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Circular No. 148/2010/TT-BTC dated September 24, 2010 of the Ministry of Finance guiding the application of anti-money laundering measures in insurance, securities and prize-winning gaming sectors
27/04/2011
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THE MINISTRY OF FINANCE

 

 

SOCIALIST REPUBLIC OF VIETNAM

Independence – Freedom - Happiness

No. 148/2010/TT-BTC

Hanoi, September 24, 2010

 

 

Circular

guiding the application of anti-money laundering measures in insurance, securities and prize-winning gaming sectors

 

Pursuant to the December 9, 2000 Law on Insurance Business; Pursuant to the June 29, 2006 Law on Securities;

 Pursuant to the Government’s Decree No. 74/2005/ND-CP of June 7, 2005, on money laundering prevention and combat;

Pursuant to the Government’s Decree No. 45/2007/ND-CP of March 27, 2007, detailing a number of articles of the Law on Insurance Business; Pursuant to the Government’s Decree No. 14/2007/ND-CP of January 19, 2007, detailing a number of articles of the Law on Securities, and Decree No. 84/2010/ND-CP of August 2, 2010, amending and supplementing a number of articles of Decree No. 14/2007/ND-CP;

Pursuant to the Government’s Decree No. 30/2007/ND-CP of March 1, 2007, on lottery business;

Pursuant to the Prime Minister’s Decision No. 32/2003/QD-TTg of February 27, 2003, promulgating the Regulation on the business of providing prize-winning electronic games for foreigners; Pursuant to the Government’s Decree No. 118/2008/ND-CP of November 27, 2008, defining functions, tasks, powers and organizational structure of the Ministry of Finance;

The Ministry of Finance guides the application of anti-money laundering measures as follows:

 

Chapter I

 

GENERAL PROVISIONS

 

Article 1. Scope of regulation

 

This Circular guides the application of anti-money laundering measures in insurance, securities and prize-winning gaming sectors in the territory of the Socialist Republic of Vietnam.

 

Article 2. Subjects of application

 

This Circular applies to Vietnamese and foreign individuals, agencies and organizations that are engaged in insurance, securities and prize-winning gaming activities in Vietnam, including:

1. Insurance and insurance brokerage businesses which are established and operate in Vietnam under the Law on Insurance Business.

 

2. Individuals and organizations engaged in securities issuance, listing, trading, trading organization, depository, clearing settlement and payment under the Law on Securities.

 

3. Businesses licensed to conduct lottery, betting, casino and prize-winning electronic gaming business lines under law.

 

Article 3. Interpretation of terms

 

In this Circular, the terms below are construed as follows:

 

1. Suspicious transaction means a transaction defined in Article 9 of this Circular and Article 10 of the Government’s Decree No. 74/2005/ND-CP of June 7, 2005, on money laundering prevention and combat (below referred to as Decree No. 74/2005/ND-CP).

 

2. Reporting organization means an organization defined in Article 2 of this Circular which is responsible for making reports according to its competence and scope of operation as permitted by competent state agencies.

 

3. Report on suspicious transactions means a report on suspicious transactions made and sent by a reporting organization to a competent state agency.

 

4. Transaction of large value means a transaction in cash of a value which must be reported under Article 8 of this Circular.

 

5. Customer information updating means modification or supplementation of identified information on a customer in order to assure adequate and accurate information throughout the course of establishing the relationship and conducting transactions with such customer.

 

6. Beneficiary means a person who ultimately owns or controls a monetary or another property transaction.

 

7. Non-performance of a transaction means that a reporting organization keeps the transaction or account status unchanged after deciding to apply provisional handling measures specified in Article 11 of this Circular.

 

8. Prize-winning gaming means lottery, betting, casino and prize-winning electronic game business activities.

 

9. Token means a chip, coin or card used in substitution for cash by participants in prize-winning games and valid only at casinos and places providing prize-winning electronic games.

 

10. Competent state agencies means state agencies with the function of managing, collecting, processing and storing information relating to transactions conducted by subjects defined in Article 2 of this Circular, including the Anti-Money Laundering Administration under the Banking Inspection and Supervision Authority of the State Bank of Vietnam and specialized state management agencies. Specialized state management agencies include:

 

a/ The Insurance Supervisory Authority of the Ministry of Finance, for the insurance sector;

 

b/ The State Securities Commission of the Ministry of Finance, for the securities sector;

 

c/ The Department of Banking and Financial Institutions of the Ministry of Finance, for prize-winning gaming.

 

Chapter II

 

ANTI-MONEY LAUNDERING MEASURES

 

Article 4. Internal regulations on anti-money laundering

1. Pursuant to Decree No. 74/2005/ND-CP, this Circular and relevant legal documents, reporting organizations shall elaborate and promulgate internal regulations on anti-money laundering, clearly defining their responsibilities and obligations for assuring the capability to detect and restrict organizations and individuals that conduct money-laundering acts through reporting organizations. Such an internal regulation covers the following major provisions, processes and procedures:

 

a/ Process and procedures for identifying and updating information on customers and beneficiaries, measures to verify customer and beneficiary information in case of a suspicious transaction;

 

b/ Process of reviewing, detecting, handling and reporting on a suspicious transaction to competent state agencies;

 

c/ Provisional anti-money laundering measures and handling principles in case of delay or non-performance of a transaction;

 

d/ Process of accepting and managing customers in the insurance, securities and prize-winning gaming sectors;

 

e/ Internal control and audit of observance of anti-money laundering regulations, processes and procedures;

 

f/ Functions, powers and responsibilities of persons or sections in charge of anti-money laundering work;

 

g/ Training courses for raising awareness about and professional expertise for anti-money laundering work;

 

h/ Information storage and confidentiality.

 

2. Internal regulations on anti-money laundering shall be disseminated to persons and sections in charge of anti-money laundering work in reporting organizations, including also persons employed by these organizations for 6 months or more to conduct financial and monetary transactions at their head offices, transaction bureaus and branches in Vietnam or abroad.

 

3. Reporting organizations shall send their internal regulations on antimoney laundering to the Anti-Money Laundering Department under the Banking Inspection and Supervision Authority of the State Bank of Vietnam and specialized state management agencies. They shall decide on the provision of their internal regulations on anti-money laundering to financial institutions at home and abroad acting as their agents when so requested.

 

Article 5. Persons or sections in charge of anti-money laundering work

 

1. Based on the scale, scope and characteristics of their operation, reporting organizations shall decide on appointment of their employees or setting up of specialized sections in charge of anti-money laundering work. Reporting organizations shall register with competent state agencies, including the Anti-Money Laundering Department under the Banking Inspection and Supervision Authority of the State Bank of Vietnam and specialized state management agencies, information on the names and addresses of their persons or sections in charge of anti-money laundering work, and their own addresses, telephone and fax numbers for contact when necessary. Any change in such information shall be notified in writing by reporting organizations to competent state agencies.

 

2. Persons or sections in charge of anti-money laundering work have the following main functions and tasks:

 

a/ To receive and verify information on suspicious transactions reported by concerned employees, divisions or sections;

 

b/ To make and take responsibility for the contents of reports on suspicious transactions to be sent to competent state agencies;

 

c/ To preserve dossiers and update information on reports on suspicious transactions for provision to competent state agencies;

 

d/ To make and archive monthly reports on transactions of large value and provide them to competent state agencies upon request;

 

e/ To make reports on anti-money laundering work in their organizations at the request of competent state agencies;

 

f/ To formulate and implement anti-money laundering programs, policies and strategies for their organizations;

 

g/ To regularly evaluate and revise their internal regulations on anti-money laundering in order to make them compliant with laws and suitable to changes and developments in business operations of their organizations;

 

h/ To disseminate, popularize, guide and provide training in anti-money laundering activities and measures to their employees as well as individuals and organizations involved in business operations of their organizations.

 

Article 6. Process of customer identification

 

1. Cases of customer identification:

 

a/ Customers open first-time accounts with reporting organizations;

 

b/ Customers perform transactions specified in Article 8 of this Circular;

 

c/ Customers perform transactions specified in Article 9 of this Circular.

 

2. Customer identification information details:

 

A reporting organization may itself design a customer identification form which must contain the following principal details:

 

a/ Customer information:

 

- For an individual customer: Full name; date of birth; nationality; occupation; position; serial number of passport, visa and identity card; address (addresses of the registered place of permanent residence and the current place of residence, for Vietnamese; overseas registered address and registered address of temporary residence in Vietnam, for foreigners) and telephone number. In case an account is registered under names of many customers, all aforesaid details of each customer must be provided.

- For an institutional customer: Full and abbreviated transaction names; head office address; telephone and fax numbers; serial numbers and dates of issuance of establishment license, investment certificate or business registration certificate; establishing agency; information on business lines; summarized information on organizational structure and leadership apparatus; information on the organization’s at-law representative (including aforesaid information details required for an individual customer).

 

- For a customer being an insurance policy holder: Information details must be provided as for an individual customer, an authorized signatory or a beneficiary.

 

b/ Date of account opening or transaction performance;

 

c/ Initial cash balance of the account or transaction valued in the domestic currency or a foreign currency and exchange rate (when necessary);

 

d/ Purpose and value of the account or transaction, information on the beneficiary;

 

e/ For an e-money transfer, information details on name, address and account number of the person issuing the first money transfer order (if any);

 

f/ Name and signature of the reporting organization’s employee responsible for approving the account opening or conducting transactions with the customer.

 

3. Customer identification measures:

 

a/ Using reliable original documents and data to identify the customer and verify the customer identification, for example:

 

- For an individual customer: Valid identity card or passport or other valid personal identification papers issued by competent agencies bearing the customer’s photo and a certification seal appended to the photo.

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