PROVIDING AMENDMENTS TO LAW ON THE STATE BANK OF VIET NAM, THE LAW ON ANTI-MONEY LAUNDERING, AND THE LAW ON CREDIT INSTITUTIONS

1. Clause 15 Article 4 is amended as follows:

“15. Take the lead in compiling, monitoring, forecasting, and analyzing Viet Nam’s balance of payments; and take the lead in compiling, monitoring, and analyzing Viet Nam’s international investment position.”.

2. Clause 3 Article 27 is amended as follows:

“3. The State Bank of Viet Nam shall open accounts for State Treasuries. In a province or centrally-governed city where the State Bank of Viet Nam does not have a branch office, transactions of the State Treasury shall be carried out in accordance with regulations issued by the Governor of the State Bank of Viet Nam.”.

3. Article 31a is added following Article 31 as follows:

Within the territory of Viet Nam, foreign exchange shall not be used for transactions, payments, price listings, advertisements, price quotations, pricing, the denomination or stating of prices in contracts or agreements, and other similar activities, except as permitted by law, a resolution of the National Assembly, or regulations issued by the Governor of the State Bank of Viet Nam.”.

4. Some clauses of Article 35 are amended as follows:

a) Clause 1 is amended as follows:

“1. Organizations and individuals shall provide information to the State Bank of Viet Nam for the compilation of the monetary balance sheet, the balance of payments of Viet Nam, and the international investment position of Viet Nam, and for the assessment and forecasting of developments in the monetary market, in support of the formulation and conduct of national monetary policies and foreign exchange management.”;

b) Clause 3 is amended as follows:

“3. The Government shall prescribe the information providers, scope, types of information, deadlines, frequency, and methods for providing information for the compilation of Viet Nam’s balance of payments and international investment position as referred to in Clause 1 of this Article.  The Governor of the State Bank of Viet Nam shall prescribe the information providers, procedures, scope, types of information, deadlines, frequency, and methods for providing information referred to in Clause 2 of this Article.”.

5. Article 42 is amended as follows:

The legal capital of the State Bank of Viet Nam shall be provided by the state budget. The amount of legal capital of the State Bank of Viet Nam shall be prescribed by the Government.”.

6. Article 43 is amended as follows:

The financial revenues and expenditures of the State Bank of Viet Nam shall reflect the exercise of its functions in accordance with this Law. The Government shall prescribe the types of financial revenues and expenditures and the principles governing them; the mechanism for making risk provisions; the mechanism for autonomy and accountability in the management and use of funds for administrative operations; and the determination of financial results in a manner consistent with the operations of the State Bank of Viet Nam.”.

7. Article 44 is amended as follows:

The annual financial result of the State Bank of Viet Nam shall be determined by deducting expenses, including expenses for banking operations and the operation of its administrative apparatus, and risk provisions from revenue from banking operations and other sources of revenue.”.

8. Article 45 is amended as follows:

1. The State Bank of Viet Nam shall appropriate amounts from its annual financial result for the establishment of the following funds:

a) The national monetary policy implementation fund;

b) The financial reserve fund;

c) Other funds as prescribed by the Government.

2. The amounts to be appropriated to the funds specified in Clause 1 of this Article and the use of such funds shall comply with the Government’s regulations.

3. After appropriating required amounts to the funds specified in Clause 1 of this Article and offsetting any excess of expenditures over revenues from previous years, the remaining financial result of the State Bank of Viet Nam shall be remitted to the state budget.”.

9. Article 57 is amended as follows:

1. Provide, in a timely, complete, and accurate manner, information and documents as requested by the State Bank of Viet Nam, and assume legal responsibility for the accuracy and truthfulness of the information and documents provided.

2. Submit reports and explanations in response to proposals, recommendations, and warnings issued by the State Bank of Viet Nam concerning risks and the safety of their operations.

3. Implement recommendations and comply with warnings issued by the State Bank of Viet Nam concerning risks and the safety of their operations.”.

10. Some points and clauses of Article 59 are amended as follows:

a) Point g clause 2 is amended as follows:

“g) Apply one or more prudential ratios that are more stringent than those prescribed.”;

b) Clause 3 is added following clause 2 as follows:

“3. Based on the nature and level of risk of each entity subject to banking inspection and supervision, the State Bank of Vietnam may determine that one or more prudential ratios be applied at levels different from those prescribed, in order to meet socio-economic development requirements. Entities subject to banking inspection and supervision shall develop and implement a roadmap to ensure compliance with the prescribed levels.

The State Bank of Viet Nam shall inspect and supervise the entities referred to in this Clause in accordance with applicable regulations of law.".

11. Article 62 is amended as follows:

The State Bank of Viet Nam shall maintain an internal control system and conduct internal audits in accordance with regulations issued by the Governor of the State Bank of Viet Nam.”.

12. Clause 3 Article 7, Clause 2 Article 22, Clause 5 Article 32 and Article 49 are abrogated.

1. Clause 7 Article 3 is amended as follows:

“7. Beneficial owner means one or more individuals who ultimately own or control, directly or indirectly, a customer, including a legal arrangement, or an individual on whose behalf the customer conducts a transaction.”.

2. Point n is added following point m clause 1 Article 4 as follows:

“n) Crypto-asset services.”.

3. Point c clause 2 Article 9 is amended as follows:

“c) there is a suspicion that a customer, a customer’s transaction, or a party involved in a transaction is related to money laundering, including where the transaction has not been completed;

4. Some points and clauses of Article 10 are amended as follows:

a) Point a clause 1 is amended as follows:

 “a) For individual customers who are Vietnamese citizens and hold only Vietnamese nationality, and for persons of Vietnamese origin whose nationality has not been determined: full name; date of birth; nationality (if any); occupation and position; contact telephone number; personal identification number or passport number, date of issue, and place of issue; registered permanent residence and any other current residence (if any);”;

b) Point e Clause 1 is amended as follows:

 “e) For an institutional customer: its full transaction name; abbreviated name (if any); legal form; main office address and business location (if different from the main office address); establishment license number, enterprise ID number, or tax identification number; organizational identification number (if any); contact telephone number; fax number and website (if any); fields of operation and business lines; and information on the founder, legal representative, authorized representative (if any), Director or General Director, and Chief Accountant or person in charge of accounting tasks, including the corresponding information specified in points a, b, c, d, or dd of this Clause and, where the founder is an organization, the information specified in this point in respect of that organization;”;

c) Clauses 4 and 5 are added following clause 3 as follows:

“4. In addition to the customer identification information specified in Clauses 1, 2, and 3 of this Article, reporting entities shall collect additional information in the following specific cases:

a) Where a customer is a party to a legal arrangement in the form of a trust, the reporting entity shall collect the following information: the full transaction name and abbreviated name (if any), where the trustee is an organization, or the full name of the trustee, where the trustee is an individual; the main office address of the trustee, where the trustee is an organization, or the address of the trustee in the country of which the trustee is a national, where the trustee is an individual; registration or licensing information approved by a foreign competent authority in respect of the trustee (if any); the structure of the trust; and the name and identification number of the settlor, the beneficiary or group of beneficiaries, any potential beneficiary, the protector (if any), any individual who ultimately controls the trust, and any other person related to the trust (if any).

Where a customer is a party to a legal arrangement in another form that is similar in nature to a trust, the reporting entity shall collect information on all parties performing roles equivalent to those in a trust referred to above;

b) Reporting entities shall identify and collect information on the beneficiary of a life insurance policy as soon as the beneficiary is designated by the policyholder or the insured.

Where the beneficiary is an individual, legal entity, or legal arrangement, the information collected shall include the beneficiary's full name or full transaction name, as applicable.

In the case of group insurance, the information collected shall include the beneficiary's identification documents, documents evidencing the beneficiary's relationship with the insured, and other necessary documents enabling the reporting entity to identify the beneficiary at the time the insurance benefit is paid.

The information on the beneficiary shall be verified at the time the insurance benefit is paid.

5. Where a reporting entity is able to access and retrieve the information specified in this Article from national databases or specialized databases in accordance with applicable regulations of law, they shall not request the customer to provide information already contained in such databases.”.

5. Clause 1 Article 12 is amended as follows:

“1. Reporting entities shall use documents and data to verify customer identification information, including:

a) For an individual customer: His/her valid Identity Card, electronic Identity Card, Citizen Identity Card, or passport; other documents issued by competent authorities; and documents evidencing his/her representative capacity (if any);

b) For an institutional customer: Its valid establishment license, establishment decision, or Enterprise Registration Certificate; an electronic identification account; decisions on the reorganization, dissolution, bankruptcy, or termination of operations (if any); its charter (if any); decisions on the appointment of, or employment contracts with, the Director or General Director and the Chief Accountant or person in charge of accounting tasks; and documents and data relating to its founder(s), legal representative, authorized representative (if any), and beneficial owner(s);

c) For a customer that is a party to a legal arrangement: the document establishing the legal arrangement; documents evidencing the registration of the legal arrangement (if any); and other documents relating to the establishment of the legal arrangement (if any);

d) Other relevant documents, data, and reliable sources of information.”.

6. Clause 1 Article 19 is amended as follows:

“1. Reporting entities shall issue and fully implement policies and procedures for identifying and assessing money laundering risks before providing new products or services or existing products or services using innovative technologies, for the following purposes:

a) Detect and prevent the use of new products or services, or existing products or services using innovative technologies, for money laundering;

b) Manage money laundering risks when entering into transactions with customers using new products or services, or existing products or services using innovative technologies.

7. Article 22 is amended as follows:

1. A trustee in a legal arrangement in the form of a trust shall collect and keep up to date identification information on the settlor, trustee, beneficiary or group of beneficiaries, potential beneficiaries, protector (if any), and any individual who ultimately controls the trust (if any).

Where any relevant party to the legal arrangement referred to above is a legal entity or legal arrangement, the information collected and kept up to date shall include basic information and information on the beneficial owner of that legal entity or legal arrangement.

2. A party performing a role equivalent to that of a trustee in a legal arrangement in another form that is similar in nature to a trust shall collect and keep up to date identification information on the parties performing equivalent roles, in the same manner as required for a trust under Clause 1 of this Article.

Where any relevant party to a legal arrangement in another form that is similar in nature to a trust is a legal entity or legal arrangement, the information collected and kept up to date shall include basic information and information on the beneficial owner of that legal entity or legal arrangement.

3. In addition to the information collected as prescribed in Clauses 1 and 2 of this Article, the trustee or a party performing a role equivalent to that of a trustee shall collect basic information on any agent or other regulated service provider of the legal arrangement (if any).

4. The information specified in Clauses 1, 2, and 3 of this Article shall be retained for at least five (05) years from the date on which the trustee or a party performing a role equivalent to that of a trustee ceases to be involved in the legal arrangement.

5. The State Bank of Vietnam and competent state authorities, in the course of performing their functions and duties in the state management of AML and conducting investigations, prosecutions, or adjudication, may request organizations and individuals to provide the information specified in Clauses 1, 2, and 3 of this Article.”.

8. Article 26 is amended as follows:

1. Reporting entities shall report suspicious transactions to the State Bank of Viet Nam where there are reasonable grounds to suspect that the assets involved in the transaction are proceeds of crime.

The determination of reasonable grounds for suspicion shall be based on an analysis and assessment of customer and transaction information, including the suspicious indicators specified in Articles 27, 28, 29, 30, 31, 32, 33, and 33a of this Law, and other indicators identified by the reporting entity.

2. Where reporting entities or relevant ministries and central authorities identify suspicious indicators other than those specified in Articles 27, 28, 29, 30, 31, 32, 33, and 33a of this Law, they shall notify them to the State Bank of Viet Nam.

3. Based on the AML requirements imposed from time to time, the State Bank of Viet Nam shall submit to the Government proposals on additional suspicious indicators applicable to sectors and industries other than those specified in Articles 27, 28, 29, 30, 31, 32, 33, and 33a of this Law.

4. The Governor of the State Bank of Viet Nam shall issue specific regulations on reporting on suspicious transactions.”.

9. Article 33a is added following Article 33 as follows:

1. Splitting a crypto-asset transaction into multiple transactions, each below the prescribed threshold for customer identification or reporting, or conducting multiple high-value crypto-asset transactions within a short period without a clear business purpose.

2. The occurrence of any of the following circumstances that is inconsistent with the customer's profile and characteristics: making successive deposits, conducting transactions, and making withdrawals of crypto-assets within a very short period immediately after establishing the customer relationship; making a large initial deposit immediately after opening a crypto-asset account; or conducting transactions of large value or unusual frequency through a crypto-asset account that has been dormant for a long period.

3. Immediately transferring crypto-assets to multiple crypto-asset service providers located in countries or territories included in lists published by the Financial Action Task Force (FATF) in relation to money laundering, terrorist financing, or financing of proliferation of weapons of mass destruction, or located in countries or territories that have not established, or have not fully established, a legal framework for anti-money laundering, counter-terrorist financing, and countering the financing of the proliferation of weapons of mass destruction in relation to crypto-assets, or to crypto-asset service providers included in lists published by the FATF in relation to crypto-assets, where there is no reasonable connection between such transfers and the customer's place of residence or place of business.

4. Converting crypto-assets into multiple types of crypto-assets without a reasonable business or investment purpose, or converting crypto-assets into fiat currency at an unfavorable price, accepting a loss, or incurring transaction fees that are unusually high relative to the prevailing condition of the blockchain network at the time of the transaction.

5. There are multiple accounts or wallet addresses with no apparent connection transferring crypto-assets to the same wallet address, or a single account transferring crypto-assets to multiple wallet addresses in successive transfers of equivalent value within a short period.

6. Conducting crypto-asset transactions involving crypto-assets with enhanced anonymity features or transaction-mixing services, or repeatedly converting crypto-assets recorded on a public and transparent distributed ledger into crypto-assets with enhanced anonymity features, thereby impairing the traceability of transactions.

7. Conducting crypto-asset transactions involving wallet addresses or crypto-asset service providers that competent authorities have identified or warned as being associated with anonymous networks or websites used for the trading of illegal goods or services, extortion, fraud, illegal online gambling, stolen assets, or other criminal activities.

8. A customer accesses the platform of a crypto-asset service provider using tools that conceal the customer's identity or Internet Protocol address, or maintains multiple crypto-asset accounts under different identities that appear to be operated from the same device or Internet Protocol address.

9. A customer refuses or delays providing customer identification documents or information on the source of assets; provides documents that appear to be forged or information that is inconsistent; or is unable to provide a reasonable explanation of the purpose of the transaction, the source of the assets, or the relationship with the counterparty.

10. The customer's crypto-asset wallet address appears in publicly available sources of information in connection with illegal activities, or crypto-assets deposited into or withdrawn from the customer's account have a history of passing through cross-chain bridges assessed as high-risk.

11. A customer appears to be acting as a nominee, being used as an intermediary, or being a victim of fraud, including where the customer has limited knowledge of crypto-assets but conducts transactions with a frequency or at values disproportionate to the customer's profile and characteristics, or conducts transactions at the direction of a third party.

12. The customer's assets are derived predominantly from initial crypto-asset offerings that lack transparency or show signs of fraud, or the customer's crypto-assets originate directly from transaction-mixing services or from crypto-asset service providers with inadequate AML controls.

13. Conducting transactions with a crypto-asset service provider whose valid legal status cannot be established, including where the provider operates in a country or territory identified by the FATF as lacking a legal framework for crypto-assets, or is not included in the list of licensed providers maintained by the competent regulatory authority of the relevant jurisdiction, or has been warned against, suspended, or had its operating license revoked by a competent authority.

14. Notes accompanying a crypto-asset transaction indicate a possible connection with illegal activities; the customer frequently changes material identification or authentication information in a manner inconsistent with normal usage patterns; the customer conducts transactions from an Internet Protocol address that is inconsistent with the customer information provided; or the customer repeatedly opens crypto-asset accounts from the same Internet Protocol address.

15. A customer conducts through a crypto-asset service provider that is headquartered or operates in a country or territory included in lists published by the FATF in relation to money laundering, terrorist financing, or financing of proliferation of weapons of mass destruction, or in a country or territory that has not established, or has not fully established, a legal framework for anti-money laundering, counter-terrorist financing, and countering the financing of the proliferation of weapons of mass destruction in relation to crypto-assets, or through a crypto-asset service provider included in lists published by the FATF in relation to crypto-assets.

10. Clause 1 Article 38 is amended as follows:

“1. A reporting entity shall retain all customer records and records of all transactions in paper or electronic form in accordance with applicable regulations of law, including:

a) Customer identification information, records and documents;

b) The results of analyses and assessments of customers and transactions conducted for AML purposes;

c) Other information, records and documents relating to customers and transactions;

d) Reports on transactions prescribed in Articles 25, 26 and 34 of this Law, and the information, records and documents relating to the reported transactions.”.

11. Clause 3 and Clause 4 are added following Clause 2 Article 39 as follows:

“3. Reporting entities, and agencies, organizations and individuals that fulfill their reporting obligations to competent authorities in good faith in accordance with this Law shall not be held liable for making such reports.

4. Persons who make reports or denunciations, or provide information for AML purposes, shall be entitled to protective measures applicable to denouncers in accordance with regulations of law on denunciation.”.

12. Article 48a is added following Article 48 as follows:

1. Inspect AML activities of reporting entities operating in sectors subject to the state management of ministries that do not have a ministerial inspectorate, except for the inspection responsibilities of the Ministry of Finance prescribed in Clause 2 Article 51 of this Law. The inspection of AML activities shall be based on the results of the national money laundering risk assessment and the money laundering risk assessment of the reporting entity.

2. Coordinate with the State Bank of Viet Nam and relevant ministries and central authorities in periodically assessing and updating money laundering risks as prescribed in Clauses 1 and 2 Article 7 of this Law.”.

13. Article 51 is amended as follows:

1. Take the lead in, and coordinate with, relevant agencies in implementing AML measures in the fields of life insurance business, securities, crypto-assets, accounting services, prize-winning electronic games, casino, lottery, betting, and other services falling under the state management of the Ministry of Finance.

2. Inspect the AML activities of reporting entities in the crypto-asset sector when so assigned by the Government and in the securities sector; Examine and supervise the AML activities of reporting entities in the fields specified in Clause 1 of this Article. The inspection, examination and supervision of AML activities shall be based on the results of the national money laundering risk assessment and the money laundering risk assessment of the reporting entity.

3. Coordinate with the State Bank of Viet Nam in conducting the national money laundering risk assessment as prescribed in Clause 1 Article 7 of this Law; assess and update money laundering risks, as prescribed in Clause 2 Article 7 of this Law, with respect to the fields specified in Clause 1 of this Article.”.

14. Article 52 is amended as follows:

1. Take the lead in, and coordinate with, relevant agencies in implementing AML measures in the field of real estate business, except for the leasing or subleasing of real estate and real estate consulting services.

2. Examine and supervise the AML activities of reporting entities in the field specified in Clause 1 of this Article, taking into account the results of the national money laundering risk assessment and the money laundering risk assessment of the reporting entity concerned.

3. Coordinate with the State Bank of Viet Nam in conducting the national money laundering risk assessment as prescribed in Clause 1 Article 7 of this Law; assess and update money laundering risks, as prescribed in Clause 2 Article 7 of this Law, with respect to the fields specified in Clause 1 of this Article.”.

15. Article 53 is amended as follows:

1. Take the lead in, and coordinate with, relevant agencies in implementing AML measures in the fields of notarization and the practice of law.

2. Coordinate with the State Bank of Viet Nam in disseminating and providing legal education on AML.

3. Examine and supervise the AML activities of reporting entities in the fields specified in Clause 1 of this Article, taking into account the results of the national money laundering risk assessment and the money laundering risk assessment of the reporting entity concerned.

4. Coordinate with the State Bank of Viet Nam in conducting the national money laundering risk assessment as prescribed in Clause 1 Article 7 of this Law; assess and update money laundering risks, as prescribed in Clause 2 Article 7 of this Law, with respect to the fields specified in Clause 1 of this Article.”.

16. Article 54 is amended as follows:

1. Take the lead in, and coordinate with, relevant agencies in implementing AML measures in the business of precious metals and gemstones, except for gold bar trading activities.

2. Examine and supervise the AML activities of reporting entities engaged in the business specified in Clause 1 of this Article, taking into account the results of the national money laundering risk assessment and the money laundering risk assessment of the reporting entity concerned.

3. Coordinate with the State Bank of Viet Nam in conducting the national money laundering risk assessment as prescribed in Clause 1 Article 7 of this Law; assess and update money laundering risks, as prescribed in Clause 2 Article 7 of this Law, with respect to the fields specified in Clause 1 of this Article.”.

17. Article 58 is amended as follows:

1. Take the lead in, and coordinate with, relevant agencies in implementing AML measures in the field of online electronic gaming business.

2. Examine and supervise the AML activities of reporting entities in the field specified in Clause 1 of this Article, taking into account the results of the national money laundering risk assessment and the money laundering risk assessment of the reporting entity concerned.

3. Coordinate with the State Bank of Viet Nam in conducting the national money laundering risk assessment as prescribed in Clause 1 Article 7 of this Law; assess and update money laundering risks, as prescribed in Clause 2 Article 7 of this Law, with respect to the fields specified in Clause 1 of this Article.”.

18. Article 59 is amended as follows:

1. Coordinate with the State Bank of Viet Nam in performing state management of AML.

2. Examine and supervise the AML activities of reporting entities within their respective areas of state management, taking into account the results of the national money laundering risk assessment and the money laundering risk assessment of the reporting entity concerned.

3. Coordinate with the State Bank of Viet Nam and relevant ministries and central authorities in periodically assessing and updating money laundering risks as prescribed in Clauses 1 and 2 Article 7 of this Law.”.

19. Article 55 and clause 1 Article 64 are abrogated.

Point e is added following point dd as follows:

“e) Acting as agents for management of collateral securing corporate bonds.”.

1. This Law comes into force from December 01, 2026.

2. Article 22 and clause 2 Article 34 of the Ordinance on Foreign Exchange No. 28/2005/PL-UBTVQH11 of the Standing Committee of the National Assembly, as amended by the Ordinance No. 06/2013/UBTVQH13, are repealed.