On 27/4/2023, the Prime Minister issued Decision No. 11/2023/QĐ-TTg stipulating the range of values of which transactions are subject to mandatory reporting.
Accordingly, from 01/12/2023, in case of participating in a transaction valued from VND 400,000,000 (four hundred million) or higher, financial institutions, organizations and individuals doing non-financial business in the following must report to the State Bank of Vietnam.
1.Financial institutions were licensed to conduct one or more of the following activities:
a) Acceptance of deposits;
b) Lending;
c) Financial leasing;
d) Payment services;
dd) Payment intermediary services;
e) Issuing negotiable instruments/transferable securities, bank cards, fund/money transfer/wire transfer orders;
g) Bank guarantees and financial commitments;
h) Providing foreign exchange services, money market instruments;
i) Securities brokerage; advice to security investment, provision of security for securities issues;
k) Investment fund and portfolio management;
l) Life insurance business;
m) Money and currency changing.
2. Organizations and individuals doing relevant non-financial business were subjects to law that conduct one or more of the following activities:
a) Prize-awarding games, including electronic games; telecommunications network-based games, Internet-based games; casinos; lottery tickets; betting;
b) Real estate business, except leasing or subleasing of real property and real estate consulting;
c) Dealing in precious metals, jewels;
d) Supply of accounting services; provision of notarial services; provision of legal services rendered by lawyers, legal professional organizations;
đ) Providing business formation, management and administration services; services of acting as (or arranging for another person to act as) a director or secretary of a company to third parties; legal arrangement services.
Thus, Clients who doing the above business lines have to report to State Bank of Vietnam under laws if they conduct the transaction valued from VND 400,000,000 (four hundred million) or higher.
