Casinos must conduct know-your-customer activities for the transaction of VND 70 million

On April 28, 2023, the Government issues Decree No. 19/2023/ND-CP detailing a number of articles of the Anti-Money Laundering Law. And this Decree takes effect on the signing date.

04 cases of know-your-customer for financial institutions

• A customer opens an account at the financial institution for the first time or establishes a relationship with the financial institution for the first time in order to use the products or services provided by such financial institution;
• A customer has no account or has an account that has not conducted any transaction for 6 previous consecutive months but conducts transactions with the total value of VND 400,000,000 or more, or with equivalent value or more in a foreign currency within a day; except for transactions in accordance with law provisions.
• A customer or his/her/its transaction or transaction of the parties relating to a transaction with one or more signs specified in the Anti-Money Laundering Law or other suspicious signs identified by the reporting entities;
•  A customer provides additional information or documents that do not match the previously provided information or documents, or the information and documents collected and identified by the reporting entities.

06 other cases for know-your-customer, including notable cases:

• An organization or individual dealing in prize-winning games (casino; lottery; or betting) shall conduct know-your-customer activities when a customer conducts a transaction with a total value of VND 70,000,000 or more, or with equivalent value or more in a foreign currency within a day.
• An organization or individual trading in precious metals and gems shall carry out know-your-customer activities when a customer conducts a cash transaction of purchase or sale of precious metals or gems of VND 400 million or more, or with equivalent value or more in a foreign currency within a day.

03 grounds for suspecting or detecting that the parties involved in a transaction are on the blacklist:

• An individual or organization involved in a transaction with information fully matching the information of an individual or organization on the blacklist;
• An organization involved in a transaction in the information group matches the information of an organization on the blacklist and on the basis of the information collected, it is believed that the organization is involved in terrorism or terrorism financing, proliferation of or proliferation financing for weapons of mass destruction.

An organization involved in a transaction having transaction name, establishment license number, identification number of enterprise, or tax identification number matching the information of an organization on the blacklist and on the basis of the information collected, it is believed that the organization is involved in terrorism or terrorism financing, the proliferation of or proliferation financing for weapons of mass destruction.