Cases of know-your-customer for anti-money laundering

This is the important content prescribed in the Decree No. 19/2023/ND-CP detailing a number of articles of the Anti-Money Laundering Law. 

Know-your-customer is one of the measures of anti-money laundering in accordance with Decree 19. In particulars, a financial institution shall conduct know-your-customer activities in the following cases:

- A customer opens an account (payment account, e-wallet or another account) at the financial institution for the first time or establishes a relationship with the financial institution for the first time in order to use the products or services provided by such financial institution;

- A customer having no account or having an account that has not conducted any transaction for 6 previous consecutive months but conducts transactions with the total value of VND 400,000,000 or more, or with equivalent value or more in a foreign currency within 01 days; except for transactions of closing or withdrawal of interests of deposits, repayment of credit card debt...
 

cases-of-know-your-customer-for-anti-money-laundering
Cases of know-your-customer for anti-money laundering (Illustration)

- A customer or his/her/its transaction or transaction of the parties relating to a transaction with one or more signs specified in Articles 27, 28, 29, 30, and 31 of the Anti-Money Laundering Law or other suspicious signs identified by the reporting entities;

- A customer provides additional information or documents that do not match the previously provided information or documents, or the information and documents collected and identified by the reporting entities.

An organization or individual dealing in prize-winning games (casino; lottery; or betting) shall conduct know-your-customer activities when a customer conducts a transaction with a total value of VND 70 million or more, or with equivalent value or more in a foreign currency within a day.

Organizations and individuals conducting real estate business, except lease or sub-lease and provision consultancy services, shall carry out know-your-customer activities for purchasers and sellers in the brokerage of sale, and purchase of real estate; for property owners in the provision of real estate management service.

An organization or individual trading in precious metals and gems shall carry out know-your-customer activities when a customer conducts a cash transaction of VND 400 million or more, or with equivalent value or more in a foreign currency within a day.

An organization or individual providing legal arrangement services shall carry out know-your-customer activities when conducting transactions relating to the establishment, operation or management of legal arrangements.

An organization or individual providing enterprise establishment, management, and operation services shall carry out know-your-customer activities when a customer use or request to use his/her/its services.

An organization or individual providing corporate directorship and secretarial services to third parties shall carry out know-your-customer activities for the third parties and such provided directors and secretaries.

The Decree No. 19/2023/ND-CP takes effect on April 28, 2023.

1900 6192 để được giải đáp qua tổng đài
090 222 9061 để sử dụng dịch vụ Luật sư tư vấn (CÓ PHÍ)
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