MUST VERIFY BENEFICIARIES FOR INTERNATIONAL ELECTRONIC TRANSACTION VALUED FROM USD 1,000
On November 14, 2019, the State Bank of Vietnam issues the Circular No. 20/2019/TT-NHNN on amending and supplementing a number of Articles of the Circular No. 35/2013/TT-NHNN dated December 31, 2013 on guiding the implementation for a number of provisions on anti-money laundering.
Accordingly, this Circular supplements regulations that international electronic money transfer transactions worth USD 1,000 or more, reporting subjects serving beneficiaries shall verify and identify beneficiaries. During and after money transfer transactions, reporting subjects serving beneficiaries shall implement supervisory measures to detect international electronic money transfer transaction lacking information on originators of money transfer orders and beneficiaries.
In addition, this Circular also supplements regulation on papers subject to customs declaration at border-gate customs when individuals, carry foreign currencies in cash, Vietnam dong in cash or precious metals and gems. To be specific, such person have to declare invoices of enterprises and organizations licensed to trade in precious metals and gems; Papers proving lawful origins. Papers subject to declaration at border-gate customs must be the original or certified copies and must be translated into Vietnamese (if necessary).
This Circular takes effect on November 14, 2019.
