Decree No. 116/2013/ND-CP of October 4, 2013, detailing a number of articles of the Anti-Money Laundering Law
Pursuant to the December 25, 2001 Law on Organization of the Government;
Pursuant to the June 18, 2012 Anti-Money Laundering Law;
At the proposal of the Governor of the State Bank of Vietnam,
The Government promulgates the Government detailing a number of articles of the Anti-Money Laundering Law,
Article 1. Scope of regulation
This Decree details a number of articles of the Anti-Money Laundering Law regarding measures to prevent and combat money laundering; collection, processing and transfer of anti-money laundering information; responsibilities of state agencies for money laundering prevention and combat and international cooperation on anti-money laundering.
Article 2. Subjects of application
1. This Decree applies to the subjects specified in Clauses 1, 2 and 3, Article 2 of the Anti-Money Laundering Law.
2. Other organizations and individuals involved in anti-money laundering activities, including foreign organizations and individuals or stateless persons that neither carry out activities nor reside in the Vietnamese territory but conduct transactions with organizations and individuals mentioned in Clause 1 of this Article.
MEASURES TO PREVENT AND COMBAT MONEY LAUNDERING
IDENTIFICATION, REPORTING AND STORAGE OF CLIENT INFORMATION
Article 3. Client identification
1. A financial institution shall apply measures to identify a client in the following cases:
a/ The client opens for the first time accounts, including payment account, savings account, card account and other accounts;
b/ The client establishes for the first time a relationship with the financial institution in order to use products and services provided by the financial institution;
c/ The client conducts infrequent transactions of large value. Infrequent transactions of large value means transactions of a total value of VND 300,000,000 (three hundred million) or more conducted in a day by a client having no payment account or having a payment account but having conducted no transaction within six months or more.
d/ The client conducts electronic money transfer but lacks information on the name, address or account number of the originator;
dd/ There is a doubt that a transaction or parties to a transaction is/are related to money laundering;
e/ There is a doubt about the accuracy or adequacy of previously collected client identification information.
2. Organizations and individuals doing the business of prize-winning games and casino shall take measures to identify clients that conduct financial transactions of a total value of VND 60,000,000 (sixty million) or more in a day.
3. Organizations and individuals providing real estate management, brokerage and trading floor services shall take measures to identify purchasers and sellers in real estate trading brokerage activities; or identify property owners in providing real estate management service.
4. Organizations and individuals trading in precious metals and gems shall apply measures to identify clients that conduct transactions for trading precious metals or gems in cash valued at VND 300,000,000 (three hundred million) or more in a day.
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