Law on Anti-Money Laundering No. 14/2022/QH15

LAW

PREVENTION AND COMBATING MONEY LAUNDERING

On the basis of the Constitution of the Socialist Republic of Vietnam;

The National Assembly promulgates the Law on Prevention and Combating Money Laundering.

PART I

GENERAL PROVISIONS

Article 1. Scope of Regulation

1. This Law stipulates measures for preventing, detecting, blocking, and handling organizations and individuals engaging in money laundering activities; responsibilities of agencies, organizations, and individuals in preventing and combating money laundering; international cooperation in preventing and combating money laundering.

2. The prevention and combating of money laundering activities by organizations and individuals with the purpose of financing terrorism and proliferation of weapons of mass destruction shall be carried out in accordance with this Law, criminal law provisions, and laws on preventing and combating terrorism and proliferation of weapons of mass destruction.

Article 2. Applicability

1. Financial organizations.

2. Non-financial business sectors related enterprises and individuals.

3. Vietnamese organizations and individuals, foreign organizations, foreigners, and international organizations conducting transactions with financial organizations and non-financial business sectors related enterprises and individuals.

4. Other organizations and individuals and relevant agencies involved in preventing and combating money laundering.

Article 3. Explanation of Terms

In this Law, the following terms shall be understood as follows:

1. Money Laundering is the act of organizations and individuals aimed at legitimizing the source of assets derived from criminal activities.

2. Assets derived from criminal activities are assets obtained directly or indirectly from criminal acts; part of income, profits, interest, and profits generated from assets obtained from criminal acts.

3. Large-value transactions requiring reporting are cash or foreign currency cash transactions conducted once or multiple times in a day, with a total value equal to or exceeding the specified amount.

4. Initiator is the account holder or the person requesting a financial organization to perform an electronic fund transfer when it does not go through an account.

5. Electronic fund transfer is a transaction conducted electronically at the request of the initiator through a financial organization to transfer a certain amount of money to the beneficiary at the beneficiary's financial organization. The beneficiary may be the initiator.

6. Customer is an organization or individual using or intending to use services or products provided by financial organizations or non-financial industry businesses related to financial services.

7. Beneficial owner is an individual who has actual ownership rights over one or more assets, has control over the customer to carry out transactions related to these assets for this individual; is an individual who controls a legal entity or a legal agreement.

8. Correspondent banking relationship is a relationship formed from a bank in one country or territory providing banking, payment, and other services to a partner bank in another country or territory.

9. Blacklist includes lists of organizations and individuals related to terrorism and terrorist financing established by the Ministry of Public Security and lists of organizations and individuals designated as being related to proliferation and financing of proliferation of weapons of mass destruction established by the Ministry of Defense, as prescribed by law.

10. Warning list is a list of organizations and individuals established by the State Bank of Vietnam to warn about organizations and individuals with high risks of money laundering.

11. Financial Task Force is an intergovernmental organization that issues standards and promotes effective implementation of legal, management, and action measures against money laundering, terrorist financing, financing of proliferation of weapons of mass destruction, and other related threats endangering the integrity of the global financial system.

12. Legal arrangement is a trust arrangement or similar form of agreement established under foreign law, allowing the trustee to legally transfer ownership of assets from the settlor to manage, oversee, and monitor the assets for the benefit of the beneficiary or for purposes defined in the agreement.

13. Shell bank is a bank without a physical presence in the country or territory where it must be established and licensed, and without any connection or control by any managed and supervised financial institution.

14. Non-profit organization is an organization operating without profit-making objectives, including social funds, charitable funds, religious organizations, and foreign non-governmental organizations established, registered, and operated in accordance with Vietnamese law.

15. Foreign individual with political influence is a person holding a senior position in foreign agencies, organizations, and international organizations.

1. Reporting subjects are financial organizations licensed to carry out one or more of the following activities:

a) Accepting deposits;

b) Lending;

c) Financial leasing;

d) Payment services;

đ) Payment intermediary services;

e) Issuing transferable instruments, bank cards, payment orders;

g) Bank guarantees, financial commitments;

h) Providing foreign exchange services, monetary instruments on the money market;

i) Securities brokerage; securities investment advisory services, underwriting securities issuance;

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

l) Life insurance business;

m) Currency exchange.

2. Reporting subjects are organizations and individuals engaged in non-financial industries and professions related to the provisions of the law carrying out one or more of the following activities:

a) Operating prize games, including: electronic prize games; prize games via telecommunications networks, the Internet; casinos; lotteries; betting;

b) Real estate trading, excluding rental, subletting real estate and real estate consulting services;

c) Trading precious metals, gemstones;

d) Accounting service provision; providing notary services; providing legal services of lawyers, law firms;

đ) Providing services for establishing, managing, operating businesses; providing director and company secretary services for third parties; providing legal agreement services.

3. The Government shall prescribe new activities that pose money laundering risks for reporting subjects not covered in Clause 1 and Clause 2 of this Article after obtaining the consent of the Standing Committee of the National Assembly.

Article 5. Principles in Anti-Money Laundering

1. Anti-money laundering measures must be implemented in accordance with the law, based on ensuring sovereignty and territorial integrity, national security, national interests; ensuring normal economic and investment activities; protecting the rights and legitimate interests of organizations and individuals; preventing abuse of anti-money laundering measures to infringe upon the rights and legitimate interests of related organizations and individuals.

2. Money laundering acts must be handled in accordance with the law.

3. Anti-money laundering measures must be implemented comprehensively and promptly.

Article 6. International Cooperation in Anti-Money Laundering

1. International cooperation in anti-money laundering is carried out on the principle of respecting independence, sovereignty, and territorial integrity, national security, mutual benefit, compliance with Vietnamese laws and international treaties to which the Socialist Republic of Vietnam is a party, and international agreements between the signing parties of Vietnam and foreign countries.

In cases where there is no international treaty or agreement between Vietnam and foreign countries, the exchange, provision, and transfer of information in international cooperation in anti-money laundering shall be conducted on the principle of reciprocity but not contrary to Vietnamese law, consistent with international law and practice.

2. State agencies within their functions and tasks shall implement international cooperation in anti-money laundering in the following areas:

a) Identifying and freezing assets of money launderers;

b) Implementing judicial assistance;

c) Exchanging, providing, and transferring information on anti-money laundering to competent authorities abroad;

d) Research, training, information support, technical assistance, financial aid, and exchanging experiences on anti-money laundering;

đ) Other cooperative contents on anti-money laundering as prescribed by law.

3. State agencies during the process of international cooperation in anti-money laundering may refuse to exchange, provide, or transfer anti-money laundering information in the following cases:

a) Information requested to be exchanged, provided, or transferred could harm independence, sovereignty, and territorial integrity, national security, national interests, or other important interests of Vietnam;

b) Information requested to be exchanged, provided, or transferred does not comply with international treaties to which the Socialist Republic of Vietnam is a party, international agreements between the signing parties of Vietnam and foreign countries, or Vietnamese law;

c) Requests for exchanging, providing, or transferring information are not sufficiently detailed according to the law;

d) Foreign competent authorities do not commit to or do not implement confidentiality of information exchanged, provided, or transferred in accordance with the corresponding confidentiality regime as stipulated by Vietnamese law for state agency information exchanged, provided, or transferred domestically.

4. Procedures, formalities, and methods of international cooperation in anti-money laundering shall be implemented in accordance with international treaties to which the Socialist Republic of Vietnam is a party, international agreements between the signing parties of Vietnam and foreign countries, and other relevant legal provisions.

5. Annually or when requested by the State Bank of Vietnam, Vietnamese state agencies responsible for international cooperation in anti-money laundering shall provide the content of such cooperation with foreign competent authorities to the State Bank of Vietnam.

Article 7. National Risk Assessment on Money Laundering

1. Every five years, the State Bank of Vietnam shall take the lead and coordinate with relevant ministries and sectors to conduct a national risk assessment on money laundering and submit the results of the assessment and the implementation plan following the assessment for approval by the Government. The national risk assessment on money laundering shall be conducted for new activities that may pose risks of money laundering.

2. Ministries and sectors shall have the following responsibilities:

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

b) To update risks related to money laundering based on the implementation of the post-assessment action plan or when new risks arise within their scope of management and report such updates to the State Bank of Vietnam. Based on the risk update results from ministries and sectors, the State Bank of Vietnam will compile and submit the updated national risk assessment on money laundering and the post-update implementation plan for Government approval.

3. The Government shall stipulate the principles, criteria, and methods for conducting the national risk assessment on money laundering.

Article 8. Prohibited Acts in Anti-Money Laundering

1. Organizing, participating in, or facilitating the implementation of money laundering acts.

2. Establishing or maintaining anonymous accounts or accounts using false names.

3. Establishing or maintaining business relationships with shell banks.

4. Illegally providing cash receipt services, checks, other monetary instruments, or value storage tools and executing payments for beneficiaries.

5. Misusing positions or powers in anti-money laundering efforts to infringe upon the lawful rights and interests of organizations and individuals.

6. Obstructing the provision of information for anti-money laundering purposes.

7. Threatening or retaliating against persons who discover, provide information, report, or denounce money laundering acts.

Chapter II

MEASURES FOR PREVENTION AND COMBATING MONEY LAUNDERING

Section 1

CUSTOMER IDENTIFICATION, COLLECTION, UPDATE, AND VERIFICATION OF CUSTOMER IDENTIFICATION INFORMATION

Article 9. Customer Identification

1. Customer identification includes collecting, updating, and verifying information as prescribed in Articles 10, 11, 12, 13, and 14 of this Law.

2. Financial institutions must identify customers in the following cases:

a) When a customer opens an account or establishes a relationship with a financial institution for the first time;

c) When there is suspicion that a transaction or parties involved in a transaction are related to money laundering activities;

d) When there is doubt about the accuracy or completeness of previously collected customer identification information.

3. Organizations and individuals engaged in non-financial industries and professions related to money laundering must identify customers in the following cases:

a) Organizations and individuals engaged in industries and professions specified in point a, Clause 2, Article 4 of this Law must identify customers when they conduct transactions with a value equal to or exceeding the specified amount;

b) Organizations and individuals engaged in industries and professions specified in point b, Clause 2, Article 4 of this Law must identify customers when providing real estate brokerage services;

c) Organizations and individuals engaged in industries and professions specified in point c, Clause 2, Article 4 of this Law must identify customers when they conduct cash or foreign currency transactions involving precious metals or gemstones with a value equal to or exceeding the specified amount;

d) Organizations and individuals engaged in industries and professions specified in point d, Clause 2, Article 4 of this Law must identify customers when providing accounting services; performing notarization procedures on behalf of customers to prepare conditions for transactions or acting on behalf of customers to execute transactions transferring land use rights, ownership of houses, or other assets attached to land; managing customers' funds, securities, or other assets; managing customers' bank or securities company accounts; operating and managing companies; participating in buying and selling businesses;

đ) Organizations and individuals engaged in industries and professions specified in point đ, Clause 2, Article 4 of this Law must identify customers when providing services for establishing, managing, and operating businesses; providing director or secretary services for third parties; providing legal agreement services.

4. The Government shall provide detailed regulations on this matter.

Article 10. Customer Identification Information

The reporting entity must collect customer identification information, including:

1. Customer identification information, including information about the customer's representative (if applicable):

a) For individual customers with Vietnamese nationality only: full name; date of birth; nationality; occupation and position; contact telephone number; citizen identification number or resident identity card number or personal identification number or passport number, issue date, issuing authority; registered place of residence and other current address (if applicable);

b) For individual customers with foreign nationality residing in Vietnam: full name; date of birth; nationality; occupation and position; contact telephone number; passport number, issue date, issuing authority; entry visa number, except in cases where visa exemption applies according to the law; foreign address and registered residence address in Vietnam;

c) For individual customers with foreign nationality not residing in Vietnam: full name; date of birth; nationality; occupation and position; passport number or identification information issued by the competent authority abroad, issue date, issuing authority; foreign address;

d) For individual customers with two or more nationalities: corresponding information as prescribed in points a, b, or c of this clause; nationality, address of residence in the country holding the remaining nationality;

e) For individual customers without nationality: full name; date of birth; occupation and position; international travel document number (if applicable), visa number; visa issuing authority, except in cases where visa exemption applies according to the law; foreign address (if applicable), registered residence address in Vietnam;

f) For organizational customers: full trading name and abbreviation; main office address; establishment license number, business code or tax code; contact telephone number; fax number, website (if applicable); field of operation and business; information about the founder, legal representative, Director or General Manager, Chief Accountant or accounting supervisor (if applicable) of the organization, including corresponding information as prescribed in points a, b, c, d, or e of this clause and information in this point for cases where the founder is an organization;

2. Beneficial owner information includes corresponding customer identification information as prescribed in points a, b, c, d, or e of Clause 1 of this Article. The reporting entity must identify the beneficial owner and apply measures to identify and update information about the beneficial owner. The Government shall provide detailed criteria for identifying the beneficial owner;

3. Purpose and nature of the business relationship between the customer and the reporting entity.

Article 11. Updating Customer Identification Information

The reporting entity must update customer identification information during the establishment of a relationship with the customer to ensure that transactions being conducted by the customer are consistent with existing customer information in the file, known customer information, business activities, money laundering risk level, and the origin of the customer's assets.

Article 12. Verification of Customer Identification Information

1. The reporting entity shall use documents and data to verify customer identification information, including:

a) For individual customers: Identity cards, Citizen Identity Cards, or passports still within their validity period; other documents issued by authorized agencies;

b) For corporate customers: establishment licenses, establishment decisions, or Business Registration Certificates; decisions on restructuring, dissolution, bankruptcy, or cessation of operations (if applicable); organizational charters; appointment decisions or employment contracts for Directors or General Managers, Chief Accountants, or persons responsible for accounting (if applicable); documents and data related to founders, legal representatives of the organization, and beneficial owners.

2. The reporting entity may exploit information from national databases as prescribed by law, through competent state agencies, organizations specified in Article 13 of this Law, or third parties specified in Article 14 of this Law to cross-check and verify information provided by customers.

Article 13. Verification of Customer Identification Information Through Hiring Other Organizations

1. The reporting entity may hire other organizations established and operating in accordance with the law to verify customer identification information, except in cases stipulated in Article 14 of this Law. The hiring of other organizations to verify customer identification information shall be carried out according to the agreement of the parties and relevant laws.

2. The reporting entity must ensure that the hired organization maintains confidentiality of customer identification information in accordance with the law and is responsible for the results of verifying customer identification information by the hired organization.

Article 14. Customer Identification Through Third Parties

1. The reporting entity may identify customers through third parties and ensure that such third parties meet the following requirements:

a) They are financial institutions or non-financial business entities related to the establishment of relationships with customers, excluding agency and outsourcing relationships;

b) They implement customer identification in accordance with this Law or the recommendations of the Financial Action Task Force when the third party is an overseas organization;

c) They promptly and fully provide customer identification information to the reporting entity upon request; they implement information security in accordance with the law;

d) They are subject to management and supervision by competent authorities.

2. In cases where the third party is a financial institution and has a parent company that is also a financial institution, the reporting entity must ensure that the third party meets the requirements stipulated in Clause 1 of this Article and that the parent company of the third party complies with customer identification requirements, political foreign nationals' influence, information storage, recordkeeping, documentation, reporting, and ensuring the confidentiality of information, records, documentation, and reports as prescribed in Articles 9, 17, 38, and 40 of this Law or relevant recommendations of the Financial Action Task Force when the parent company of the financial institution is an overseas organization and must be applied and controlled throughout the system; apply policies to mitigate risks in high-risk areas for money laundering.

3. The reporting entity is responsible for the results of customer identification by the third party.

Article 15. Risk assessment of money laundering for reporting entities

1. Reporting entities must conduct a risk assessment for money laundering. The results of the money laundering risk assessment of the reporting entity must be updated annually. In cases where the reporting entity is an organization, the results of the risk assessment and updates on money laundering risks must be approved according to the internal regulations of the reporting entity.

2. Reporting entities must report the results of the risk assessment and updates on money laundering risks to the State Bank of Vietnam and relevant ministries and sectors within 45 days from the completion date for individual reporting entities or upon approval for organizational reporting entities. The results of the risk assessment and updates on money laundering risks must be disseminated throughout the system of the reporting entity.

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

Article 16. Customer classification based on money laundering risk levels

1. Based on the results of the risk assessment and updates on money laundering risks as prescribed in Article 15 of this Law, reporting entities shall establish a process for managing money laundering risks. The money laundering risk management process includes customer classification based on low, medium, and high risk levels, and corresponding measures for each level of money laundering risk for customers.

2. Reporting entities shall apply corresponding measures for each level of money laundering risk for customers as follows:

a) For customers with a low level of money laundering risk, reporting entities may collect, update, and verify customer identification information at a reduced level after initially establishing a relationship with the customer;

b) For customers with a medium level of money laundering risk, reporting entities must identify customers as prescribed in Article 9 of this Law;

c) For customers with a high level of money laundering risk, in addition to the measures prescribed in point b of this clause, reporting entities must implement enhanced measures including collecting, updating, and verifying enhanced customer identification information and closely monitoring the customer's transactions.

3. The Governor of the State Bank of Vietnam shall provide detailed regulations for this Article.

Article 17. Responsibilities of reporting entities concerning foreign individuals with political influence

1. Reporting entities shall review information sources, including the list of foreign individuals with political influence announced by the State Bank of Vietnam, to establish a list of politically influential foreign individuals applicable to the reporting entity.

2. Reporting entities must meet the following requirements:

a) Have a suitable risk management system to identify customers or beneficial owners who are politically influential foreign individuals; beneficiaries or beneficial owners of life insurance contracts who are politically influential foreign individuals;

b) Obtain approval from senior management according to internal regulations before establishing a business relationship with a politically influential foreign individual;

c) Implement appropriate measures to verify the source of funds of customers and beneficial owners who are politically influential foreign individuals, those related to politically influential foreign individuals as prescribed in Clause 3 of this Article, and monitor the business relationship throughout the transaction process with the reporting entity; closely monitor the business relationship with life insurance contract holders where the beneficiary or beneficial owner of the beneficiary is a politically influential foreign individual and consider suspicious transaction reports if necessary.

3. Reporting entities must comply with the provisions of points b and c of Clause 2 of this Article for individual customers falling under any of the following circumstances:

a) Being the father, mother, wife, husband, son, brother, sister, or younger brother of an individual listed in Clause 1 of this Article;

b) Being a co-owner with an individual listed in Clause 1 of this Article of one or more legal entities or legal agreements;

c) Being the beneficial owner of one or more legal entities or legal agreements owned by an individual listed in Clause 1 of this Article.

Article 18. Banking agency relationships

1. The reporting entity shall comply with the following requirements when establishing a banking agency relationship to provide banking services, payment services, and other services for the partner bank:

a) Collecting information about the partner bank to fully understand its business nature, reputation, and information on whether the partner bank has been investigated for money laundering or other violations of laws on preventing and combating money laundering;

b) Evaluating the implementation of anti-money laundering measures by the partner bank;

c) Understanding the anti-money laundering responsibilities of the partner bank in the banking agency relationship.

2. In cases where customers of the partner bank can make payments through accounts opened at the reporting entity, the reporting entity must ensure that the partner bank has fully implemented customer due diligence and has the ability to provide customer due diligence information upon request of the reporting entity. The account of the partner bank opened at the reporting entity may not be used by shell banks.

3. The establishment of a banking agency relationship by the reporting entity must be approved by the Director or General Director or a person authorized by the Director or General Director of the reporting entity.

Article 19. Responsibilities of the reporting entity for new products and services; existing products and services applying new technology

1. The reporting entity must establish policies and procedures to identify and assess the level of money laundering risk before providing new products and services; existing products and services applying new technology for the following purposes:

a) Detecting and preventing the use of new products and services; existing products and services applying new technology for money laundering;

b) Managing money laundering risks when conducting transactions with customers using new products and services; existing products and services applying new technology.

2. The reporting entity must apply measures when providing new products and services; existing products and services applying new technology to minimize money laundering risks.

Article 20. Monitoring certain special transactions

1. The reporting entity must monitor the following special transactions:

a) Transactions of unusual large value or complexity as prescribed by the Government;

b) Transactions with organizations or individuals located in countries or territories listed by the Financial Action Task Force for anti-money laundering or Warning Lists.

2. To monitor special transactions, the reporting entity must apply enhanced measures stipulated in point c, Clause 2, Article 16 of this Law; verify transaction information and purpose; if there is suspicion, the reporting entity must review, analyze, report suspicious transactions, and may refuse such transactions.

Article 21. Transparency of legal entity information

1. Business registration agencies, agencies issuing licenses for the establishment and operation of legal entities must update and store basic information of legal entities including name and type of legal entity, establishment decision, operating permits, legal status, main office address, management structure; list of managers of the legal entity, articles of association; beneficial owners of the legal entity (if any). This information must be stored for at least five years after the legal entity ceases operations as prescribed by law.

2. Legal entities have the responsibility to collect, update, and store their basic information including name and type of legal entity, establishment decision, operating permit, legal status, main office address, management structure; list of managers of the legal entity, articles of association; beneficial owners of the legal entity.

3. The State Bank of Vietnam and competent state agencies during the performance of their functions and tasks in managing the state's affairs on preventing and combating money laundering, conducting investigations, prosecutions, and trials have the right to request agencies and legal entities to provide information stipulated in Clauses 1 and 2 of this Article.

Article 22. Transparency of Information in Legal Agreements

1. The trustee in a legal agreement shall have the following responsibilities:

a) Collecting, updating identification information about the principal, the trustee, the beneficiary, related parties (if any), and the ultimate individual with control over the trust.

These pieces of information must be stored for at least five years from the date the trustee ceases to participate in the trust activity;

b) Providing the information specified in point a of this clause to competent authorities when requested; to financial organizations, organizations, and individuals engaged in non-financial industries when requested during the establishment and maintenance of customer relationships with these organizations and individuals related to the entrusted assets.

2. When performing customer due diligence on the trustee, financial organizations, organizations, and individuals engaged in non-financial industries may request the trustee to provide the information specified in Clause 1 of this Article and the trust document.

3. The State Bank of Vietnam and other state agencies, while carrying out their functions and tasks in managing anti-money laundering activities, conducting investigations, prosecutions, and trials, have the right to request organizations and individuals to provide the information specified in Clauses 1 and 2 of this Article.

Article 23. Transparency in the Activities of Non-Profit Organizations

1. Non-profit organizations must collect, update, and store the following information, files, and documents:

a) Information about sponsors, including full name, address, amount of sponsorship, method of sponsorship, and other relevant information (if any);

b) Information about recipients of sponsorship, including full name, address, amount received, method of receiving sponsorship, purpose of using the sponsored funds, and other relevant information (if any);

c) Files, documents, and vouchers related to sponsorship and receipt of sponsorship.

2. Non-profit organizations must retain the information, files, and documents specified in Clause 1 of this Article for at least five years from the end date of the sponsorship or receipt of sponsorship activities.

3. In cases where non-profit organizations are dissolved or cease operations, the information, files, and documents specified in Clause 1 of this Article must be handed over to the competent authority managing that non-profit organization.

4. The State Bank of Vietnam and other state agencies, while carrying out their functions and tasks in managing anti-money laundering activities, conducting investigations, prosecutions, and trials, have the right to request non-profit organizations to provide the information, files, and documents specified in Clause 1 of this Article.

Section 2

RESPONSIBILITIES FOR INTERNAL REGULATION BUILDING AND REPORTING, PROVIDING, AND STORING INFORMATION AND DOCUMENTS ON ANTI-MONEY LAUNDERING

Article 24. Internal Regulations on Anti-Money Laundering

1. Reporting entities must issue internal regulations on anti-money laundering containing the main contents as follows:

a) Customer acceptance policy, including provisions regarding refusal to open accounts, establish business relationships, conduct transactions, or terminate business relationships with customers in cases where the reporting entity cannot complete customer due diligence due to the customer's refusal to provide information or providing incomplete information;

b) Procedures and processes for customer due diligence;

c) Risk management policies and procedures, including the provisions set forth in Clause 1 of Article 16, Clause 1 of Article 19, and Clause 2 of Article 34 of this Law;

d) Procedures for reporting suspicious transactions;

đ) Procedures for reviewing, detecting, handling, and reporting suspicious transactions; methods of communicating with customers conducting suspicious transactions;

e) Storage and information security;

g) Temporary measures and principles for handling situations involving transaction delays;

h) Reporting and information provision systems to the State Bank of Vietnam and other competent state agencies;

i) Recruitment, training, and professional development in anti-money laundering;

k) Internal control and audit of compliance with policies, regulations, procedures, and processes related to anti-money laundering activities; responsibilities of each individual and department in implementing internal regulations on anti-money laundering.

2. Reporting entities that are micro-enterprises and individuals must issue internal regulations on anti-money laundering containing the provisions specified in points a, b, c, đ, e, and g of Clause 1 of this Article.

3. Internal regulations must ensure prevention, detection, blocking, and handling of activities suspected of being related to money laundering; they must be appropriate to the organizational structure, scale of operations, and level of money laundering risk in the activities of the reporting entity and applied throughout the entire system and agents of the reporting entity.

4. Annually, reporting entities must evaluate their internal regulations on anti-money laundering to consider amendments and supplements as necessary.

5. The Governor of the State Bank of Vietnam shall specify detailed regulations for this Article.

Article 25. Large Value Transactions Reporting Requirement

1. The reporting subject shall report to the State Bank of Vietnam when conducting large value transactions that require reporting.

2. The Prime Minister decides the threshold for large value transactions that require reporting in accordance with economic and social conditions during each period.

3. The Governor of the State Bank of Vietnam shall stipulate the reporting regime for large value transactions that require reporting.

Article 26. Suspicious Transaction Reporting

1. The reporting subject shall report suspicious transactions to the State Bank of Vietnam in the following cases:

a) When aware that a transaction has been carried out at the request of a suspect, defendant, or convicted person, and there is reasonable grounds to suspect that the assets involved in the transaction belong to or have originated from the ownership or control of such suspect, defendant, or convicted person. The identification of suspects, defendants, or convicted persons shall be based on notifications from competent state agencies.

b) When there are reasonable grounds to suspect that the assets involved in the transaction are related to money laundering activities identified through the examination, collection, and analysis of information when the customer or transaction exhibits one or more suspicious signs as stipulated in Articles 27, 28, 29, 30, 31, 32, and 33 of this Law, and may also arise from other signs determined by the reporting subject.

2. When discovering suspicious signs outside those specified in Articles 27, 28, 29, 30, 31, 32, and 33 of this Law, the reporting subject and relevant ministries and sectors shall notify the State Bank of Vietnam.

3. Based on the requirements of anti-money laundering work during each period, the State Bank of Vietnam shall submit to the Government for supplementation of suspicious signs according to industries and fields beyond those specified in Articles 27, 28, 29, 30, 31, 32, and 33 of this Law.

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

Article 27. Basic Suspicious Signs

1. The customer refuses to provide information or provides inaccurate, incomplete, or inconsistent customer identification information.

2. The customer persuades the reporting subject not to report the transaction to the competent state agency.

3. It is impossible to identify the customer based on the information provided by the customer or the transaction involves a party whose identity cannot be determined.

4. The phone number provided by the customer cannot be reached or does not exist after the account is opened or the transaction is conducted.

5. The transaction is carried out according to the instructions or authorization of an organization or individual listed in the Warning List.

6. Through customer identification information or by examining the economic and legal basis of the transaction, it can be determined that there is a connection between the parties involved in the transaction and criminal activities or organizations or individuals listed in the Warning List.

7. An organization or individual participating in a transaction with a large amount of money that is inconsistent with their business activities or income.

8. The customer requests the reporting subject to conduct the transaction in a manner inconsistent with the prescribed procedures under the law.

Article 28. Suspicious Signs in Banking Sector

1. There is a sudden change in the volume of transactions on the account; rapid inflow and outflow of funds from the account; large transaction volume on a single day but very small or zero balance in the account.

2. Small-value fund transfers from multiple accounts to one account or vice versa within a short period; funds being transferred through multiple accounts; parties involved are indifferent to transaction fees; conducting numerous transactions, each close to the threshold for large value transactions that require reporting.

3. Abnormally large use of letters of credit and other trade financing methods, with unusually high discount rates compared to normal levels.

4. A customer opening multiple accounts at financial institutions or foreign bank branches in geographic areas different from where they reside, work, or conduct business.

5. A customer's account suddenly receives a large deposit or transfer of funds.

6. Large sums of money are transferred from a company's account abroad after receiving several small transfers via electronic transfers, checks, or drafts.

7. Foreign-invested economic organizations immediately transferring funds abroad after receiving investment capital or transferring funds abroad inconsistent with their business operations; foreign investors immediately transferring funds abroad after receiving funds from abroad deposited into an account opened at a financial institution or foreign bank branch operating in Vietnam.

8. Customers frequently exchanging small denomination currency for larger denominations.

9. Deposit, withdrawal, or transfer transactions conducted by organizations or individuals associated with illegal asset creation crimes reported in the media.

10. A customer requesting to borrow the maximum allowable amount based on life insurance contracts paid in a lump sum immediately after paying the insurance premium.

11. Information about the source of funds used for financing, investment, lending, or entrusted investment by customers is unclear or opaque.

12. Information about the source of collateral for loans requested by customers is incomplete or inaccurate.

13. There are signs suggesting that customers are using personal accounts to conduct transactions related to organizational activities or acting on behalf of another individual.

14. Continuous online transactions through accounts that frequently change login devices or Internet Protocol (IP) addresses overseas.

Article 29. Suspicious Indicators in the Payment Intermediation Field

1. There is a sudden change in transaction volume on electronic wallets; money being quickly deposited into and withdrawn from electronic wallets; large transaction volumes on a single day but with very small or zero balance in the electronic wallet.

2. The customer frequently makes multiple small-value deposits into one electronic wallet, followed by transferring large-value amounts to another electronic wallet or withdrawing large sums to their bank payment account or debit card; or vice versa.

3. Frequent small-value transfers from various electronic wallets to one electronic wallet or vice versa within a short period; money being transferred through multiple electronic wallets; parties involved are indifferent to transaction fees; numerous transactions close to the threshold requiring reporting are conducted; the electronic wallet generates many transfers to other electronic wallets at unusually fast initiation times.

4. A customer's electronic wallet suddenly receives a large-value deposit.

5. Transactions involving deposits into, withdrawals from, or transfers between electronic wallets are carried out by organizations or individuals associated with the creation of illegal assets, as reported in the media.

6. There are signs that a customer is using a personal electronic wallet to conduct transactions related to organizational activities or on behalf of another individual.

7. Despite verification showing that the customer’s official website or headquarters has ceased operations, the customer continues to generate transactions.

8. Online transactions via electronic wallets continuously change regarding login devices or IP addresses.

9. The customer frequently uses foreign login devices or IP addresses to access electronic wallets or conduct transactions; the customer often uses one device or IP address to perform transactions across multiple electronic wallets not belonging to the same wallet owner.

Article 30. Suspicious Indicators in the Life Insurance Business Field

1. The customer requests to purchase an unusually large-value life insurance contract or requests full payment of premiums for a product not offering such an option, while current contracts held by the customer have small values and are paid periodically.

2. The customer requests to enter into a life insurance contract with periodic premiums that do not match their current income.

3. The policyholder pays premiums from an account that is not their own or not authorized by them, or pays using unregistered transfer instruments.

4. The policyholder requests to change the beneficiary to someone with no clear relationship to them.

5. The customer accepts all unfavorable terms unrelated to age or health; the customer proposes to buy insurance for unclear purposes; the conditions and value of the insurance contract contradict the customer's needs.

6. The policyholder cancels the insurance contract immediately after purchase and requests the return of paid premiums to a third party; the customer frequently participates in insurance and transfers contracts to third parties.

7. An enterprise has an unusually high number of insurance contracts for employees or abnormally high lump-sum premium payments.

8. The insurance company frequently pays large sums to the same customer.

Article 31. Suspicious Indicators in the Securities Sector

1. Securities trading conducted by an organization or individual that exhibits unusual patterns in a single day or over several days.

2. Securities companies transferring funds inconsistent with their securities business operations.

3. Non-residents transferring large sums of money from securities trading accounts or liquidating entrusted investment contracts to transfer funds out of Vietnam.

4. Customers frequently selling all stocks in their portfolio and requesting securities companies to issue payment orders for cash withdrawals from commercial banks.

5. Investors making abnormal investments in multiple unprofitable securities within a short period.

6. A customer's securities account suddenly receiving a large amount of money inconsistent with the customer’s financial capacity.

7. Securities trading funded from investment funds established in high-risk jurisdictions for money laundering.

8. Foreign investors residing in high-risk jurisdictions for money laundering contributing capital to establish securities investment funds or securities investment companies in Vietnam.

Article 32. Suspicious Indicators in the Gaming Business Sector

1. Customers exhibiting persistent deliberate losses at gaming businesses.

2. Customers exchanging large amounts of casino chips or electronic game tokens irregularly but not participating in games or playing very little before converting them back to cash, checks, bank drafts, or transferring money to other accounts.

3. Customers requesting third parties unrelated to them to receive winnings or prizes.

4. Customers adding cash or checks to their winnings or prizes and requesting gaming establishments to convert them into unusually large checks.

5. Customers repeatedly in a day requesting casinos or electronic game establishments to exchange tokens for cash.

6. Customers repeatedly in a day requesting third parties to exchange large-value tokens on their behalf and placing bets on their behalf.

7. Customers repeatedly in a day purchasing lottery tickets, betting slips, or exchanging tokens close to the transaction value threshold requiring reporting.

8. Customers repurchasing high-value winning lottery tickets from others.

Article 33. Suspicious Indicators in the Real Estate Business Sector

1. Real estate transactions conducted through power of attorney without legal basis.

2. Customers showing indifference towards real estate prices and transaction fees.

3. Customers unable to provide relevant information about real estate or unwilling to provide additional personal information.

4. Transaction prices between parties inconsistent with market values.

Article 34. Electronic Fund Transfers

1. Reporting entities are required to report the State Bank of Vietnam when conducting electronic fund transfers exceeding the value limit set by the Governor of the State Bank of Vietnam.

2. Reporting entities engaging in electronic fund transfers must have policies and procedures to manage risks, including implementing, refusing, suspending, post-transaction monitoring, or reviewing and reporting suspicious electronic fund transfers lacking accurate or complete information as required.

3. The Governor of the State Bank of Vietnam shall stipulate contents related to electronic fund transfers for anti-money laundering purposes; reporting systems for electronic fund transfers.

Article 35. Declaration and Provision of Information on the Transport of Cash, Precious Metals, Precious Stones, and Transfer Instruments Across Borders

1. Individuals entering or exiting the country with foreign currency cash, Vietnamese dong in cash form, precious metals, precious stones, and transfer instruments exceeding the threshold set by competent state agencies shall declare to customs or report to border guards where there is no customs office.

2. Customs offices and border guards are responsible for collecting and storing the declaration information specified in Clause 1 of this Article and providing it to the State Bank of Vietnam when requested or if there is suspicion related to money laundering, terrorist financing, or proliferation financing.

Article 36. Forms of Reporting

1. Reporting entities shall submit electronic data or paper reports when an appropriate information technology system has not been established to meet the requirements for submitting electronic data for the reports prescribed in Articles 25, 26, and 34 of this Law.

2. In cases of necessity, reporting entities may report via fax, telephone, or email but must ensure the security and confidentiality of the reported information and confirm through one of the forms prescribed in Clause 1 of this Article.

3. For suspicious transaction reports, reporting entities must attach customer account opening documentation for transactions conducted through accounts, customer identification information, relevant documents and materials, and preventive measures taken.

Article 37. Reporting Deadline

1. Reporting entities must report large-value transactions as prescribed in Article 25 and electronic fund transfer transactions as prescribed in Article 34 of this Law within one working day from the date of transaction occurrence if submitting electronic data; within two working days from the date of transaction occurrence if submitting paper reports.

2. Reporting entities must report suspicious transactions as prescribed in Article 26 of this Law within three working days from the date of transaction occurrence or within one working day from the date the reporting entity identifies the suspicious transaction.

3. If a suspicious transaction identified due to a customer request shows signs of criminal activity, the reporting entity must report to the competent state agency and the State Bank of Vietnam within 24 hours from the time of discovery.

Article 38. Storage of Information, Records, Documents, and Reports

1. Reporting entities are responsible for storing the following information, records, documents, and reports:

a) Customer identification information, records, and documents;

b) The results of analysis and assessment by the reporting entity regarding customers and transactions that require reporting;

c) Other information, records, and documents related to customers and transactions that require reporting;

d) Reports on transactions as prescribed in Articles 25, 26, and 34 of this Law and accompanying information, records, and documents.

2. The storage period is as follows:

a) Five years from the end of the transaction, closure of the account, or reporting date for the information, records, and documents specified in Points a, b, and c of Clause 1 of this Article;

b) Five years from the date of transaction occurrence for the reports specified in Point d of Clause 1 of this Article.

Article 39. Obligation to Report, Provide Information, Files, Documents, and Reports

1. The reporting entity must promptly provide information, files, documents, and reports specified in Clause 1 of Article 38 of this Law to the State Bank of Vietnam and competent state agencies as prescribed by the Government.

2. The reporting entity, organizations, institutions, and individuals performing the obligation to report or providing information to competent authorities as prescribed by this Law shall not be considered to have violated the provisions of laws on ensuring confidentiality of information.

Article 40. Ensuring Confidentiality of Information, Files, Documents, and Reports

1. The reporting entity and related organizations and individuals must comply with the provisions of laws on protecting state secrets and customer information confidentiality regarding information, files, documents, and reports related to transactions that must be reported as prescribed by this Law.

2. The reporting entity, managers, and employees within the reporting entity may not disclose information about suspicious transaction reports or information related to suspicious transactions to the State Bank of Vietnam.

Section 3

COLLECTION, PROCESSING, ANALYSIS, EXCHANGE, PROVISION, AND TRANSFER OF INFORMATION FOR PREVENTION AND COMBATING MONEY LAUNDERING

1. The State Bank of Vietnam has the right to request organizations and individuals related to provide necessary information, files, and documents to implement analysis, transfer information for prevention and combating money laundering, and international cooperation in preventing and combating money laundering.

2. Organizations and individuals related have the responsibility to provide the State Bank of Vietnam with information, files, and documents as stipulated in Clause 1 of this Article.

3. The Government shall provide detailed regulations on this Article.

1. When there is reasonable basis to suspect transactions mentioned in information and reports related to money laundering, within seven working days, the State Bank of Vietnam has the responsibility to transfer information or case files to competent authorities to serve verification, investigation, prosecution, and trial purposes.

Suspicious transaction information transferred by the State Bank of Vietnam to competent authorities is classified as state secret.

2. The State Bank of Vietnam has the responsibility to coordinate and exchange information for prevention and combating money laundering with competent authorities during investigation, prosecution, and trial processes.

3. The State Bank of Vietnam has the responsibility to exchange and provide information with relevant ministries and sectors for the purpose of preventing and combating money laundering.

4. The Government shall provide detailed regulations on this matter.

1. The State Bank of Vietnam sends requests to foreign anti-money laundering agencies and competent authorities to collect and supplement information to serve processing, analysis, and transferring information for prevention and combating money laundering; receives feedback information and transferred information from foreign anti-money laundering agencies and competent authorities and handles received information according to the provisions of this Law.

2. The State Bank of Vietnam accepts information provision requests from foreign competent authorities for the purpose of serving prevention and combating money laundering work and provides feedback information.

3. The State Bank of Vietnam provides and transfers information to foreign competent authorities according to the provisions of this Law.

4. Suspicious transaction information exchanged, provided, and transferred by the State Bank of Vietnam to foreign competent authorities is classified as state secret.

Section 4

APPLICATION OF TEMPORARY MEASURES AND HANDLING OF VIOLATIONS

Article 44. Suspension of Transactions

1. The reporting entity must immediately apply measures to suspend transactions in the following cases:

a) When there is a basis for suspicion or discovery that parties involved in the transaction are listed on the Blacklist;

b) When there is reason to believe that the requested transaction is related to criminal activity, including: transactions requested by a person convicted under criminal procedure laws, and assets in the transaction belonging to or having a source belonging to or under the control of such convicted person; transactions involving organizations or individuals engaged in acts related to terrorist financing;

c) When there is a request from a competent state agency as provided for in relevant laws.

2. When implementing measures to suspend transactions, the reporting entity must immediately report to the competent state agency and the State Bank of Vietnam.

3. The duration of applying measures to suspend transactions shall not exceed three working days from the date of application.

4. The reporting entity shall not be held legally responsible for any consequences arising from the application of measures to suspend transactions in accordance with the provisions of this Article.

5. The Government shall provide detailed regulations for point a of Clause 1 and Clause 2 of this Article.

Article 45. Freezing Accounts, Sealing, Freezing, or Temporary Detention of Assets

The reporting entity must implement decisions of competent state agencies regarding the freezing of accounts, sealing, freezing, or temporary detention of assets of organizations and individuals as prescribed by law.

Article 46. Handling Violations

Organizations and individuals who violate the laws on preventing and combating money laundering shall be subject to disciplinary action, administrative violations, or criminal prosecution, if causing damage, they must compensate according to the law, depending on the nature and degree of violation.

Chapter III

RESPONSIBILITIES OF STATE AGENCIES IN PREVENTING AND COMBATING MONEY LAUNDERING

Article 47. Responsibilities of the Government, Prime Minister

1. The Government shall uniformly manage the state's work on preventing and combating money laundering.

2. The Government shall issue normative legal documents within its authority on preventing and combating money laundering.

3. The Prime Minister shall direct ministries, ministerial-level agencies, and government agencies to cooperate with the Supreme People's Court and the Supreme People's Procuracy in anti-money laundering work; direct cooperation in anti-money laundering and anti-terrorism financing, and anti-proliferation of weapons of mass destruction work.

Article 48. Responsibilities of the State Bank of Vietnam

The State Bank of Vietnam shall be responsible before the Government for managing the state's work on preventing and combating money laundering and shall have the following tasks and powers:

1. To develop and submit to the competent authority for issuance, or issue within its authority, normative legal documents and plans on preventing and combating money laundering;

2. To take the lead and coordinate with relevant agencies to implement preventive and combative measures against money laundering in the monetary and banking sectors;

3. To inspect, examine, and supervise the activities of reporting entities in preventing and combating money laundering under the responsibility of managing the state's work on monetary matters and banking activities, including basing on the results of national risk assessments on money laundering and the risk assessment results of reporting entities;

4. To cooperate, exchange, and provide information to competent authorities in inspection, supervision, investigation, prosecution, trial, and enforcement activities related to money laundering;

5. To implement international cooperation on preventing and combating money laundering, serving as the focal point for participating and implementing Vietnam's obligations as a member of international organizations on preventing and combating money laundering;

6. To organize research and application of scientific and technological progress and information technology in anti-money laundering work;

7. To take the lead and coordinate with relevant agencies to disseminate and educate the law on preventing and combating money laundering, communicate about policies and laws on preventing and combating money laundering, and implement training on preventing and combating money laundering;

8. To compile information and annually report to the Government on Vietnam's work on preventing and combating money laundering;

9. To take the lead in implementing the national risk assessment on money laundering as stipulated in Clause 1 of Article 7 of this Law; to conduct assessments and updates on money laundering risks in the monetary and banking sectors and compile them for submission to the Government for approval of the results of updating the national risk assessment on money laundering as stipulated in Clause 2 of Article 7 of this Law;

10. To coordinate with the Ministry of Foreign Affairs and relevant ministries and sectors to propose, lead negotiations, and organize the implementation of international treaties and agreements on preventing and combating money laundering;

11. To monitor reporting entities in their compliance with reporting requirements as stipulated in Articles 25, 26, and 34 of this Law; to coordinate in providing monitoring information to ministries and sectors to support inspection, examination, and supervision work on preventing and combating money laundering.

Article 49. Responsibilities of the Ministry of Public Security

1. Collecting, receiving, and processing information to combat money laundering crimes.

2. Notifying the State Bank of Vietnam of the results of handling information related to suspicious transactions.

3. Leading and coordinating with relevant agencies, organizations, and individuals in preventing, detecting, investigating, and dealing with money laundering crimes.

4. Exchanging information and materials on new methods and tactics of money laundering crimes both domestically and internationally with the State Bank of Vietnam.

5. Leading the establishment of lists of organizations and individuals associated with terrorism and terrorist financing.

6. Implementing judicial assistance in the prevention and combating of money laundering within its functional and assigned tasks.

7. Coordinating with the State Bank of Vietnam to implement national risk assessments for money laundering as stipulated in Clause 1, Article 7 of this Law; conducting and updating risk assessments for high-risk predicate offenses as stipulated in Clause 2, Article 7 of this Law.

Article 50. Responsibilities of the Ministry of National Defense

1. Exchanging information and materials on money laundering activities aimed at proliferating weapons of mass destruction both domestically and internationally with the State Bank of Vietnam.

2. Leading the establishment of lists of organizations and individuals designated as being involved in proliferation and financing of proliferation of weapons of mass destruction.

3. Coordinating with the State Bank of Vietnam to implement national risk assessments for money laundering as stipulated in Clause 1, Article 7 of this Law.

Article 51. Responsibilities of the Ministry of Finance

1. Leading and coordinating with relevant agencies to implement measures to prevent and combat money laundering in the life insurance, securities, accounting services, electronic games with prizes, casinos, lotteries, betting, and other sectors under the management of the Ministry of Finance.

2. Inspecting, examining, and supervising the activities of entities subject to reporting in the areas specified in Clause 1 of this Article, based on the results of national risk assessments for money laundering and the risk assessments of the reporting entities.

3. Coordinating with the State Bank of Vietnam to implement national risk assessments for money laundering as stipulated in Clause 1, Article 7 of this Law; conducting and updating risk assessments for money laundering as stipulated in Clause 2, Article 7 of this Law in the areas specified in Clause 1 of this Article.

Article 52. Responsibilities of the Ministry of Construction

1. Leading and coordinating with relevant agencies to implement measures to prevent and combat money laundering in the real estate business sector, excluding rental and subletting of real estate and real estate advisory services.

2. Inspecting, examining, and supervising the activities of entities subject to reporting in the areas specified in Clause 1 of this Article, based on the results of national risk assessments for money laundering and the risk assessments of the reporting entities.

3. Coordinating with the State Bank of Vietnam to implement national risk assessments for money laundering as stipulated in Clause 1, Article 7 of this Law; conducting and updating risk assessments for money laundering in the real estate business sector, excluding rental and subletting of real estate and real estate advisory services as stipulated in Clause 2, Article 7 of this Law.

Article 53. Responsibilities of the Ministry of Justice

1. Leading and coordinating with relevant agencies to implement measures to prevent and combat money laundering in the notarization and legal practice sectors.

2. Coordinating with the State Bank of Vietnam to disseminate and educate the public about laws on preventing and combating money laundering.

3. Inspecting, examining, and supervising the activities of entities subject to reporting in the areas specified in Clause 1 of this Article, based on the results of national risk assessments for money laundering and the risk assessments of the reporting entities.

4. Coordinating with the State Bank of Vietnam to implement national risk assessments for money laundering as stipulated in Clause 1, Article 7 of this Law; conducting and updating risk assessments for money laundering in the notarization and legal practice sectors as stipulated in Clause 2, Article 7 of this Law.

Article 54. Responsibilities of the Ministry of Industry and Trade

1. To take the lead and coordinate with relevant agencies to implement measures for preventing and combating money laundering in the precious metals and gemstones business sector, excluding the trading of gold bars and gold jewelry and artworks.

2. To inspect, examine, and supervise the prevention and combating of money laundering activities concerning reporting entities within the scope defined in Clause 1 of this Article, based on the results of national risk assessments on money laundering and the risk assessments of the reporting entities themselves.

3. To coordinate with the State Bank of Vietnam to conduct national risk assessments on money laundering as stipulated in Clause 1 of Article 7 of this Law; to carry out and update risk assessments on money laundering in the precious metals and gemstones business sector, excluding the trading of gold bars and gold jewelry and artworks, as specified in Clause 2 of Article 7 of this Law.

Article 55. Responsibilities of the Ministry of Planning and Investment

1. To take the lead and coordinate with relevant agencies to implement measures for preventing and combating money laundering in areas under the management of the Ministry of Planning and Investment.

2. To coordinate with the State Bank of Vietnam to conduct national risk assessments on money laundering as stipulated in Clause 1 of Article 7 of this Law; to take the lead and coordinate with relevant agencies to carry out and update risk assessments on money laundering for legal entities established in accordance with the Enterprise Law as specified in Clause 2 of Article 7 of this Law.

Article 56. Responsibilities of the Ministry of Home Affairs

1. To take the lead and coordinate with relevant agencies to implement measures for preventing and combating money laundering for associations, social funds, charitable funds, and religious organizations.

2. To coordinate with the State Bank of Vietnam to conduct national risk assessments on money laundering as stipulated in Clause 1 of Article 7 of this Law; to take the lead and coordinate with relevant agencies to carry out and update risk assessments on money laundering for associations, social funds, charitable funds, and religious organizations as specified in Clause 2 of Article 7 of this Law.

3. To coordinate with relevant agencies to carry out risk assessments on money laundering for non-governmental organizations from foreign countries.

Article 57. Responsibilities of the Ministry of Foreign Affairs

1. To take the lead and coordinate with relevant agencies to implement measures for preventing and combating money laundering for non-governmental organizations from foreign countries.

2. To coordinate with the State Bank of Vietnam to conduct national risk assessments on money laundering as stipulated in Clause 1 of Article 7 of this Law; to take the lead and coordinate with relevant agencies to carry out and update risk assessments on money laundering for non-governmental organizations from foreign countries as specified in Clause 2 of Article 7 of this Law.

3. To coordinate with the State Bank of Vietnam to conclude and organize the implementation of international treaties and agreements on preventing and combating money laundering.

Article 58. Responsibilities of the Ministry of Information and Communications

1. To take the lead and coordinate with relevant agencies to implement measures for preventing and combating money laundering in the telecommunications network gaming and Internet gaming sectors.

2. Inspecting, examining, and supervising the activities of entities subject to reporting in the areas specified in Clause 1 of this Article, based on the results of national risk assessments for money laundering and the risk assessments of the reporting entities.

3. To coordinate with the State Bank of Vietnam to conduct national risk assessments on money laundering as stipulated in Clause 1 of Article 7 of this Law; to carry out and update risk assessments on money laundering in the telecommunications network gaming and Internet gaming sectors as specified in Clause 2 of Article 7 of this Law.

4. To coordinate with the State Bank of Vietnam in disseminating information and promoting policies and laws on preventing and combating money laundering.

Article 59. Responsibilities of Other Ministries and Agencies

1. Coordinate with the State Bank of Vietnam to implement state management on anti-money laundering.

2. Inspect and supervise reporting entities within their scope of state management to comply with laws on anti-money laundering.

3. Coordinate with the State Bank of Vietnam and relevant ministries and agencies to periodically assess and update national money laundering risks as stipulated in Clause 1 and Clause 2 of Article 7 of this Law.

Article 60. Responsibilities of the People's Procuracy

1. Within its functions, tasks, and powers, the People's Procuracy shall promptly and strictly handle money laundering offenses; coordinate with related agencies and organizations in combating money laundering.

2. Within its functions and tasks, the Supreme People's Procuracy shall be responsible for international cooperation on mutual legal assistance in criminal matters; promptly receive, process, and request mutual legal assistance in criminal matters for the prevention and combat of money laundering.

3. The Supreme People's Procuracy shall coordinate with the State Bank of Vietnam and relevant ministries and agencies in implementing the assessment and updating of national money laundering risks as stipulated in Clause 1 and Clause 2 of Article 7 of this Law.

Article 61. Responsibilities of the People's Courts

1. Within its functions, tasks, and powers, the People's Court shall promptly and strictly handle money laundering offenses; coordinate with related agencies and organizations in combating money laundering.

2. Within its functions and tasks, the Supreme People's Court shall be responsible for international cooperation on mutual legal assistance in the prevention and combat of money laundering.

3. The Supreme People's Court shall coordinate with the State Bank of Vietnam and relevant ministries and agencies in implementing the assessment and updating of national money laundering risks as stipulated in Clause 1 and Clause 2 of Article 7 of this Law.

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

1. Implement the dissemination and education of laws on the prevention and combat of money laundering at the local level.

2. Coordinate with competent state agencies to implement and urge the implementation of plans for the prevention and combat of money laundering, and to conduct assessments of national money laundering risks.

3. Promptly and strictly handle violations of laws on the prevention and combat of money laundering within their authority.

Article 63. Responsibility for Information Security

1. State agencies specified in this Law shall be responsible for implementing information security procedures as prescribed by law.

2. Competent state agencies must ensure that information exchanged, provided, or transferred to foreign competent authorities under Article 6 of this Law is kept confidential and used for the intended purpose of such exchange, provision, or transfer.

Chapter IV

IMPLEMENTING PROVISIONS

Article 64. Amendment and Supplement of Certain Articles of Relevant Laws Pertaining to Anti-Money Laundering

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

"1. The Banking Inspection and Supervision Agency is a unit within the organizational structure of the State Bank of Vietnam, tasked with inspecting and supervising banks."

2. Amend and supplement certain articles of the Law on Prevention and Combating Terrorism No. 28/2013/QH13 as follows:

a) Amend and supplement Article 34 as follows:

"Article 34. Implementation of measures to prevent and combat terrorist financing and application of temporary measures; national risk assessment for preventing and combating terrorist financing

1. Financial organizations, organizations, and individuals engaged in non-financial industries and professions shall apply the provisions from Article 9 to Article 40 of the Law on Prevention and Combating Money Laundering to identify customers, collect, update, and verify customer identification information; establish internal regulations and report, provide, and store information, files, documents, and reports related to preventing and combating terrorist financing.

2. Upon suspicion that a customer or the customer's transaction is related to terrorist financing or the customer is listed on the Blacklist, financial organizations, organizations, and individuals engaged in non-financial industries and professions shall report to the anti-terrorism force of the Ministry of Public Security, the State Bank of Vietnam, and must apply temporary measures in accordance with the law on prevention and combating money laundering.

3. Every five years, the Ministry of Public Security shall take the lead and coordinate with relevant ministries and sectors to conduct a national risk assessment regarding terrorist financing in Vietnam and submit the results of the assessment and the implementation plan post-assessment to the Government for approval.

b) Amend and supplement Article 35 as follows:

"Article 35. Control of cash transportation, precious metals, gemstones, and transfer instruments across borders

Organizations and individuals authorized to implement the control of cash transportation, precious metals, gemstones, and transfer instruments across the Vietnamese border as stipulated in Article 24 of this Law and Article 35 of the Law on Prevention and Combating Money Laundering shall be responsible for detecting, preventing, and promptly handling actions exploiting these activities for terrorist financing.

Article 65. Application of this Law in preventing and combating the proliferation of weapons of mass destruction financing

Financial organizations, organizations, and individuals engaged in non-financial industries and professions shall apply the provisions from Article 9 to Article 40 of this Law to identify customers, collect, update, and verify customer identification information; establish internal regulations and report, provide, and store information, files, documents, and reports related to preventing and combating the proliferation of weapons of mass destruction financing.

Article 66. Effective Date

1. This Law takes effect from March 1, 2023, except as provided in Clause 2 of this Article.

2. Clause 1 of Article 64 of this Law takes effect from the date when the regulation on the competent authority for performing functions and tasks in preventing and combating money laundering issued by the competent state agency becomes effective.

3. The Law on Prevention and Combating Money Laundering No. 07/2012/QH13 ceases to be effective from the date this Law comes into effect.

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This Law was adopted by the National Assembly of the Socialist Republic of Vietnam, the fifteenth session, session number 4 on the date 15 the 11 year 2022.