Vietnam authorities intensify banking surveillance to combat money laundering

Vietnamese authorities are intensifying surveillance of banking transactions to combat large-scale money laundering and illegal currency transfers. Following a major investigation by the Phu Tho Provincial Police and the Ministry of Public Security, which uncovered a multi-trillion VND laundering ring, law enforcement has identified several high-risk transaction patterns.

Authorities are specifically monitoring accounts that show sudden, high-volume activity, such as students or freelance workers receiving and immediately transferring hundreds of millions to billions of VND. Other red flags include unofficial money exchange services, particularly involving transfers from Japan and South Korea, and transactions linked to anonymous cryptocurrency platforms where illicit funds are converted into assets like USDT or ETH to obscure the audit trail. Additionally, the use of rented or borrowed bank accounts to act as intermediaries for fraudulent funds is a primary focus of the crackdown.