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Law on Anti-Money Laundering

VGP - This Law stipulates measures for the prevention, detection, deterrence, and handling of organizations and individuals committing money laundering acts; responsibilities of agencies, organizations, and individuals in anti-money laundering; and international cooperation on anti-money laundering.

November 05, 2026 9:19 AM GMT+7

LAW

ANTI-MONEY LAUNDERING

(Law No. 14/2022/QH15)

Pursuant to the Constitution of the Socialist Republic of Viet Nam;

The National Assembly hereby promulgates the Law on Anti-Money Laundering.

CHAPTER I

GENERAL PROVISIONS

Article 1. Scope of regulation

1. This Law stipulates measures for the prevention, detection, deterrence, and handling of organizations and individuals committing money laundering acts; responsibilities of agencies, organizations, and individuals in anti-money laundering; and international cooperation on anti-money laundering.

2. The prevention and combat of money laundering acts committed by organizations and individuals for the purposes of terrorist financing or the financing of proliferation of weapons of mass destruction shall be carried out in accordance with the provisions of this Law, criminal laws, and laws on counter-terrorism and the counter-proliferation of weapons of mass destruction.

Article 2. Subjects of application

1. Financial institutions.

2. Relevant organizations and individuals engaged in designated non-financial businesses and professions.

3. Vietnamese organizations and individuals, foreign organizations, foreigners, and international organizations having transactions with financial institutions or relevant organizations and individuals engaged in designated non-financial businesses and professions.

4. Other organizations, individuals, and agencies related to anti-money laundering.

Article 3. Interpretation of terms

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

1. Money laundering means acts committed by organizations or individuals to legalize the origin of assets derived from criminal offenses.

2. Assets derived from criminal offenses mean assets acquired directly or indirectly from criminal offenses; income and profits generated from assets acquired from criminal offenses.

3. Large-value transactions subject to reporting mean cash transactions or foreign currency cash transactions conducted once or multiple times within a single day, with a total value equal to or exceeding the prescribed threshold.

4. Originator means an account holder or a person who requests a financial institution to execute an electronic funds transfer in cases where no account is used.

5. Electronic funds transfer means a transaction carried out by electronic means upon the request of an originator through a financial institution to transfer a certain amount of funds to a beneficiary at the beneficiary's financial institution. The beneficiary may also be the originator.

6. Customer means an organization or individual using or intending to use services or products provided by financial institutions or relevant organizations and individuals engaged in designated non-financial businesses and professions.

7. Beneficial owner means a natural person who ultimately owns or effectively controls one or more assets, has the power to direct a customer to conduct transactions relating to such assets on behalf of this natural person; or is a natural person who exercises ultimate effective control over a legal entity or a legal arrangement.

8. Correspondent banking relationship means a relationship established by the provision of banking, payment, and other services by a bank in one country or territory to a partner bank in another country or territory.

9. Blacklist includes the list of organizations and individuals related to terrorism and terrorist financing compiled under the chairmanship of the Ministry of Public Security, and the list of designated organizations and individuals related to the proliferation and financing of proliferation of weapons of mass destruction compiled under the chairmanship of the Ministry of Defense in accordance with the law.

10. Warning list means a list of organizations and individuals compiled by the State Bank of Viet Nam to warn about organizations and individuals posing a high risk of money laundering.

11. Financial Action Task Force means an inter-governmental body that sets standards and promotes the effective implementation of legal, regulatory, and operational measures for combating money laundering, terrorist financing, proliferation financing, and other related threats to the integrity of the international financial system.

12. Legal arrangement means an arrangement in the form of a trust or other similar forms established under foreign law, which allows a trustee to receive the transfer of legal ownership of assets from a trustor to manage, control, and supervise the assets for the benefit of a beneficiary or for a specified purpose defined in the arrangement.

13. Shell bank means a bank that has no physical presence in a country or territory in which it is incorporated and licensed, and which is unaffiliated with or controlled by a regulated financial institution.

14. Non-profit organization means an organization operating for non-profit purposes, including associations, social funds, charitable funds, religious organizations, and foreign non-governmental organizations established, registered, and operating in accordance with Vietnamese law.

15. Politically Exposed Person who is a foreign national means a natural person entrusted with prominent public functions by a foreign country or an international organization.

Article 4. Reporting entities

1. Reporting entities are financial institutions licensed to perform one or more of the following activities:

a) Receiving deposits;

b) Lending;

c) Financial leasing;

d) Payment services;

dd) Intermediary payment services;

e) Issuing negotiable instruments, bank cards, or payment orders;

g) Bank guarantees and financial commitments;

h) Providing foreign exchange services and monetary market instruments;

i) Securities brokerage; securities investment advisory, and securities underwriting;

k) Securities investment fund management; securities portfolio management;

l) Life insurance business;

m) Currency exchange.

2. Reporting entities are organizations and individuals engaged in relevant non-financial businesses and professions prescribed by law that perform one or more of the following activities:

a) Operating prize-winning games, including: prize-winning video games; games played via telecommunication networks and the Internet; casinos; lotteries; betting;

b) Real estate business, excluding real estate leasing, sub-leasing, and real estate advisory services;

c) Trading in precious metals and precious stones;

d) Providing accounting services; notary services; legal services provided by lawyers and law-practicing organizations;

dd) Providing business establishment, management, and administration services; acting as a company director or secretary for a third party; providing legal arrangement services.

3. The Government shall prescribe newly arising activities posing money laundering risks of reporting entities not yet stipulated in Clause 1 and Clause 2 of this Article, after obtaining the approval of the Standing Committee of the National Assembly.

Article 5. Principles of anti-money laundering

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

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

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

Article 6. International cooperation on anti-money laundering

1. International cooperation on anti-money laundering shall be carried out on the principles of respect for independence, sovereignty, territorial integrity, national security, mutual benefit, compliance with Vietnamese law, international treaties to which the Socialist Republic of Viet Nam is a contracting party, and international agreements between Vietnamese signatories and foreign signatories.

In case Viet Nam and a foreign country have not yet concluded an international treaty or international agreement, the exchange, provision, and transfer of information in international cooperation on anti-money laundering shall be implemented on the principle of reciprocity, provided that it does not contravene Vietnamese law and is consistent with international law and practices.

2. Competent state agencies shall, within the scope of their functions and duties, carry out international cooperation on anti-money laundering covering the following contents:

a) Identifying and freezing assets of money laundering offenders;

b) Providing mutual legal assistance;

c) Exchanging, providing, and transferring information on anti-money laundering with competent foreign agencies;

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

dd) Other forms of cooperation on anti-money laundering as prescribed by law.

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

a) The requested information to be exchanged, provided, or transferred may prejudice the independence, sovereignty, territorial integrity, national security, national interests, or other vital interests of Viet Nam;

b) The requested information to be exchanged, provided, or transferred is inconsistent with international treaties to which the Socialist Republic of Viet Nam is a contracting party, international agreements between Vietnamese signatories and foreign signatories, or the provisions of Vietnamese law;

c) The request for the exchange, provision, or transfer of information fails to comply with statutory content requirements;

d) The competent foreign agency fails to commit or fails to maintain the confidentiality of the exchanged, provided, or transferred information in accordance with a security regime equivalent to Viet Nam's regulations on the protection of state secrets applicable to information exchanged, provided, or transferred by domestic competent state agencies.

4. Processes, procedures, and modalities of international cooperation on anti-money laundering shall comply with international treaties to which the Socialist Republic of Viet Nam is a contracting party, international agreements between Vietnamese signatories and foreign signatories, and other relevant legal provisions.

5. Annually or upon the request of the State Bank of Viet Nam, competent state agencies of Viet Nam shall be responsible for providing the State Bank of Viet Nam with summaries of international cooperation activities on anti-money laundering conducted with competent foreign agencies.

Article 7. National money laundering risk assessment

1. Every 05 years, the State Bank of Viet Nam shall assume the prime responsibility for, and coordinate with relevant ministries and ministerial-level agencies in, conducting a national money laundering risk assessment and submitting the assessment results and post-assessment implementation plans to the Government for approval. The national money laundering risk assessment shall also cover newly arising activities that may pose money laundering risks.

2. Ministries and ministerial-level agencies shall have the following responsibilities:

a) Disseminating the results of the national money laundering risk assessment internally within their ministries or agencies and to reporting entities under their management scope, while adopting measures to mitigate identified risks;

b) Updating money laundering risks based on the implementation of post-assessment plans or upon the emergence of risks within their management scope, and submitting them to the State Bank of Viet Nam. Based on the risk update results of ministries and agencies, the State Bank of Viet Nam shall compile and submit them to the Government for approval of the national money laundering risk assessment update results and post-update implementation plans.

3. The Government shall prescribe principles, criteria, and methodologies for national money laundering risk assessment.

Article 8. Prohibited acts in anti-money laundering

1. Organizing, participating in, or facilitating and assisting in the commission of money laundering acts.

2. Establishing or maintaining anonymous accounts or accounts under fictitious names.

3. Establishing or maintaining business relations with shell banks.

4. Unlawfully providing cash remittance services, cheques, other monetary instruments, or stored value instruments, and executing payments to beneficiaries.

5. Abusing positions and powers in anti-money laundering to infringe upon the legitimate rights and interests of organizations and individuals.

6. Obstructing the provision of information serving anti-money laundering tasks.

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

CHAPTER II

ANTI-MONEY LAUNDERING MEASURES

Section 1. CUSTOMER DUE DILIGENCE, COLLECTION, UPDATING, AND VERIFICATION OF CUSTOMER DUE DILIGENCE INFORMATION

Article 9. Customer due diligence

1. Customer due diligence includes the collection, updating, and verification of information prescribed in Articles 10, 11, 12, 13, and 14 of this Law.

2. Financial institutions must conduct customer due diligence in the following cases:

a) Customers open accounts or establish business relations with financial institutions for the first time;

b) Customers conduct occasional transactions equal to or exceeding the prescribed threshold; or execute electronic funds transfers lacking information on the originator's name, address, account number, or transaction code in cases where the originator has no account;

c) There are suspicions that transactions or parties involved in transactions are linked to money laundering activities;

d) There are doubts about the veracity or adequacy of previously obtained customer due diligence information.

3. Organizations and individuals engaged in relevant DNFBPs must conduct customer due diligence in the following cases:

a) Organizations and individuals operating businesses prescribed at Point a, Clause 2, Article 4 of this Law must conduct customer due diligence when customers conduct transactions equal to or exceeding the prescribed threshold;

b) Organizations and individuals operating businesses prescribed at Point b, Clause 2, Article 4 of this Law must conduct customer due diligence when providing real estate business services;

c) Organizations and individuals operating businesses prescribed at Point c, Clause 2, Article 4 of this Law must conduct customer due diligence when customers purchase or sell precious metals or precious stones by cash or foreign currency cash equal to or exceeding the prescribed threshold;

d) Organizations and individuals operating businesses prescribed at Point d, Clause 2, Article 4 of this Law must conduct customer due diligence when providing accounting services; performing notarial procedures; preparing conditions for transactions on behalf of customers or executing transactions on behalf of customers relating to the transfer of land use rights, house ownership, and other assets attached to land; managing money, securities, or other assets of customers; managing customer accounts at banks or securities companies; directing and managing companies; participating in corporate purchase and sale activities;

dd) Organizations and individuals operating businesses prescribed at Point d, Clause 2, Article 4 of this Law must conduct customer due diligence when providing business establishment, management, and administration services; acting as a company director or secretary for a third party; or providing legal arrangement services.

4. The Government shall elaborate on this Article.

Article 10. Customer due diligence information

Reporting entities must collect customer due diligence information, including:

1. Customer identification information, including information on the legal representative of individual customers (if any):

a) For Vietnamese individual customers holding a single nationality: full name; date of birth; nationality; occupation, position; contact telephone number; People's Identity Card number or Citizen Identity Card number or personal identification number or Passport number, date of issuance, and issuing authority; permanent residence registration address and other current residential address (if any);

b) For foreign individual customers holding a single nationality residing in Viet Nam: full name; date of birth; nationality; occupation, position; contact telephone number; Passport number, date of issuance, and issuing authority; entry visa number, except for visa exemption cases prescribed by law; foreign residential address and registered residential address in Vie Nam;

c) For foreign individual customers holding a single nationality not residing in Viet Nam: full name; date of birth; nationality; occupation, position; Passport number or identification information issued by a competent foreign authority, date of issuance, and issuing authority; foreign residential address;

d) For individual customers holding dual or multiple nationalities: corresponding information prescribed at Point a, b, or c of this Clause; and nationalities and residential addresses in the remaining countries;

dd) For stateless individual customers: full name; date of birth; occupation, position; international travel document number (if any), visa number; entry visa-issuing authority, except for visa exemption cases prescribed by law; foreign residential address (if any), and registered residential address in Viet Nam;

e) For institutional customers: full transaction name and abbreviated name; head office address; establishment license number, enterprise identification number, or tax code; contact telephone number; fax number, website (if any); business sector; information on the founders, legal representatives, Directors or General Directors, Chief Accountants or persons in charge of accounting (if any) of the institution, including corresponding information prescribed at Point a, b, c, d, or d of this Clause and information specified at this Point in case the founder is an institution.

2. Information on the beneficial owner, including customer identification information corresponding to Points a, b, c, d, or d, Clause 1 of this Article. Reporting entities must identify the beneficial owner and apply measures to conduct due diligence and update information on the beneficial owner. The Government shall prescribe detailed criteria for identifying beneficial owners;

3. The purpose and intended nature of the business relationship between the customer and the reporting entity.

Article 11. Updating customer due diligence information

Reporting entities must update customer due diligence information during the course of the business relationship to ensure that transactions being conducted by customers are consistent with customer information in existing records, known customer profiles, business activities, money laundering risk levels, and the origin of customers' assets.

Article 12. Verification of customer due diligence information

1. Reporting entities shall use documents and data to verify customer due diligence information, including:

a) For individual customers: unexpired People's Identity Card, Citizen Identity Card, or Passport; and other identity documents issued by competent authorities;

b) For institutional customers: establishment license, establishment decision, or Enterprise Registration Certificate; decisions on reorganization, dissolution, bankruptcy, or cessation of operations of the institution (if any); the charter of the institution; appointment decisions or employment contracts of Directors or General Directors, Chief Accountants or persons in charge of accounting (if any); documents and data relating to the founders, legal representatives, and beneficial owners of the institution.

2. Reporting entities may exploit information in national databases in accordance with law, through competent state agencies, other organizations prescribed in Article 13, or third parties prescribed in Article 14 of this Law to cross-check and verify information provided by customers.

Article 13. Verification of customer due diligence information through outsourcing to other organizations

1. Reporting entities may outsource other organizations established and operating in accordance with law to verify customer due diligence information, except for cases prescribed in Article 14 of this Law. Such outsourcing shall be implemented in accordance with agreements between the parties and relevant legal provisions.

2. Reporting entities must ensure that the engaged organization maintains the confidentiality of customer due diligence information in accordance with the law and shall be held responsible for the results of verification of customer due diligence information conducted by the engaged organization.

Article 14. Customer due diligence through third parties

1. Reporting entities may rely on a third party to conduct customer due diligence, provided that the third party satisfies the following requirements:

a) Being a financial institution or a relevant organization engaged in a designated non-financial businesses and professions that has established a relationship with the customer, excluding correspondent and outsourcing relationships;

b) Conducting customer due diligence in accordance with this Law or Financial Action Task Force recommendations in cases where the third party is an overseas organization;

c) Storing and promptly providing full customer due diligence information to the reporting entity upon request; maintaining information confidentiality in accordance with the law;

d) Being subject to regulation and supervision by competent authorities.

2. Where the third party is a financial institution whose parent company is a financial institution, the reporting entity must ensure that both the third party satisfies the requirements specified in Clause 1 of this Article and the parent company complies with customer due diligence requirements, political exposed persons, information and records retention, reporting, and assurance of confidentiality of information, records, documents, and reports prescribed in Articles 9, 17, 38, and 40 of this Law or relevant Financial Action Task Force recommendations in cases where the parent company is a foreign entity, and that such standards are applied and controlled on a group-wide basis, implementing policies to mitigate risks in high-risk money laundering sectors.

3. Reporting entities shall remain fully responsible for the customer due diligence results obtained from third parties.

Article 15. Money laundering risk assessment of reporting entities

1. Reporting entities must conduct money laundering risk assessments. The results of a reporting entity's money laundering risk assessment must be updated annually. Where the reporting entity is an organization, the assessment and update results must be approved in accordance with its internal regulations.

2. Reporting entities must report their money laundering risk assessment and update results to the State Bank of Viet Nam and the state management ministry or agency in charge of their sector within 45 days from the date of completion for individual reporting entities or from the date of approval for institutional reporting entities. The money laundering risk assessment and update results must be disseminated throughout the reporting entity's system.

3. The Governor of the State Bank of Viet Nam shall prescribe criteria and methodologies for money laundering risk assessments of reporting entities.

Article 16. Categorization of customers by money laundering risk levels

1. Based on the results of money laundering risk assessments and updates prescribed in Article 15 of this Law, reporting entities shall formulate procedures for money laundering risk management. Money laundering risk management procedures shall include the categorization of customers into low, medium, and high risk levels, and corresponding measures applied to each risk level.

2. Reporting entities shall apply measures corresponding to customers' money laundering risk levels in accordance with the following provisions:

a) For customers with low money laundering risk, reporting entities may apply simplified customer due diligence measures regarding the collection, updating, and verification of information after the initial establishment of the business relationship;

b) For customers with medium money laundering risk, reporting entities must conduct customer due diligence prescribed in Article 9 of this Law;

c) For customers with high money laundering risk, in addition to the measures prescribed at Point b of this Clause, reporting entities must apply enhanced measures, including enhanced collection, updating, and verification of customer due diligence information, and close monitoring of customer transactions.

3. The Governor of the State Bank of Viet Nam shall elaborate on this Article.

Article 17. Responsibilities of reporting entities regarding foreign politically exposed persons

1. Reporting entities shall review information sources, including information on lists of foreign politically exposed persons notified by the State Bank of Viet Nam, to compile a list of customers who are foreign politically exposed persons applicable to the reporting entity.

2. Reporting entities must satisfy the following requirements:

a) Having appropriate risk management systems to identify whether a customer or beneficial owner is a foreign politically exposed person; or whether a beneficiary or beneficial owner of a beneficiary in a life insurance contract is a foreign politically exposed person;

b) Obtaining senior management approval in accordance with internal regulations prior to establishing business relationships with foreign politically exposed persons;

c) Taking appropriate measures to verify the source of wealth and source of funds of customers and beneficial owners who are foreign politically exposed persons, and persons related to foreign politically exposed persons prescribed in Clause 3 of this Article, and monitoring the business relationship throughout the transaction process with the reporting entity; closely monitoring business relationships with life insurance policyholders whose beneficiaries or beneficial owners of beneficiaries are foreign politically exposed persons, and considering suspicious transaction reports if necessary.

3. Reporting entities must implement the provisions at Point b and Point c, Clause 2 of this Article for individual customers falling under any of the following categories:

a) Being a father, mother, spouse, child, biological brother, biological sister, or biological sibling of an individual on the list prescribed in Clause 1 of this Article;

b) Being a co-owner with an individual on the list prescribed in Clause 1 of this Article of one or more legal entities or legal arrangements;

c) Being a beneficial owner of one or more legal entities or legal arrangements owned by an individual on the list prescribed in Clause 1 of this Article.

Article 18. Correspondent banking relationships

1. A reporting entity that is a bank, when establishing a correspondent relationship with a partner bank to provide banking, payment, and other services to the partner bank, must satisfy the following requirements:

a) Collecting information on the partner bank to fully understand the nature of its business, its reputation, and whether the partner bank is subject to investigations concerning money laundering or other legal violations on anti-money laundering;

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

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

2. Where customers of the partner bank are permitted to conduct payments through accounts opened by the partner bank at the reporting entity, the reporting entity must ensure that the partner bank has fully conducted customer due diligence and is capable of providing customer due diligence information upon the reporting entity's request. Accounts of partner banks opened at reporting entities must not be permitted to be used by shell banks.

3. The establishment of correspondent banking relationships by reporting entities must be approved by the Director, General Director, or a person authorized by the Director or General Director of the reporting entity.

Article 19. Responsibilities of reporting entities regarding new products and services, and existing products and services utilizing innovative technologies

1. Reporting entities must promulgate policies and procedures to identify and assess money laundering risks prior to launching new products and services, or existing products and services utilizing innovative technologies, for the following purposes:

a) Detecting and preventing the use of new products and services, or existing products and services utilizing innovative technologies, for money laundering;

b) Managing money laundering risks when establishing transactions with customers using new products and services, or existing products and services utilizing innovative technologies.

2. Reporting entities must apply measures to mitigate money laundering risks when providing new products and services, or existing products and services utilizing innovative technologies.

Article 20. Monitoring of specific special transactions

1. Reporting entities must monitor the following special transactions:

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

b) Transactions with organizations and individuals located in countries or territories listed in public statements issued by the Financial Action Task Force for anti-money laundering purposes or on the Warning List.

2. To monitor special transactions, reporting entities must apply enhanced measures prescribed at Point c, Clause 2, Article 16 of this Law; examine transaction information and purposes; and in case of suspicion, review, analyze, report suspicious transactions, and potentially refuse such transactions.

Article 21. Transparency of information of legal entities

1. Business registration authorities and authorities licensing 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, licenses relating to operations, legal status, head office address, organizational and managerial structure; list of managers of legal entities, charter; and beneficial owners of legal entities (if any). Such information must be stored for at least 05 years after the date the legal entity ceases its operations in accordance with the law.

2. Legal entities shall be responsible for collecting, updating, and storing their basic information, including name and type of legal entity, establishment decision, operation license, legal status, head office address, organizational and managerial structure; list of managers of legal entities, charter; and beneficial owners of legal entities.

3. The State Bank of Viet Nam and competent state agencies, during the exercise of their state management functions and duties regarding anti-money laundering, or during investigation, prosecution, and adjudication, shall have the right to request agencies and legal entities to provide information prescribed in Clause 1 and Clause 2 of this Article.

Article 22. Transparency of information of legal arrangements

1. Trustees in legal arrangements shall have the following responsibilities:

a) Collecting and updating identification information on the trustor, trustee, beneficiaries, related parties (if any), and natural persons exercising ultimate control over the trust.

Such information must be stored for at least 05 years from the time the trustee ceases to participate in the trust activities;

b) Providing information prescribed at Point a of this Clause to competent authorities upon request; and to financial institutions and relevant organizations and individuals engaged in designated non-financial businesses and professions during the establishment and maintenance of customer relationships with such organizations and individuals relating to trusted assets upon request.

2. When conducting customer due diligence on a trustee, financial institutions and relevant organizations and individuals engaged in designated non-financial businesses and professions shall have the right to request the trustee to provide the information prescribed in Clause 1 of this Article and the trust deed.

3. The State Bank of Viet Nam and competent state agencies, during the exercise of their state management functions and duties regarding anti-money laundering, or during investigation, prosecution, and adjudication, shall have the right to request organizations and individuals to provide information prescribed in Clause 1 and Clause 2 of this Article.

Article 23. Transparency in operations of non-profit organizations

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

a) Information on donors (organizations and individuals), including full name, address, donated amount, donation method, and other information (if any);

b) Information on grant recipients (organizations and individuals), including full name, address, received amount, receipt method, purpose of fund utilization, and other information (if any);

c) Records, documents, and vouchers relating to donations and receipt of grants.

2. Non-profit organizations must store information, records, and documents prescribed in Clause 1 of this Article for at least 05 years from the date the donation or grant-receiving activity is concluded.

3. Where a non-profit organization is dissolved or terminates its operations, information, records, and documents prescribed in Clause 1 of this Article must be handed over to the competent authority managing such non-profit organization.

4. The State Bank of Viet Nam and competent state agencies, during the exercise of their state management functions and duties regarding anti-money laundering, or during investigation, prosecution, and adjudication, have the right to request non-profit organizations to provide information, records, and documents prescribed in Clause 1 of this Article.

Section 2. RESPONSIBILITIES FOR FORMULATING INTERNAL REGULATIONS AND REPORTING, PROVIDING, AND STORING INFORMATION AND RECORDS ON ANTI-MONEY LAUNDERING

Article 24. Internal regulations on anti-money laundering

1. Institutional reporting entities must promulgate internal regulations on anti-money laundering covering the following principal contents:

a) Customer acceptance policies, including rules on refusing to open accounts, establish business relations, execute transactions, or terminating business relations with customers in cases where reporting entities cannot complete customer due diligence because customers refuse to provide information or provide incomplete information;

b) Customer due diligence processes and procedures;

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

d) Procedures for reporting mandatory reportable transactions;

dd) Procedures for screening, detecting, handling, and reporting suspicious transactions; communication protocols with customers conducting suspicious transactions;

e) Information storage and confidentiality;

g) Application of provisional measures and handling principles in cases of transaction delays;

h) Regimes for reporting and providing information to the State Bank of Viet Nam and competent state agencies;

i) Human resources recruitment, and anti-money laundering professional training and capacity building;

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

2. Micro-enterprise reporting entities and individual reporting entities must promulgate internal regulations on anti-money laundering containing provisions prescribed at Points a, b, c, d, e, and g, Clause 1 of this Article.

3. Internal regulations must ensure the prevention, detection, deterrence, and handling of suspicious activities related to money laundering; be consistent with the organizational structure, operational scale, and money laundering risk levels in the reporting entity's operations; and be applied and disseminated throughout the reporting entity's system and agents.

4. Annually, reporting entities must review internal regulations on anti-money laundering to consider appropriate amendments and supplements.

5. The Governor of the State Bank of Viet Nam shall elaborate on this Article.

Article 25. Reports on large-value transactions subject to reporting

1. Reporting entities shall be responsible for reporting to the State Bank of Viet Nam when conducting large-value transactions subject to reporting.

2. The Prime Minister shall decide on the threshold for large-value transactions subject to reporting in conformity with socio-economic conditions from time to time.

3. The Governor of the State Bank of Viet Nam shall prescribe the reporting regime for large-value transactions subject to reporting.

Article 26. Reporting suspicious transaction

1. Reporting entities shall be responsible for reporting suspicious transactions to the State Bank of Viet Nam in the following cases:

a) When knowing that a transaction is conducted upon the request of a suspect, defendant, or convicted person, and there are reasonable grounds to suspect that the assets in the transaction belong to or originate from the ownership or control of such suspect, defendant, or convicted person. The identification of suspects, defendants, and convicted persons shall be based on notifications from competent state agencies;

b) When there are reasonable grounds to suspect that assets in a transaction are related to money laundering, determined through the review, collection, and analysis of information when a customer or transaction exhibits one or more suspicious signals prescribed in Articles 27, 28, 29, 30, 31, 32, and 33 of this Law, or other indicators identified by the reporting entity.

2. Upon detecting suspicious indicators other than those prescribed in Articles 27, 28, 29, 30, 31, 32, and 33 of this Law, reporting entities and relevant ministries and agencies shall notify the State Bank of Viet Nam.

3. Based on the requirements of anti-money laundering tasks in each period of time, the State Bank of Viet Nam shall submit to the Government for supplementation of sectoral and departmental suspicious indicators in addition to those prescribed in Articles 27, 28, 29, 30, 31, 32, and 33 of this Law.

4. The Governor of the State Bank of Viet Nam shall prescribe the reporting regime for suspicious transactions.

Article 27. Basic suspicious indicators

1. A customer refuses to provide information or provides inaccurate, incomplete, or inconsistent customer due diligence information.

2. A customer persuades a reporting entity not to report transactions to competent state agencies.

3. The customer cannot be identified based on information provided by the customer, or a transaction involves an unidentified party.

4. The telephone number provided by the customer is unreachable or non-existent after account opening or transaction execution.

5. A transaction is conducted upon the order or authorization of an organization or individual listed on the Warning List.

6. A transaction which, through customer due diligence information or examination of the economic and legal basis of the transaction, reveals a connection between parties participating in the transaction and criminal activities or organizations and individuals listed on the Warning List.

7. Organizations or individuals participate in transactions involving large sums of money disproportionate to their business activities or income.

8. A customer requests a reporting entity to execute transactions not in compliance with statutory sequences and procedures.

Article 28. Suspicious indicators in banking sector

1. Sudden and abnormal changes in account transaction turnover; rapid inflow and outflow of funds; large transaction turnover within a day while the account balance is very small or zero.

2. Small-value wire transfers originating from multiple different accounts to a single account or vice versa within a short period of time; funds transferred through multiple accounts; involved parties indifferent to transaction fees; execution of multiple transactions, each close to the large-value transaction reporting threshold.

3. Use of letters of credit and other trade finance methods of unusually large value, with abnormally high discount rates.

4. Customers opening multiple accounts at credit institutions or foreign bank branches located in geographical areas different from where the customers reside, work, or conduct business operations.

5. A customer's account suddenly receives an abnormally large deposit or wire transfer.

6. Transfer of large amounts of funds from a corporate account abroad after receiving multiple small incoming funds via electronic funds transfers, cheques, or bills of exchange.

7. Foreign-invested economic organizations transferring funds abroad immediately after receiving investment capital, or transferring funds abroad disproportionately to business activities; foreign investors transferring funds abroad immediately upon receiving funds transferred from abroad into accounts opened at credit institutions or foreign bank branches operating in Viet Nam.

8. Customers frequently exchanging small denomination currencies for large denomination currencies.

9. Deposit, withdrawal, or transfer transactions conducted by organizations or individuals related to crimes generating illicit assets published in mass media.

10. Customers requesting loans for the maximum permitted amount secured by single-premium life insurance policies immediately after paying insurance premiums.

11. Unclear and non-transparent information regarding the origin of assets used for customer financing, investment, lending, or investment entrustment.

12. Incomplete or inaccurate information regarding the origin of collateral of customers applying for loans.

13. There are signs of suspicion that a customer is using a personal account to conduct transactions related to organizational activities or transactions on behalf of other individuals.

14. Online account transactions continuously shifting login devices or foreign Internet Protocol addresses (hereinafter referred to as IP addresses).

Article 29. Suspicious indicators in intermediary payment sector

1. Sudden and abnormal changes in e-wallet transaction turnover; rapid funding and withdrawal of funds from e-wallets; large transactions turnover within a day while the e-wallet balance is very small or zero.

2. Customers frequently making multiple small-value top-ups into an e-wallet, followed by large-value wire transfers to another e-wallet, or large-value withdrawal transactions to customers' payment accounts or debit cards at banks, or vice versa.

3. Frequent small-value wire transfers from multiple different e-wallets to a single e-wallet or vice versa within a short period of time; funds transferred through multiple e-wallets; involved parties indifferent to transaction fees; execution of multiple transactions, each close to the large-value transaction reporting threshold; e-wallets exhibiting multiple wire transfer transactions to other e-wallets with abnormally rapid transaction initiation times.

4. A customer's e-wallet suddenly receiving an abnormally large top-up.

5. Top-up, withdrawal, or transfer transactions between e-wallets conducted by organizations or individuals related to crimes generating illicit assets published in mass media.

6. There are signs of suspicion that a customer is using a personal e-wallet to conduct transactions related to organizational activities or transactions on behalf of other individuals.

7. Merchant customers continuing to generate transactions even though their official website or head office has been verified as ceased operations.

8. Online transactions via e-wallets continuously changing login devices or IP addresses.

9. Customers frequently using foreign login devices or IP addresses to access e-wallets or conduct transactions on e-wallets; customers frequently using a single login device or IP address to conduct transactions across multiple e-wallets belonging to different owners.

Article 30. Suspicious indicators in life insurance business sector

1. A customer requests to purchase an insurance policy of unusually large value or requests a lump-sum premium payment for an insurance product not applying lump-sum payment terms, whereas the customer's existing insurance policies are of small value and paid periodically.

2. A customer requests to conclude an insurance contract with periodic premiums disproportionate to the customer's current income.

3. The policyholder pays insurance premiums from an account not belonging to the policyholder, or not belonging to an organization or individual authorized by the policyholder, or pays using bearer negotiable instruments.

4. The policyholder requests to replace a designated beneficiary with a person having no clear relationship with the policyholder.

5. A customer accepts all unfavorable conditions unrelated to their age or health; a customer requests to purchase insurance with unclear purposes; conditions and values of insurance contracts contradict the customer's needs.

6. The policyholder cancels the insurance contract shortly after purchase and requests the paid premium to be transferred to a third party; a customer frequently participates in insurance and transfers insurance contracts to third parties.

7. Corporate customers experiencing an unusual increase in the number of employee insurance policies or single-premium policy amounts.

8. Insurance enterprises frequently conducting large amount of insurance payouts to the same customer.

Article 31. Suspicious indicators in securities sector

1. Securities purchase and sale transactions showing abnormal signs within a day or several days conducted by an organization or individual.

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

3. Non-residents transferring large amounts of funds from securities trading accounts or liquidating securities investment management contracts to transfer funds out of Viet Nam.

4. Customers frequently selling all stocks in their investment portfolios and requesting securities companies to sign payment mandates for customers to withdraw cash from commercial banks.

5. Customers making unusual investments in multiple disadvantageous types of securities within a short period of time.

6. A customer's securities account suddenly receiving a large amount of funds disproportionate to the customer's financial capacity.

7. Securities purchase and sale transactions funded by investment funds established in high-risk money laundering countries or territories.

8. Foreign investors residing in high-risk money laundering countries or territories contributing capital to establish securities investment funds or securities investment companies in Viet Nam.

Article 32. Suspicious indicators in prize-winning games business sector

1. A customer shows signs of continuously and intentionally losing at prize-winning game business establishments.

2. A customer exchanges an abnormally large amount of gaming chips at casinos or electronic prize-winning game arcades without playing, or playing with very small amounts, and subsequently exchanges them back into cash, cheques, bank drafts, or transfers funds to other accounts.

3. A customer requests winnings or prizes to be transferred to a third party having no clear relationship with the customer.

4. A customer adds cash or cheques to winnings or prizes and requests prize-winning game establishments to convert them into cheques of unusually large value.

5. A customer requests casinos or electronic prize-winning game arcades to exchange chips for cash multiple times within a day.

6. A customer requests third parties to exchange unusually large amounts of chips on their behalf and asks third parties to place bets on their behalf multiple times within a day.

7. A customer purchases lottery tickets, betting tickets, or exchanges chips close to the large-value transaction reporting threshold multiple times within a day.

8. A customer acquires winning lottery tickets of large value from other persons.

Article 33. Suspicious indicators in real estate business sector

1. Real estate transactions executed through authorizations lacking legal grounds.

2. Customers indifferent to real estate prices and payable transaction fees.

3. Customers failing to provide real estate-related information or unwilling to provide supplementary personal identification information.

4. Transaction prices between parties inconsistent with market prices.

Article 34. Electronic funds transfer transactions

1. Reporting entities shall be responsible for reporting to the State Bank of Viet Nam when conducting electronic funds transfer transactions exceeding the value threshold prescribed by the Governor of the State Bank of Viet Nam.

2. Reporting entities participating in electronic funds transfers must have risk management policies and procedures to execute, reject, suspend, conduct post-transaction controls, or review and report suspicious transactions for electronic funds transfers lacking required information or containing inaccurate information.

3. The Governor of the State Bank of Viet Nam shall prescribe matters relating to electronic funds transfer transactions serving anti-money laundering tasks, and the reporting regime for electronic funds transfer transactions.

Article 35. Declaration and provision of information on cross-border transportation of cash, precious metals, precious stones, and negotiable instruments

1. Individuals entering or exiting Viet Nam carrying foreign currency cash, Vietnamese Dong in cash, precious metals, precious stones, and negotiable instruments exceeding thresholds prescribed by competent state agencies shall have to make customs declarations or declare to border guard stations where customs offices do not exist.

2. Customs offices and border guards shall be responsible for collecting and storing declaration information prescribed in Clause 1 of this Article and providing it to the State Bank of Viet Nam upon request or when there are suspicions related to money laundering, terrorist financing, or proliferation financing.

Article 36. Forms of reporting

1. Reporting entities shall submit electronic data or written paper reports when electronic information technology systems compatible with electronic data submission requirements have not yet been established for reports prescribed in Articles 25, 26, and 34 of this Law.

2. Where necessary, reporting entities may report via fax, telephone, or email, provided that the safety and confidentiality of reported information data must be guaranteed, and such reports must be confirmed by either of the two forms prescribed in Clause 1 of this Article.

3. For suspicious transaction reports, reporting entities must attach account-opening application files for transactions conducted via accounts, customer due diligence information, vouchers and other documents relating to suspicious transactions, and preventive measures already implemented.

Article 37. Reporting time limits

1. Reporting entities must report large-value transactions subject to reporting prescribed in Article 25 and electronic funds transfer transactions prescribed in Article 34 of this Law within 01 working day from the date of transaction generation in case of electronic data reporting; or within 02 working days from the date of transaction generation in case of written paper reporting.

2. Reporting entities must report suspicious transactions prescribed in Article 26 of this Law within 03 working days from the date of transaction generation or within 01 working day from the date the reporting entity detects the suspicious transaction.

3. Where suspicious transactions requested by customers show signs related to crimes, reporting entities must report to competent state agencies and the State Bank of Viet Nam within 24 hours from the time of detection.

Article 38. Storage of information, records, documents, and reports

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

a) Customer due diligence information, records, and documents;

b) Analysis and assessment results of reporting entities regarding customers and transactions subject to reporting;

c) Other information, records, and documents relating to customers and transactions subject to reporting;

d) Transaction reports prescribed in Articles 25, 26, and 34 of this Law and information, records, and documents accompanying reported transactions.

2. Storage time limits are prescribed as follows:

a) 05 years from the date of transaction termination, account closure, or reporting for information, records, and documents prescribed at Points a, b, and c, Clause 1 of this Article;

b) 05 years from the date of transaction generation for reports prescribed at Point d, Clause 1 of this Article.

Article 39. Responsibilities for reporting and providing information, records, documents, and reports

1. Reporting entities must promptly provide information, records, documents, and reports prescribed in Clause 1, Article 38 of this Law to the State Bank of Viet Nam and competent state agencies in accordance with Government regulations.

2. Reporting entities, agencies, organizations, and individuals performing reporting obligations or providing information to competent authorities in accordance with this Law shall not be deemed to have violated legal provisions on ensuring information confidentiality.

Article 40. Ensuring confidentiality of information, records, documents, and reports

1. Reporting entities and related organizations and individuals must comply with legal provisions on the protection of state secrets and customer due diligence information confidentiality regarding information, records, documents, and reports related to transactions subject to reporting under this Law.

2. Reporting entities, managers, and employees of reporting entities must not disclose information regarding the submission of suspicious transaction reports or information related to suspicious transactions to the State Bank of Viet Nam.

Section 3. COLLECTION, PROCESSING, ANALYSIS, EXCHANGE, PROVISION, AND TRANSFER OF ANTI-MONEY LAUNDERING INFORMATION

Article 41. Collection, processing, and analysis of anti-money laundering information

1. The State Bank of Viet Nam shall have the right to request relevant organizations and individuals to provide necessary information, records, and documents to perform the analysis and transfer of anti-money laundering information, and international cooperation on anti-money laundering.

2. Relevant organizations and individuals shall be responsible for providing the State Bank of Viet Nam with information, records, and documents prescribed in Clause 1 of this Article.

3. The Government shall elaborate on this Article.

Article 42. Exchange, provision, and transfer of anti-money laundering information with domestic competent authorities

1. When there are reasonable grounds to suspect that transactions stated in information and reports are related to money laundering, the State Bank of Viet Nam shall, within 07 working days, transfer information or case files to competent authorities to serve verification, investigation, prosecution, and adjudication.

Suspicious transaction information transferred by the State Bank of Viet Nam to competent authorities constitutes state secrets.

2. The State Bank of Viet Nam shall be responsible for coordinating and exchanging anti-money laundering information with competent authorities during investigation, prosecution, and adjudication.

3. The State Bank of Viet Nam shall be responsible for exchanging and providing information with relevant ministries and agencies for anti-money laundering purposes.

4. The Government shall elaborate on this Article.

Article 43. Exchange, provision, and transfer of anti-money laundering information with competent foreign authorities

1. The State Bank of Viet Nam shall send requests to foreign anti-money laundering agencies and competent authorities to collect and supplement information serving the processing, analysis, and transfer of anti-money laundering information; receive feedback and transferred information from foreign anti-money laundering agencies and competent authorities; and process received information in accordance with this Law.

2. The State Bank of Viet Nam shall receive requests for information provision from competent foreign authorities for anti-money laundering purposes and provide feedback information.

3. The State Bank of Viet Nam shall provide and transfer information to competent foreign authorities in accordance with this Law.

4. Suspicious transaction information exchanged, provided, or transferred by the State Bank of Viet Nam to competent foreign authorities constitutes state secrets.

Section 4. APPLICATION OF PROVISIONAL MEASURES AND HANDLING OF VIOLATIONS

Article 44. Delay of transactions

1. Reporting entities must immediately apply transaction delay measures in the following cases:

a) When there are grounds to suspect or when parties involved in transactions belong to the Blacklist;

b) When there are reasons to believe that requested transactions are related to criminal activities, including: transactions requested by persons convicted in accordance with criminal procedure legislation where assets in transactions belong to or originate from the ownership or control of such convicted persons; transactions related to organizations and individuals committing acts related to terrorist financing crimes;

c) Upon requests of competent state agencies in accordance with relevant laws.

2. When applying transaction delay measures, reporting entities must immediately report to competent state agencies and the State Bank of Viet Nam.

3. The duration for applying transaction delay measures shall not exceed 03 working days from the date of commencement of application.

4. Reporting entities shall not bear legal liability for consequences arising from applying transaction delay measures in strict accordance with this Article.

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

Article 45. Account freezing, asset sealing, freezing, or temporary seizure

Reporting entities must implement decisions of competent state agencies regarding account freezing, asset sealing, freezing, or temporary seizure of organizations and individuals in accordance with the law.

Article 46. Handling of violations

Organizations and individuals committing acts violating legal provisions on anti-money laundering shall, depending on the nature and severity of violations, be disciplined, subject to administrative sanctions, or examined for criminal liability; if causing damage, they must pay compensation in accordance with the law.

CHAPTER III

RESPONSIBILITIES OF STATE AGENCIES IN ANTI-MONEY LAUNDERING

Article 47. Responsibilities of the Government and the Prime Minister

1. The Government shall exercise uniform state management over anti-money laundering.

2. The Government shall promulgate normative legal documents within its competence on anti-money laundering.

3. The Prime Minister shall direct ministries, ministerial-level agencies, and governmental bodies in coordinating with the Supreme People's Court and the Supreme People's Procuracy in anti-money laundering work; and direct the coordination of anti-money laundering work with counter-terrorism and counter-proliferation financing work.

Article 48. Responsibilities of the State Bank of Viet Nam

The State Bank of Viet Nam shall be responsible before the Government for exercising state management over anti-money laundering and have the following tasks and powers:

1. Formulating and submitting to competent authorities for promulgation, or promulgating within its competence, normative legal documents and plans on anti-money laundering;

2. Assuming the prime responsibility for, and coordinating with relevant agencies in implementing anti-money laundering measures in the monetary and banking sectors;

3. Inspecting, examining, and supervising anti-money laundering activities of reporting entities under its state management responsibility regarding currency and banking operations, including reliance on national money laundering risk assessment results and risk assessment results of such reporting entities;

4. Cooperating, exchanging, and providing information with competent authorities in inspection, examination, supervision, investigation, prosecution, adjudication, and judgement enforcement activities related to money laundering;

5. Conducting international cooperation on anti-money laundering, acting as the focal point in joining and implementing Viet Nam's obligations as a member of international anti-money laundering organizations;

6. Organizing research and application of scientific and technological advances and information technology in anti-money laundering work;

7. Assuming the prime responsibility for, and coordinating with relevant agencies in disseminating and educating laws on anti-money laundering, communicating viewpoints, policies, and laws on anti-money laundering, and deploying anti-money laundering training;

8. Compiling information and reporting annually to the Government on Viet Nam's anti-money laundering work;

9. Assuming the prime responsibility for conducting the national money laundering risk assessment prescribed in Clause 1, Article 7 of this Law; conducting assessments and updates of money laundering risks in the monetary and banking sectors, and compiling and submitting them to the Government for approval of national money laundering risk update results in accordance with Clause 2, Article 7 of this Law;

10. Coordinating with the Ministry of Foreign Affairs and relevant ministries and agencies in proposing, presiding over the conclusion of, and organizing the implementation of international treaties and international agreements on anti-money laundering;

11. Supervising reporting entities in implementing reporting obligations prescribed in Articles 25, 26, and 34 of this Law; coordinating the provision of supervisory information to ministries and agencies to serve anti-money laundering inspection, examination, and supervision.

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 Viet Nam of the results of processing information related to suspicious transactions.

3. Assuming the prime responsibility for, and coordinating with relevant agencies, organizations, and individuals in preventing, detecting, investigating, and handling money laundering crimes.

4. Exchanging information and documents on new operational methods and tricks of domestic and foreign money laundering criminals with the State Bank of Viet Nam.

5. Assuming the prime responsibility for compiling the list of organizations and individuals related to terrorism and terrorist financing.

6. Implementing mutual legal assistance in anti-money laundering within the scope of its functions and duties.

7. Coordinating with the State Bank of Viet Nam in conducting the national money laundering risk assessment prescribed in Clause 1, Article 7 of this Law; conducting assessments and updates of money laundering risks for high-risk predicate offenses prescribed in Clause 2, Article 7 of this Law.

Article 50. Responsibilities of the Ministry of Defense

1. Exchanging information and documents on money laundering activities aimed at financing the proliferation of weapons of mass destruction domestically and internationally with the State Bank of Viet Nam.

2. Assuming the prime responsibility for compiling the list of organizations and individuals related to the proliferation and financing of proliferation of weapons of mass destruction.

3. Coordinating with the State Bank of Viet Nam in conducting the national money laundering risk assessment prescribed in Clause 1, Article 7 of this Law.

Article 51. Responsibilities of the Ministry of Finance

1. Assuming the prime responsibility for, and coordinating with relevant agencies in implementing anti-money laundering measures in the fields of life insurance business, securities, accounting services, prize-winning video games, casinos, lotteries, betting, and other services under the state management scope of the Ministry of Finance.

2. Inspecting, examining, and supervising anti-money laundering activities of reporting entities in sectors prescribed in Clause 1 of this Article, including reliance on national money laundering risk assessment results and risk assessment results of such reporting entities.

3. Coordinating with the State Bank of Viet Nam in conducting the national money laundering risk assessment prescribed in Clause 1, Article 7 of this Law; conducting assessments and updates of money laundering risks prescribed in Clause 2, Article 7 of this Law for sectors prescribed in Clause 1 of this Article.

Article 52. Responsibilities of the Ministry of Construction

1. Assuming the prime responsibility for, and coordinating with relevant agencies in implementing anti-money laundering measures in the real estate business sector, excluding real estate leasing, sub-leasing, and real estate advisory services.

3. Coordinating with the State Bank of Viet Nam in conducting the national money laundering risk assessment prescribed in Clause 1, Article 7 of this Law; conducting assessments and updates of money laundering risks in the real estate business sector, excluding real estate leasing, sub-leasing, and real estate advisory services prescribed in Clause 2, Article 7 of this Law.

Article 53. Responsibilities of the Ministry of Justice

1. Assuming the prime responsibility for, and coordinating with relevant agencies in implementing anti-money laundering measures in the fields of notarization and law practice.

2. Coordinating with the State Bank of Viet Nam in disseminating and educating laws on anti-money laundering.

3. Inspecting, examining, and supervising anti-money laundering activities of reporting entities prescribed in Clause 1 of this Article, including reliance on national money laundering risk assessment results and risk assessment results of such reporting entities.

4. Coordinating with the State Bank of Viet Nam in conducting the national money laundering risk assessment prescribed in Clause 1, Article 7 of this Law; conducting assessments and updates of money laundering risks in the fields of notarization and law practice prescribed in Clause 2, Article 7 of this Law.

Article 54. Responsibilities of the Ministry of Industry and Trade

1. Assuming the prime responsibility for, and coordinating with relevant agencies in implementing anti-money laundering measures in the business of precious metals and precious stones, excluding gold bar and fine art jewelry and handicraft gold business activities.

2. Inspecting, examining, and supervising anti-money laundering activities of reporting entities in business sectors prescribed in Clause 1 of this Article, including reliance on national money laundering risk assessment results and risk assessment results of such reporting entities.

3. Coordinating with the State Bank of Viet Nam in conducting the national money laundering risk assessment prescribed in Clause 1, Article 7 of this Law; conducting assessments and updates of money laundering risks in the business of precious metals and precious stones, excluding gold bar and fine art jewelry and handicraft gold business activities prescribed in Clause 2, Article 7 of this Law.

Article 55. Responsibilities of the Ministry of Planning and Investment

1. Assuming the prime responsibility for, and coordinating with relevant agencies in implementing anti-money laundering work in fields under the state management scope of the Ministry of Planning and Investment.

2. Coordinating with the State Bank of Viet Nam in conducting the national money laundering risk assessment prescribed in Clause 1, Article 7 of this Law; assuming the prime responsibility for, and coordinating with relevant agencies in conducting assessments and updates of money laundering risks prescribed in Clause 2, Article 7 of this Law for legal entities established under the Law on Enterprises.

Article 56. Responsibilities of the Ministry of Home Affairs

1. Assuming the prime responsibility for, and coordinating with relevant agencies in implementing anti-money laundering work regarding associations, social funds, charitable funds, and religious organizations.

2. Coordinating with the State Bank of Viet Nam in conducting the national money laundering risk assessment prescribed in Clause 1, Article 7 of this Law; assuming the prime responsibility for, and coordinating with relevant agencies in conducting assessments and updates of money laundering risks regarding associations, social funds, charitable funds, and religious organizations prescribed in Clause 2, Article 7 of this Law.

3. Coordinating with relevant agencies in conducting money laundering risk assessments regarding foreign non-governmental organizations.

Article 57. Responsibilities of the Ministry of Foreign Affairs

1. Assuming the prime responsibility for, and coordinating with relevant agencies in implementing anti-money laundering work regarding foreign non-governmental organizations.

2. Coordinating with the State Bank of Viet Nam in conducting the national money laundering risk assessment prescribed in Clause 1, Article 7 of this Law; assuming the prime responsibility for, and coordinating with relevant agencies in conducting assessments and updates of money laundering risks regarding foreign non-governmental organizations prescribed in Clause 2, Article 7 of this Law.

3. Coordinating with the State Bank of Viet Nam in concluding and organizing the implementation of international treaties and international agreements on anti-money laundering.

Article 58. Responsibilities of the Ministry of Information and Communications

1. Assuming the prime responsibility for, and coordinating with relevant agencies in implementing anti-money laundering measures in the telecommunication network and Internet game business sector.

3. Coordinating with the State Bank of Viet Nam in conducting the national money laundering risk assessment prescribed in Clause 1, Article 7 of this Law; conducting assessments and updates of money laundering risks in the telecommunication network and Internet game business sector prescribed in Clause 2, Article 7 of this Law.

4. Coordinating with the State Bank of Viet Nam in informing and communicating about viewpoints, policies, and laws on anti-money laundering.

Article 59. Responsibilities of other ministries and ministerial-level agencies

1. Coordinating with the State Bank of Viet Nam in exercising state management over anti-money laundering.

2. Inspecting and examining reporting entities within their state management scope in implementing legal provisions on anti-money laundering.

3. Coordinating with the State Bank of Viet Nam and relevant ministries and agencies in periodically conducting national money laundering risk assessments and updates prescribed in Clause 1 and Clause 2, Article 7 of this Law.

Article 60. Responsibilities of the People's Procuracy

1. The People's Procuracy shall, within the scope of its functions, duties, and powers, handle money laundering acts promptly and strictly; and coordinate with relevant agencies and organizations in combating money laundering.

2. The Supreme People's Procuracy shall, within the scope of its functions and duties, be responsible for implementing international cooperation on mutual legal assistance in criminal matters; promptly receiving, processing, and requesting mutual legal assistance in criminal matters in anti-money laundering.

3. The Supreme People's Procuracy shall coordinate with the State Bank of Viet Nam and relevant ministries and agencies in conducting national money laundering risk assessments and updates prescribed in Clause 1 and Clause 2, Article 7 of this Law.

Article 61. Responsibilities of the People's Court

1. The People's Court shall, within the scope of its functions, duties, and powers, handle money laundering acts promptly and strictly; and coordinate with relevant agencies and organizations in combating money laundering.

2. The Supreme People's Court shall, within the scope of its functions and duties, be responsible for implementing international cooperation on mutual legal assistance in anti-money laundering.

3. The Supreme People's Court shall coordinate with the State Bank of Viet Nam and relevant ministries and agencies in conducting national money laundering risk assessments and updates prescribed in Clause 1 and Clause 2, Article 7 of this Law.

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

1. Disseminating and educating laws on anti-money laundering within their administrative boundaries.

2. Coordinating with competent state agencies in deploying and urging the implementation of anti-money laundering plans and national money laundering risk assessments.

3. Detecting and handling legal violations on anti-money laundering promptly and strictly within their competence.

Article 63. Responsibilities for information confidentiality

1. State agencies stipulated in this Law shall be responsible for implementing the information confidentiality regime in accordance with the law.

2. Competent state agencies, during the exchange, provision, and transfer of information prescribed in Article 6 of this Law to competent foreign authorities, must ensure that information is kept confidential and used for the exact purposes stated in the requests for information exchange, provision, and transfer.

CHAPTER IV

IMPLEMENTATION PROVISIONS

Article 64. Amendment and supplementation of a number of articles of laws related to anti-money laundering

1. To amend and supplement Clause 1, Article 49 of the Law on the State Bank of Viet Nam No. 46/2010/QH12 as follows:

"1. The Banking Supervision Agency is a unit belonging to the organizational structure of the State Bank of Viet Nam, performing the tasks of banking inspection and supervision.".

2. To amend and supplement a number of articles of the Law on Counter-Terrorism No. 28/2013/QH13 as follows:

a) To amend and supplement Article 34 as follows:

"Article 34. Implementation of terrorist financing prevention and combat measures and application of provisional measures; national counter-terrorist financing risk assessment

1. Financial institutions and relevant organizations and individuals engaged in DNFBPs shall apply provisions from Article 9 to Article 40 of the Law on Anti-Money Laundering to conduct customer due diligence, collect, update, and verify customer due diligence information; formulate internal regulations; and report, provide, and store information, records, documents, and reports on terrorist financing prevention and combat.

2. Immediately upon suspecting that a customer or customer transaction is related to terrorist financing or that a customer is on the Blacklist, financial institutions and relevant organizations and individuals engaged in designated non-financial businesses and professions shall report to the counter-terrorism force of the Ministry of Public Security and the State Bank of Viet Nam, and must apply provisional measures in accordance with the law on anti-money laundering.

3. Every 05 years, the Ministry of Public Security shall assume the prime responsibility for, and coordinate with relevant ministries and agencies in conducting a national counter-terrorist financing risk assessment in Viet Nam and submitting assessment results and post-assessment implementation plans to the Government for approval.";

b) To amend and supplement Article 35 as follows:

"Article 35. Control of cross-border transportation of cash, precious metals, precious stones, and negotiable instruments

Competent organizations and individuals controlling the cross-border transportation of cash, precious metals, precious stones, and negotiable instruments across Viet Nam's borders prescribed in Article 24 of this Law and Article 35 of the Law on Anti-Money Laundering shall be responsible for detecting, preventing, and handling acts of abusing such activities for terrorist financing promptly.".

Article 65. Application of provisions of this Law in countering the financing of proliferation of weapons of mass destruction

Financial institutions and relevant organizations and individuals engaged in designated non-financial businesses and professions shall apply provisions from Article 9 to Article 40 of this Law to conduct customer due diligence, collect, update, and verify customer due diligence information; formulate internal regulations; and report, provide, and store information, records, documents, and reports on countering the financing of proliferation of weapons of mass destruction.

Article 66. Effect

1. This Law shall take effect on March 1, 2023, except for the case prescribed in Clause 2 of this Article.

2. Clause 1, Article 64 of this Law shall take effect on the effective date of other regulations on agencies performing anti-money laundering functions and duties promulgated by competent state agencies.

3. The Law on Anti-Money Laundering No. 07/2012/QH13 ceases to be effective on the effective date of this Law./.

This Law was passed by the 15th National Assembly of the Socialist Republic of Viet Nam at its 4th session on November 15, 2022.