On November 6, 2024, the Governor of the State Bank of Vietnam (SBV) issued Directive No. 05/CT-NHNN on strengthening money laundering risk management in the banking sector for the period of 2024-2028.
This Directive aims at implementing Resolution No. 71/NQ-CP dated May 15, 2024 of the Government issuing the implementation plan following the national risk assessment on money laundering for the period of 2018-2022; and the plan of the SBV to implement Resolution No. 71/NQ-CP.
Accordingly, in order to control and manage money laundering risks, contributing to the effective implementation of the money laundering mechanism, the SBV Governor has requested the Banking Supervision Agency, the SBV municipal and provincial branches, to continue to implement and strengthen the inspection and supervision activities on anti-money laundering, focusing specially on the risk-based inspection and supervision of the reporting entities belonging to the BSA’s areas of authority, based on the levels of money laundering risks of the entities and the results of the national risk assessment on money laundering for the period of 2018-2022 (as stated in Resolution No. 17/NQ-CP dated May 10, 2024).
The Banking Supervision Agency shall be responsible for monitoring, consolidating the implementation results, and reporting to the SBV Governor in accordance with the provisions of laws on anti-money laundering.
The SBV Governor also requested the credit institutions, the foreign bank branches, and the payment intermediary service providers to strengthen their inspection and review of the transaction documents and papers when providing products with potential money laundering risks; enhance their review of the transactions with customers related to sectors with high and medium-high money laundering risks, based on the results of the national risk assessment on money laundering for the period of 2018-2022.
The entities in the banking sector are also requested to strengthen their training activities in order to ensure full compliance with the provisions of laws on anti-money laundering, and to implement the appropriate risk management measures.
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