Preparing to apply new regulations on large value transactions that must be reported

(TBTCO) – From the beginning of December 2023, transactions worth 400 million VND must be reported when Decision 11/2023/QD-TTg of the Prime Minister (regulations on large value transactions that must be reported) officially has effect.

Accordingly, large value transactions of 400 million VND or more must be reported. Subjects of application are financial institutions, organizations and individuals doing business in related non-financial industries, according to the provisions of the Law on Prevention and Combat of Money Laundering.

Preparing to apply new regulations on large value transactions that must be reported
Preparing to apply new regulations on large value transactions that must be reported. Photo: TL
The State Bank issues new regulations on the People’s Credit Fund. There will be new regulations on technical standards for vaults and money trucks.

These are organizations operating financial operations including transactions on receiving deposits, lending, financial leasing, payment services, payment intermediary services, issuance of negotiable instruments, and bank cards. , money transfer orders, bank guarantees, financial commitments to provide foreign exchange services, monetary instruments on the currency market.

Reportable financial transactions also include stock brokerage; securities investment consulting, securities underwriting, securities investment fund management; Manage stock investment portfolio, life insurance business, currency exchange…

In addition, some other business activities must also be reported such as prize-winning game business, including: prize-winning electronic games; games on telecommunications networks and the Internet; casino; Lottery; place a bet; real estate business; trading in precious metals and gemstones.

Non-financial activities within the scope of reporting also include accounting service business; providing notary services; Providing legal services by lawyers and law-practicing organizations; providing services for establishing, managing and operating businesses; providing director and company secretary services to third parties; provides legal agreement services.

The value of a large transaction that must be reported is 300 million VND, stipulated in Decision No. 20/2013/QD-TTg dated April 18, 2013./.

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