asks for the purchase of insurance for unclear purposes; the conditions and value of the insurance contract are contrary to the customer’s needs.

6. An insurance buyer cancels the insurance contract right after purchasing insurance and asks for the transfer of paid premiums to a third party; a customer frequently participates in insurance and transfers insurance contracts to a third party.

7. A corporate customer has the number of insurance contracts for its employees or premiums of insurance contracts with one-off premium payment seeing an abnormal increase.

8. An insurance enterprise frequently makes large payouts for the same customer.

Article 31. Suspicious signs in the field of securities

1. Securities purchase and sale transactions by an organization or individual show abnormal signs in a day or several days;

2. A securities company transfers money not in conformity with its securities trading activities;

3. A non-resident transfers a large sum of money from his/her securities trading account or liquidates his/her securities investment entrustment contract to transfer money out of Vietnam.

4. A customer frequently sells all stocks in his/her investment portfolio and requests the securities company to sign a payment order for him/her to withdraw cash from commercial banks.

5. A customer abnormally invests in different types of unprofitable securities during a short period of time.

6. A customer’s securities account suddenly receives a large sum of money not matching his/her financial capacity.

7. Securities purchase and sale transactions are conducted with money from investment funds opened in countries or territories highly prone to money laundering risks.

8. A foreign investor residing in a country or territory highly prone to money laundering risks contributes capital to set up securities investment funds or securities investment companies in Vietnam.

Article 32. Suspicious signs in the field of prize-winning video game business

1. A customer shows a sign of intentional constant loss at a prize-winning video game business facility.

2. A customer exchanges a number of tokens of an abnormally high value at a casino or prize-winning electronic game business facility but does not play or plays with a very small amount then has such tokens converted into cash, checks or bank drafts or transfers money to another account.

3. A customer asks for the transfer of winnings to a third party that has unclear relationship with him/her.

4. A customer adds cash or checks to the amount of winnings and requests the prize-winning video game business facility to convert it into checks of an abnormally high value.

5. A customer requests many times a day the casino or prize-winning video game business facility to exchange tokens for cash.

6. A customer requests many times a day a third party to exchange on his/her behalf the number of tokens of an abnormally high value and asks the third party to place a bet for him/her.

7. A customer purchases many times a day lottery tickets or bet tickets, or exchanges tokens almost reaching the limit at which a transaction is considered a high-value transaction subject to reporting.

8. A customer re-purchases the winning lottery tickets of a high value from others.

Article 33. Suspicious signs in the field of real estate business

1. Real estate transactions are authorized ones without legal grounds.

2. A customer does not care about payable real estate prices and transaction charges.

3. A customer cannot provide information related to real estate or does not want to provide additional personal information;

4. The transaction prices agreed between the parties do not match the market prices.

Article 34. Electronic money transfer transactions

1. Reporting entities shall report to the State Bank of Vietnam upon conducting electronic money transfer transactions of a value exceeding the level set by the State Bank of Vietnam.

2. Reporting entities participating in electronic money transfer transactions shall adopt risk management policies and procedures in order to conduct, refuse or suspend transactions and carry out control after the transactions or review and report on suspicious transactions, for electronic money transfer transactions that are incorrect or are not complete as required.

3. The Governor of the State Bank of Vietnam shall provide for contents related to electronic money transfer transactions to serve money laundering prevention and combat; and the reporting regime on electronic money transfer transactions.

Article 35. Declaration and provision of information about the cross-border transportation of cash, precious metals, gems and negotiable instruments

1. Upon their entry or exit, individuals who carry cash in foreign currencies or Vietnam dong, precious metals, gems and negotiable instruments in excess of the levels specified by competent state agencies shall make customs declarations or make declarations to border guards in localities without customs offices.

2. Customs offices and border guards shall collect and store the declared information specified in Clause 1 of this Article and provide it to the State Bank of Vietnam upon request or when having suspicion about money laundering, terrorism financing or financing of the proliferation of weapons of mass destruction.

Article 36. Reporting forms

1. Reporting entities shall send reports in electronic data, or make paper reports when they have not yet established compatible information technology systems to serve the sending of electronic data, for the reports specified in Articles 25, 26 and 34 of this Law.

2. In case of necessity, reporting entities may send reports via fax, phone or email, but shall ensure safety and confidentiality of the reported information data and make confirmation in either of the forms specified in Clause 1 of this Article.

3. For reports on suspicious transactions, reporting entities shall attach documents for account opening for transactions made via account, know-your-customer information, documents and other materials related to the suspicious transactions, and the preventive measures already applied.

Article 37. Reporting time limit

1. Reporting entities shall report on high-value transactions subject to reporting specified in Article 25 and electronic money transfer transactions specified in Article 34 of this Law within 1 working day from the date the transaction are conducted, in case of making reports in electronic data; or within 2 working days from the date the transactions are conducted, in case of making paper reports.

2. Reporting entities shall report on suspicious transactions specified in Article 26 of this Law within 3 working days from the date the transactions are conducted or within 1 working day from the date they detect such suspicious transactions.

3. In case of detecting that a customer-requested transaction is suspicious and shows crime-related signs, within 24 hours, the reporting entity shall report it to competent state agencies and the State Bank of Vietnam.

Article 38. Storage of information, dossiers, documents and reports

1. Reporting objects shall store the following information, dossiers, documents and reports:

a/ Know-your-customer information, dossiers and documents;

b/ Results of analysis and evaluation conducted by reporting entities, for customers or transactions subject to reporting;

c/ Other information, dossiers and documents related to customers and transactions subject to reporting;

d/ Reports on the transactions specified in Articles 25, 26 and 34 of this Law and accompanying information, dossiers and documents.

2. The storage time limit is specified as follows:

a/ Five years from the date the transactions are completed or the date the accounts are closed or the reporting date, for the information, dossiers and documents specified at Points a, b and c, Clause 1 of this Article;

b/ Five years from the date the transactions are conducted, for the reports specified at Point d, Clause 1 of this Article.

Article 39. Responsibilities for reporting and provision of information, dossiers, documents and reports

1. Reporting entities shall promptly provide the information, dossiers, documents and reports specified in Clause 1, Article 38 of this Law to the State Bank of Vietnam and competent state agencies under the Government’s regulations.

2. Reporting entities, agencies, organizations and individuals that perform the obligation to report or provide information to competent agencies in accordance with this Law shall not be regarded as violating the regulations on keeping of information confidentiality.

Article 40. Keeping of confidentiality of information, dossiers, documents and reports

1. Reporting entities and related organizations and individuals shall comply with the regulations on protection of state secretes and keeping of confidentiality of know-your-customer information, for information, dossiers, documents and reports related to transactions subject to reporting in accordance with this Law.

2. Reporting entities, managers and employees required to report may not disclose information about the suspicious transactions or information related to suspicious transactions already reported to the State Bank of Vietnam.

Section 3

COLLECTION, PROCESSING, ANALYSIS, EXCHANGE, PROVISION AND TRANSFER OF INFORMATION ON MONEY LAUNDERING PREVENTION AND COMBAT

Article 41. Collection, processing and analysis of information on money laundering prevention and combat

1. The State Bank of Vietnam may request related organizations and individuals to provide necessary information, dossiers and documents to serve the analysis and transfer of information on money laundering prevention and combat, and international cooperation on money laundering prevention and combat.

2. Related organizations and individuals shall provide the State Bank of Vietnam with the information, dossiers and documents specified in Clause 1 of this Article.

3. The Government shall detail this Article.

Article 42. Exchange, provision and transfer of information on money laundering prevention and combat with/to domestic competent agencies

1. When having reasonable grounds to suspect that transactions mentioned in information or reports are related to money laundering, within 7 working days, the State Bank of Vietnam shall transfer the information or the case file to a competent agency for verification, investigation, prosecution and trial.

Information on suspicious transactions transferred by the State Bank of Vietnam to competent agencies is a state secret.

2. The State Bank of Vietnam shall coordinate and exchange information on money laundering prevention and combat with competent agencies in the course of investigation, prosecution and trial.

3. The State Bank of Vietnam shall exchange and provide information with/to related ministries and sectors for the purpose of money laundering prevention and combat.

4. The Government shall detail this Article.

Article 43. Exchange, provision and transfer of information on money laundering prevention and combat with/to foreign authorities

1. The State Bank of Vietnam shall send a request to anti-money laundering bodies and foreign authorities to collect and add information serving the processing, analysis and transfer of information on money laundering prevention and combat; receive feedback and information transferred from anti-money laundering bodies and foreign authorities, and process the received information in accordance with this Law.

2. The State Bank of Vietnam shall receive requests for information provision from foreign authorities for the purpose of serving money laundering prevention and combat work and providing feedback.

3. The State Bank of Vietnam shall provide and transfer information to foreign authorities in accordance with this Law.

4. Information on suspicious transactions exchanged, provided or transferred by the State Bank of Vietnam with/to foreign authorities is a state secret.

Section 4

APPLICATION OF PROVISIONAL MEASURES AND HANDLING OF VIOLATIONS

Article 44. Transaction delay

1. A reporting entity shall immediately apply the measure of transaction delay in the following cases:

a/ When having grounds to suspect or detect that the parties involved in a transaction are on the blacklist;

b/ When having reasons to believe that a transaction requested to be conducted is related to criminal activities, which may be a transaction requested by a convicted person in accordance with the criminal procedure law to be conducted while assets in the transaction come under the ownership or have the origin under the ownership or the right to control of such convicted person; or a transaction related to organizations and individuals that commit acts related to the terrorism financing crime;

c/ Upon request of a competent state agency as prescribed in relevant laws.

2. When taking the measure of transaction delay, a reporting entity shall immediately report it to a competent state agency and the State Bank of Vietnam.

3. The time limit for application of the measure of transaction delay is 3 working days.

4. Reporting entities are not required to take legal liability for the consequences arising from the application of the measure of transaction delay in accordance with this Article.

5. The Government shall detail Point a, Clause 1, and Clause 2, of this Article.

Article 45. Freezing of accounts, sealing, freezing or temporary seizure of assets

Reporting entities shall implement competent state agencies’ decisions on freezing of accounts, and sealing, freezing or temporary seizure of assets of organizations and individuals in accordance with law.

Article 46. Handling of violations

Organizations and individuals that violate the anti-money laundering law shall, depending on the nature and severity of their violations, be disciplined, administratively handled or examined for penal liability and, if causing damage, pay compensation in accordance with law.

Chapter III

RESPONSIBILITIES OF STATE AGENCIES IN MONEY LAUNDERING PREVENTION AND COMBAT

Article 47. Responsibilities of the Government and Prime Minister

1. The Government shall uniformly perform the state management of money laundering prevention and combat.

2. The Government shall promulgate legal documents on money laundering prevention and combat according to its competence.

3. The Prime Minister shall direct ministries, ministerial-level agencies and government-attached agencies in coordinating with the Supreme People’s Court and Supreme People’s Procuracy in money laundering prevention and combat work; and direct the coordination in the prevention and combat of money laundering, terrorism financing and financing of the proliferation of weapons of mass destruction.

Article 48. Responsibilities of the State Bank of Vietnam

The State Bank of Vietnam shall take responsibility before the Government for performing the state management of money laundering prevention and combat and has the following tasks and powers:

1. To formulate and submit to competent authorities for promulgation or promulgate according to its competence legal documents and plans on money laundering prevention and combat;

2. To assume the prime responsibility for, and coordinate with related agencies in, implementing anti-money laundering measures in the monetary and banking field;

3. To inspect, examine and monitor anti-money laundering activities of reporting entities falling under its state management of monetary and banking operations, based on results of the national risk assessment of money laundering and results of assessment of money laundering risks of such reporting entities;

4. To cooperate, exchange and provide information with/to competent agencies in money laundering-related inspection, monitoring, investigation, prosecution, trial and judgment execution;

5. To carry out international cooperation on money laundering prevention and combat, and act as the focal point to join, and perform Vietnam’s obligations in the capacity as a member of, the international anti-money laundering organization.

6. To organize research and application of scientific and technical advances and information technology in money laundering prevention and combat work;

7. To assume the prime responsibility for, and coordinate with related agencies in, disseminating and educating the anti-money laundering law, carrying out public communication about anti-money laundering guidelines, polices and laws, and provide training in money laundering prevention and combat;

8. To sum up information and annually report to the Government on money laundering prevention and combat in Vietnam.

9. To assume the prime responsibility for conducting the national risk assessment of money laundering under Clause 1, Article 7 of this Law; to assess money laundering risks and update the assessment results in the monetary and banking field, and sum up and submit to the Government for approval the updated results of the national risk assessment of money laundering under Clause 2, Article 7 of this Law;

10. To coordinate with the Ministry of Foreign Affairs and other related ministries and sectors in proposing, and taking charge of  the conclusion and organizing the implementation of treaties and international agreements on money laundering prevention and combat.

11. To monitor reporting entities in implementing reports under Articles 25, 26 and 34 of this Law; to provide information to ministries and sectors to serve the inspection, examination and monitoring of money laundering prevention and combat.

Article 49. Responsibilities of the Ministry of Public Security

1. To collect, receive and process information on the prevention and combat of money laundering crimes.

2. To notify results of the processing of information related to suspicious transactions to the State Bank of Vietnam.

3. To assume the prime responsibility for, and coordinate with related agencies, organizations and individuals in, preventing, detecting, investigating and handling money laundering crimes.

4. To exchange information and documents on new methods and tricks of money laundering crimes at home and abroad with the State Bank of Vietnam.

5. To assume the prime responsibility for making the list of organizations and individuals linked to terrorism and terrorism financing.

6. To provide mutual legal assistance in money laundering prevention and combat within the ambit of its functions and tasks.

7. To coordinate with the State Bank of Vietnam in conducting the national risk assessment of money laundering under Clause 1, Article 7 of this Law; to assess money laundering risks and update the assessment results under Clause 2, Article 7 of this Law, for high-risk predicate crimes.

Article 50. Responsibilities of the Ministry of National Defense

1. To exchange information and documents on money laundering activities aimed at financing the proliferation of weapons of mass destruction at home and abroad with the State Bank of Vietnam.

2. To assume the prime responsibility for making the list of designated organizations and individuals involved in the proliferation and financing of the proliferation of weapons of mass destruction.

3. To coordinate with the State Bank of Vietnam in conducting the national risk assessment of money laundering under Clause 1, Article 7 of this Law.

Article 51. Responsibilities of the Ministry of Finance

1. To assume the prime responsibility for, and coordinate with related agencies in, implementing anti-money laundering measures in the fields of life insurance business, securities, accounting services, prize-winning video games, casino, lottery, betting and other services falling under its state management.

2. To inspect, examine and monitor anti-money laundering activities, for reporting entities in the fields specified in Clause 1 of this Article, based on results of the national risk assessment of money laundering and results of assessment of money laundering risks of such reporting entities.

3. To coordinate with the State Bank of Vietnam in conducting the national risk assessment of money laundering under Clause 1, Article 7 of this Law; to assess money laundering risks and update the assessment results under Clause 2, Article 7 of this Law, for the fields specified in Clause 1 of this Article.

Article 52. Responsibilities of the Ministry of Construction

1. To assume the prime responsibility for, and coordinate with related agencies in, implementing anti-money laundering measures in the field of real estate business, except real estate lease and sub-lease and consultancy services.

2. To inspect, examine and monitor anti-money laundering activities, for reporting entities in the fields specified in Clause 1 of this Article, based on results of the national risk assessment of money laundering and results of assessment of money laundering risk of such reporting entities.

3. To coordinate with the State Bank of Vietnam in conducting the national risk assessment of money laundering under Clause 1, Article 7 of this Law; to assess money laundering risks and update the assessment results under Clause 2, Article 7 of this Law in the field of real estate business, except real estate lease and sub-lease and consultancy services.

Article 53. Responsibilities of the Ministry of Justice

1. To assume the prime responsibility for, and coordinate with related agencies in, implementing anti-money laundering measures in the fields of notarization and law practice.

2. To coordinate with the State Bank of Vietnam in disseminating and educating the anti-money laundering law.

3. To inspect, examine and monitor anti-money laundering activities, for the reporting entities in the fields specified in Clause 1 of this Article, based on results of the national risk assessment of money laundering and results of assessment of money laundering risk of such reporting entities.

4. To coordinate with the State Bank of Vietnam in conducting the national risk assessment of money laundering under Clause 1, Article 7 of this Law; to assess money laundering risks and update the assessment results under Clause 2, Article 7 of this Law in the fields of notarization and law practice.

Article 54. Responsibilities of the Ministry of Industry and Trade

1. To assume the prime responsibility for, and coordinate with related agencies in, implementing anti-money laundering measures in the field of trading in precious metals and gems, except gold bullions and gold jewelry and fine-art articles.

2. To inspect, examine and monitor anti-money laundering activities, for  reporting entities in the fields specified in Clause 1 of this Article, based on results of the national risk assessment of money laundering and results of assessment of money laundering risk of such reporting entities.

3. To coordinate with the State Bank of Vietnam in conducting the national risk assessment of money laundering under Clause 1, Article 7 of this Law; to assess money laundering risks and update the assessment results under Clause 2, Article 7 of this Law in the field of trading in precious metals and gems, except gold bullions and gold jewelry and fine-art articles.

Article 55. Responsibilities of the Ministry of Planning and Investment

1. To assume the prime responsibility for, and coordinate with related agencies in, implementing money laundering prevention and combat work in the fields falling under its state management.

2. To coordinate with the State Bank of Vietnam in conducting the national risk assessment of money laundering under Clause 1, Article 7 of this Law; to assume the prime responsibility for, and coordinate with related agencies in, assessing money laundering risks and updating the assessment results under Clause 2, Article 7 of this Law, for legal persons established in accordance with the Law on Enterprises.

Article 56. Responsibilities of the Ministry of Home Affairs

1. To assume the prime responsibility for, and coordinate with related agencies in, implementing money laundering prevention and combat work for associations, social funds, charity funds and religious institutions.

2. To coordinate with the State Bank of Vietnam in conducting the national risk assessment of money laundering under Clause 1, Article 7 of this Law; to assume the prime responsibility for, and coordinate with related agencies in, assessing money laundering risks and updating the assessment results under Clause 2, Article 7 of this Law for associations, social funds, charity funds and religious institutions.

3. To coordinate with related agencies in assessing money laundering risks for foreign non-governmental organizations.

Article 57. Responsibilities of the Ministry of Foreign Affairs

1. To assume the prime responsibility for, and coordinate with related agencies in, implementing money laundering prevention and combat work for foreign non-governmental organizations.

2. To coordinate with the State Bank of Vietnam in conducting the national risk assessment of money laundering under Clause 1, Article 7 of this Law; to assume the prime responsibility for, and coordinate with related agencies in, assessing money laundering risks and updating the assessment results under Clause 2, Article 7 of this Law for foreign non-governmental organizations.

3. To coordinate with the State Bank of Vietnam in concluding, and organizing the implementation of treaties and international agreements on money laundering prevention and combat.

Article 58. Responsibilities of the Ministry of Information and Communications

1. To assume the prime responsibility for, and coordinate with related agencies in, implementing anti-money laundering measures in the field of game business on telecommunications networks and the Internet.

2. To inspect, examine and monitor anti-money laundering activities, for reporting entities in the fields specified in Clause 1 of this Article, based on results of the national risk assessment of money laundering and results of assessment of money laundering risks of such reporting entities.

3. To coordinate with the State Bank of Vietnam in conducting the national risk assessment of money laundering under Clause 1, Article 7 of this Law; to assess money laundering risks and update the assessment results under Clause 2, Article 7 of this Law for the field of game business on telecommunications networks and the Internet.

4. To coordinate with the State Bank of Vietnam in conducting public communication about anti-money laundering guidelines, policies and laws.

Article 59. Responsibilities of other ministries and sectors

1. To coordinate with the State Bank of Vietnam in performing the state management of money laundering prevention and combat.

 2. To inspect and examine reporting entities under their state management in implementing regulations on money laundering prevention and combat.

3. To coordinate with the State Bank of Vietnam and related ministries and sectors in periodically assessing money laundering risks and updating the assessment results under Clauses 1 and 2, Article 7 of this Law.

Article 60. Responsibilities of people’s procuracies

1. People’s procuracies shall, within the ambit of their functions, tasks and powers, promptly and strictly handle acts of money laundering, and coordinate with related agencies and organizations in money laundering prevention and combat.

2. The Supreme People’s Procuracy shall, within the ambit of its functions and tasks, carry out international cooperation on mutual legal assistance in criminal matters; promptly receive and process requests for mutual legal assistance in criminal matters in the money laundering prevention and combat.

3. The Supreme People’s Procuracy shall coordinate with the State Bank of Vietnam and related ministries and sectors in assessing money laundering risks and updating the assessment results under Clauses 1 and 2, Article 7 of this Law.

Article 61. Responsibilities of people’s courts

1. People’s courts shall, within the ambit of their functions, tasks and powers, promptly and strictly handle acts of money laundering, and coordinate with related agencies and organizations in money laundering prevention and combat.

2. The Supreme People’s Court shall, within the ambit of its functions and tasks, carry out international cooperation on mutual legal assistance in money laundering prevention and combat.

3. The Supreme People’s Court shall coordinate with the State Bank of Vietnam and related ministries and sectors in assessing money laundering risks and updating the assessment results under Clauses 1 and 2, Article 7 of this Law.

Article 62. Responsibilities of People’s Committees at all levels

1. To carry out the dissemination of and education about the anti-money laundering law in their localities.

2. To coordinate with competent state agencies in organizing and urging the implementation of anti-money laundering plans, and conducting the national risk assessment of money laundering.

3. To detect and promptly and strictly handle violations of the anti-money laundering law according to their competence.

Article 63. Responsibility for keeping information confidentiality

1. State agencies specified in this Law shall implement the regime of keeping information confidentiality in accordance with law.

2. When exchanging, providing and transferring the information specified in Article 6 of this Law with/to foreign competent agencies, competent state agencies shall ensure that such information is kept confidential and used for the purposes mentioned in information exchange, provision, and transfer requests.

Chapter IV

IMPLEMENTATION PROVISIONS

Article 64. To amend and supplement a number of articles of the laws concerning money laundering prevention and combat

1. To amend and supplement Clause 1, Article 49 of Law No. 46/2010/QH12 on the State Bank of Vietnam as follows:

“1. The Banking Supervision Agency is a unit under the State Bank, performing the task of banking inspection and supervision.”

2. To amend and supplement a number of articles of Counter-Terrorism Law No. 28/2013/QH13 as follows:

a/ To amend and supplement Article 34 as follows:

 “Article 34. Implementation of counter-terrorism financing measures and application of provisional measures; national risk assessment of counter-terrorism financing

1. Financial institutions, and organizations and individuals engaged in related non-financial sectors and trades shall apply Articles 9 thru 40 of the Anti-Money Laundering Law to know their customers, collect, update and verify know-your-customer information; formulate internal regulations, and report, provide and store information, records, documents and reports on counter-terrorism financing.

2. When suspecting that a customer or his/her/its transaction is related to terrorism financing or that a customer is on the blacklist, a financial institution, or an organization or individual engaged in related non-financial sectors and trades shall report such to the counter-terrorism force of the Ministry of Public Security and the State Bank of Vietnam, and apply provisional measures in accordance with the anti-money laundering law.

3. Every 5 years, the Ministry of Public Security shall assume the prime responsibility for, and coordinate with related ministries and sectors in, conducting the national risk assessment of terrorism financing in Vietnam and submit to the Government for approval the assessment results and post-assessment plans.”;

b/ To amend and supplement Article 35 as follows:

“Article 35. Control of cross-border transportation of cash, precious metals, gems and negotiable instruments

Organizations and individuals competent to control the transportation of cash, precious metals, gems and negotiable instruments across the Vietnamese border as specified in Article 24 of this Law and Article 35 of the Anti-Money Laundering Law shall detect, stop and promptly handle acts of taking advantage of these activities to finance terrorism.”.

Article 65. Application of this Law to the prevention and combat of financing of the proliferation of weapons of mass destruction

Financial institutions, and organizations and individuals engaged in related non-financial sectors and trades shall apply Articles 9 thru 40 of the Anti-Money Laundering Law to know their customers, collect, update and verify know-your-customer information; formulate internal regulations, and report, provide and store information, records, documents and reports on the prevention and combat of financing of the proliferation of weapons of mass destruction.

Article 66. Effect

1. This Law takes effect on March 1, 2023, except the case specified in Clause 2 of this Article.

2. Clause 1, Article 64 of this Law takes effect on the effective date of a competent state agency-promulgated document on the agency performing the anti-money laundering functions and tasks.

3. Anti-Money Laundering Law No. 07/2012/QH13 ceases to be effective on the effective date of this Law.

This Law was passed on November 15, 2022, by the XV^th National Assembly of the Socialist Republic of Vietnam at its 4^th session.-

Chairman of the National Assembly
VUONG DINH HUE