Regulations on electronic money transfer transactions in anti-money laundering

In particular, the Circular stipulates electronic money transfer transactions specifically:

1- Financial institutions involved in electronic money transfers include:

a) Initiating financial institution means an organization that initiates an electronic money transfer order and conducts the transfer on behalf of the originator;

b) An intermediary financial institution means an organization that receives and transmits an electronic money transfer order on behalf of the originating financial institution and the beneficiary financial institution or behalf of another intermediary financial institution;

c) Beneficiary financial institution means an organization that receives an electronic money transfer order directly from the originating financial institution or through an intermediary financial institution and makes payments to the beneficiaries.

2- A domestic financial institution that is financial institution that initiates an electronic money transfer transaction may only conduct an electronic money transfer transaction when the electronic money transfer order has complete and accurate information as prescribed by law on non-cash payments and foreign exchange management.

3- A domestic financial institution that is an intermediary financial institution participating in an electronic money transfer transaction must ensure:

- Take measures to identify incomplete and inaccurate electronic money transfers in accordance with the law on non-cash payments and foreign exchange management;

- Take appropriate action, including denying or suspending transactions or applying post-transaction controls, or reviewing and reporting suspicious transactions for unauthorized electronic funds transfers and inaccurate information in accordance with the law on non-cash payment and foreign exchange management.

4- A domestic financial institution that is a beneficiary financial institution in an electronic money transfer transaction must ensure:

- Take measures to identify incomplete and inaccurate electronic money transfers in accordance with the law on non-cash payments and foreign exchange management;

- Take appropriate action, including denying or suspending transactions, applying post-transaction controls, or reviewing and reporting suspicious transactions for unauthorized electronic funds transfers and inaccurate information in accordance with the law on non-cash payment and foreign exchange management.

Electronic money transfers of VND 500 million or more must report transactions in anti-money laundering.

According to the Circular stipulates, the reporting object is responsible for collecting information and reporting to the agency, preventing and combating money laundering with electronic data according to regulations when conducting an electronic money transfer transaction in the following cases:

a) An electronic money transfer transaction where all financial institutions participating in the electronic money transfer transaction specified in Clause 1, Article 8 of this Circular are located in Vietnam (domestic electronic money transfer) is electronic money transfer transaction value of 500 million VND or more or in foreign currency of equivalent value;

b) An electronic money transfer transaction where at least one financial institution participates in the transaction specified in Clause 1, Article 8 of this Circular in countries and territories other than Vietnam (transactions between Vietnam and Vietnam). international electronic money transfer) with an electronic money transfer transaction value of US$1,000 or more or in another foreign currency of equivalent value.

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