September 22, 2025 | 22:48 (GMT+7)
New rules on big money transfers to take effect on November 1
Domestic electronic transfers worth 500 million VND (over 18,900 USD) or more, and international electronic transfers of 1,000 USD (or the equivalent in foreign currency) or above, will have to be reported to the State Bank of Vietnam (SBV).
The regulation is under the SBV's Circular No.27/2025/TT-NHNN, which comes into force on November 1 and provides implementation guidance on several provisions of the law on anti-money laundering.
Suspicious transactions will also fall under the reporting requirement, with responsibility resting on financial institutions such as commercial banks and payment intermediaries.
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Circular 27, comprising 13 articles, details criteria and methods for assessing money laundering risks among reporting entities; and procedures for managing risks and classifying customers according to levels of money laundering risk; among other provisions (Photo: en.vietnamplus.vn) |
The circular also stipulates value thresholds and documentary requirements to be submitted to customs authorities at border gates when individuals carry cash in foreign currencies or Vietnamese dong, negotiable instruments, precious metals, or gemstones exceeding permitted limits. Specifically, the threshold for precious metals (excluding gold) and gemstones is set at 400 million VND while the same applies to negotiable instruments.
In addition, Circular 27, comprising 13 articles, details criteria and methods for assessing money laundering risks among reporting entities; procedures for managing risks and classifying customers according to levels of money laundering risk; and internal regulations on anti-money laundering, among other provisions.
To give reporting entities time for preparation, they are allowed to continue to comply with existing regulations on internal rules and risk management procedures until December 31, 2025. From January 1, 2026, they must complete adjustments and updates to ensure full compliance with the new circular. This includes developing suitable IT systems to facilitate electronic data reporting and deploying software capable of screening and filtering against blacklists.
Developed on the basis of existing relevant provisions while introducing amendments to address difficulties faced by financial institutions, the new circular is expected not only to strengthen efforts to combat money laundering, terrorist financing, and the financing of weapons of mass destruction, but also to enhance Vietnam’s reputation and standing in international financial cooperation.
Source: VNA