MUST REPORT TO THE STATE BANK FOR THE TRANSACTION OVER VND 300 MILLION
On April 18, 2013, the Prime Minister signed the Decision No. 20/2013/QD-TTg promulgating the level of high value transaction must make reports.
Accordingly, in order to ensure the protection works in money laundering, the Prime Minister regulates that financial organizations, organizations, individual in nonfinance businesses shall be responsible for reporting to the State Bank for level of high value transactions subject to report is VND 300,000,000 (three hundred million).
The organizations and individuals that are doing business in the relevant non-financial sector are the organizations and individuals carrying out operations as follows: doing business in games with prizes, casino; doing business in the services of real estate management, the brokerage of real estate, real estate trading floor; trading in precious metal and stone; providing notary and accounting service, the lawyer’s legal service and lawyer practice organization; investment trust services, services of establishment, management and executive of enterprise; services of director and secretary provision of the enterprise to a third party.
This Decision takes effect on June 10, 2013.
