Lawyers - Guidelines on identification of money laundering prevention and control
The State Bank of Vietnam issued the Circular No. 41/2011/TT-NHNN of December 15, 2011, guiding risk-based identification and updating of customer information in service of money laundering prevention and control.
Under the Circular, reporting organizations can determine the degree of money laundering risks based on: the types of customers; the types of products or services regularly used by customers; Localities in which customers reside or are headquartered; Reporting organizations may determine the degree of money laundering risks on these bases but shall pay attention to transactions and business relationships between customers and organizations and individuals from countries on the public list.
Reporting organizations shall determine whether the customer is a politically exposed person. For a customer who is a politically exposed person, reporting organizations shall take the enhanced measures such as obtaining the approval of director general (director) or authorized deputy director general (deputy director) before establishing business relationship or right after determining that the current customer is politically exposed person; Taking measures to know the source of the customer’s money and property.
When conducting introduced business, reporting organizations may identify customers through intermediaries but shall ensure that intermediaries collect, preserve and promptly and adequately provide reporting organizations with customer identification information upon request. Intermediaries take measures to comply with requirements for customer information identification and updating according to the Financial Action Task Force’s recommendations and submit to management and supervision of competent state agencies.
This Circular shall take effect on February 01, 2012.
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