https://news.tuoitre.vn/vietnam-state-bank-seeks-closer-aml-monitoring-of-foreign-shareholders-bank-executives-103260928142458941.htm

The State Bank of Vietnam is proposing placing information on senior bank executives, major foreign shareholders and VIP customers into a data system for monitoring anti-money laundering (AML) risks.

The proposal is contained in a draft circular on procedures for supervising AML activities in the monetary and banking sectors, which the central bank is currently seeking public feedback on.

Under the draft, members of the boards of directors or members’ council, the supervisory boards and all members of the executive boards at the level of division director or above would be required to provide their full names, nationalities and ownership in banks.

Alongside internal data held by credit institutions, customer risk monitoring would also be tightened.

Special customer groups, VIP and priority customers and organizational customers would be separately recorded and monitored.

The draft would also require more detailed statistics on organizational customers operating in sectors considered to carry significant money laundering risks.

These include crypto-asset services, real estate businesses, precious metal, gemstone and jewelry trading, as well as casinos and gambling businesses.

Transaction flows across various channels would likewise be closely monitored through the data system.

These would include over-the-counter transactions, remote electronic transactions, ATM transactions, deposit products, trade finance, electronic transfers, foreign exchange transactions and investments.

Transactions involving high-risk countries and territories would also be subject to enhanced monitoring.

The draft circular establishes a three-step supervisory process.

The first involves receiving, collecting, consolidating and processing data, while the second consists of compliance-based or risk-based supervision.

The final step involves preparing reports and proposing appropriate measures.

The results of risk classification– low, medium or high– would provide the basis for the State Bank to determine priority subjects, as well as the frequency, scope and focus of inspections and examinations.

Vietnam remains on FATF grey list

According to a report by the central bank, Vietnam has remained on the Financial Action Task Force’s (FATF) grey list of jurisdictions under increased monitoring since June 2023.

Vietnam is required to implement an action plan comprising 17 measures related to combating money laundering, terrorist financing and the financing of the proliferation of weapons of mass destruction.

Vietnam’s shortcomings identified include the absence of a legal framework for supervision, a lack of remote supervisory activities and limitations in on-site inspections and examinations.

Supervision and inspections have largely focused on compliance rather than risk.

Their frequency and scope have not been sufficiently risk-based, while violations identified through inspections remain limited and are not yet commensurate with the risk levels of reporting entities.

From the beginning of 2026 through July 31, the State Bank proactively transferred 426 documents concerning 1,999 suspicious transaction reports to competent authorities to support verification, investigation, prosecution, adjudication and enforcement proceedings.

The central bank also issued 55 documents in response to requests for information and exchanges from foreign financial intelligence units.

Domestically, the State Bank has received, analyzed and transferred nearly 10,000 suspicious transaction reports to relevant authorities.

The efforts have supported the Ministry of Public Security in combating crime and helped taxmen detect and handle tax evasion and financial fraud.