Vietnam: 09 contents of an internal regulation about anti money laundering

According to Article 13 of Decree No. 116/2013/ND-CP of Vietnam’s Government, in internal regulation about anti money laundering as prescribed in Article 20 of Law on Prevention of Money Laundering of Vietnam include the following contents:

1. Policy of client acceptance: According to the risky extent, levels of the approval, and requirements about the dossier of opening an account or setting up transaction.

2. Process, orders to identify clients, verify and update information of clients: Decentralization of responsibility for identification, periodically updating information and assessing clients according to the risky extent; decentralization to access, use general information in system; regulations on identification of clients with accounts or transactions at many branches in system.

3. To guide the reporting process of transactions including: Transactions with big value; transaction of electronic remittance; doubtful transactions; transactions related to money laundering with the aim to finance for terrorism; transactions related to crime activities; transactions related to list of the terrorism individuals and organizations, and terrorist donation according to Resolution of United Nations Security Council; black list; warning list.

4. Process to review, detect and handle doubtful transactions: To review and analyze clients and transactions related to clients upon having doubtful signs as prescribed in Clause 2, Clause 8 and report as prescribed in Clause 1 Article 22 of Law on anti money laundering; to define responsibility according to each level; handling of reports on the doubtful transactions must be conducted on the basis of analyzing, handling information on whole system; method to act with clients conducting the doubtful transactions, so as to ensure that information is not revealed.

5. To store and keep information in secret: Method of storage, method of exploitation; level of storage.

6. Application of temporary measures, principles in handling cases of postponing implementation of transaction: It is required to provide for specific cases to apply temporary measures; specify responsibility of levels in application of and approval for implementing requests of functional agencies.

7. The regime of report and information provision to the State bank of Vietnam and competent state agencies: Method, process of report and information provision aiming to ensure time limit and content of report in accordance with requirements.

8. Re-training professional operation of anti money laundering: To elaborate programs, training frequency, training content to be suitable with objects (management level, policy level, and execution level), scale, organization (head office, branch, or region) and operational field or the provided products and services.

9. To control and audit internally about compliance with policies, regulations, processes and procedures involving activities of anti money laundering: Structure, organization, method to conduct control and audit; procedures for reporting to competent state agencies, assurance of report time limit and content; regulations on handling, remedying the detected violations.

View more details at Decree No. 116/2013/ND-CP of Vietnam’s Government, effective from October 10, 2013.

Ty Na

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