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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 MEASURE