State Bank of Vietnam proposes stricter anti-money laundering oversight

The State Bank of Vietnam is seeking public opinion on a draft circular regarding the procedures for anti-money laundering (AML) supervision within the monetary and banking sectors. The proposal introduces heightened scrutiny for high-risk groups, including VIP customers, priority clients, and Politically Exposed Persons (PEPs).

Under the draft regulations, bank leadership—including members of the Board of Directors, Supervisory Boards, and all directors from the division director level and above—must disclose their full names, nationalities, and charter capital ownership ratios. Additionally, the draft requires specialized statistics on institutional clients operating in high-risk sectors such as crypto-asset services, real estate, precious metals, gemstones, jewelry, and casinos.

Monitoring will extend across various transaction channels, including over-the-counter, remote electronic transactions, ATMs, trade finance, and electronic fund transfers. The initiative aligns with Vietnam's obligations as a member of the Asia/Pacific Group on Money Laundering (APG) to implement recommendations from the Financial Action Task Force (FATF).