Translation update service

since 1 April, 1999

STATE BANK

SOCIALIST REPUBLIC OF VIETNAM

OF VIETNAM

Independent - Freedom - Happiness

------------

-------------------

No. 31/2014/TT-NHNN

Hanoi, 11 November 2014

CIRCULAR

On the amendment of, supplement to several Articles of the Circular

No. 35/2013/TT-NHNN dated 31 December 2013 on guiding
the implementation of some provisions on anti-money laundering
-

Pursuant to the Law on the State Bank of Vietnam No. 46/2010/QH12 dated 16
June 2010;

Pursuant to the Law on Anti-money laundering No. 07/2012/QH13 dated 18 June

2012;

Pursuant to the Law on Counter-terrorism No. 28/2013/QH13 dated 12 June 2013;

Pursuant to the Decree No. 116/2013/ND-CP dated 04 October 2013 of the

Government providing in details for the implementation of the Law on Anti-money
laundering;

Pursuant to the Decree No.156/2013/ND-CP dated 11 November 2013 of the

Government providing for the functions, duties, authorities and organizational
structure of State Bank of Vietnam

Upon proposal of the Chief of Banking Inspection and Supervision Agency,

The Governor of the State Bank hereby issues the Circular on amendment of, supplement
to several Articles of the Circular No. 35/2013/TT-NHNN dated 31 December 2013 on
guiding the implementation of some provisions on anti-money laundering (hereinafter
shortly referred to as the Circular No. 35/2013/TT-NHNN).
Article 1. To amend, supplement several Articles of Circular No. 35/2013/TT-NHNN
as follows:
1. Clauses 2, 3, 4 Article 3 shall be amended as follows:
2. Additionally collecting following information:
______________________________________________________________________________________________________________
Investment Consultancy Co., Ltd
V-I-31 P. 1/6

Translation update service

since 1 April, 1999

- Average monthly income of at least 3 (three) latest months of the customers;

- Name, address, phone number of agency, organization or business owner where the
customers work or have main income.
b) For corporate customers:
- Lines of business, production, services that create main revenues;
- Total revenues for the latest 2 (two) years;
- List (full name, address, phone number) of members of Board of Directors or Board of
Members, members of Executive Committee, Chief Accountant or equivalent persons;
- Name, address, legal representative or authorized representative of parent company (if
customer is a subsidiary) or list of name, address, legal representative or authorized
representative of branches, subsidiaries, representative offices (if customer is a parent
company).
3. Closely monitoring transactions of customers to make sure that their transactions are
corresponding to their nature, purpose of relationship establishment and operations; timely
detecting any abnormal transaction and reporting suspicious transaction upon having
reasonable evidence in accordance with applicable laws and regulations.
4. Updating information at least every once a year or when the reporting subject is aware of
any change in customer information.
2. Article 4 shall be amended as follows:
Article 4. List of foreign politically exposed persons
1. List of foreign politically exposed persons as prescribed in Clause 1 Article 13 of the
Law on Anti-money laundering shall be supplied by the State Bank of Vietnam to the
reporting subjects in electronic files.
2. The reporting subjects shall be required to register in writing with the Banking
Inspection and Supervisory Agency (through the Anti-money Laundering Unit) the details
of the persons who receive the List of foreign politically exposed persons, including: full
name, ID card number or valid passport, position, address of work place, phone number
and email.
______________________________________________________________________________________________________________
Investment Consultancy Co., Ltd
V-I-31 P. 2/6

Translation update service

since 1 April, 1999

3. The reporting subjects shall be prohibited from supplying such List to any third party if it
is not agreed in writing by the Banking Inspection and Supervisory Agency.
3. Clause 1 Article 7 shall be amended as follows:
1. Responsibility of reporting:
a) Except for electronic transfer transactions as stated in Item b of this Clause, financial
institutions who are permitted to perform domestic, international payment services shall be
required to report to the Anti-Money Laundering Unit the electronic transfer transactions
amounting from VND500,000,000 (five hundred million) upward or in foreign currency of
equivalent value and international transfer transactions to or from Vietnam amounting from
USD1,000 (one thousand) upward or in other foreign currency of equivalent value;
b) Electronic transfer transactions not to be reported shall include:
- Transfer transactions deriving transactions that use debit cards, credit cards or prepaid
cards for payment of goods, services;
- Transfer and payment transactions among financial institutions where both the initiator
and the beneficiary are financial institutions.
c) For domestic electronic money transfer transactions, the financial institutions that issue
the transfer order shall be responsible for reporting and fully collecting information about
the individual, organization who issues the money transfer order. The financial institution
that serves the beneficiary shall be responsible for fully collecting information on the
beneficiary individual, organization in accordance with provisions at Item c Clause 2 of
this Article and reporting to the Anti-Money Laundering Unit upon request. Financial
institutions shall report to the Anti-Money Laundering Unit in electronic file as prescribed
in Article 10 of this Circular.
4. To supplement with Article 10a as follows:
Article 10a. Task assignment, audit and training, fostering on anti-money laundering
1. Assigning officers, units in charge of anti-money laundering
a) The related financial institution, related entity doing non-financial businesss shall assign
a member of the Management Board or a person authorized by the Management Board to
______________________________________________________________________________________________________________
Investment Consultancy Co., Ltd
V-I-31 P. 3/6

Translation update service

since 1 April, 1999

be in charge of organizing, directing, inspecting the implementation of laws and regulations

on anti-money laundering at their units (hereinafter called the person in charge of antimoney laundering) and register with the Anti-Money Laundering Unit for the details such
as full name, address of work place, phone number, fax number, email for contact upon
necessity. Upon arising any change in the person in charge of anti-money laundering or his
related information, the related financial institution, entity doing non-financial business
shall be responsible for timely reporting in writing to the Anti-Money Laundering Unit;
b) Depending on the scale, scope and features of operation, the related financial institution,
entity doing non-financial business shall establish a specialized unit (team, department,
division) or appoint a unit at the head office to be in charge of anti-money laundering; the
business centers, branches (if any) shall assign one or several officers or a unit to be in
charge of anti-money laundering.
2. Internal audit in anti-money laundering
a) Every year, the related financial institutions, entities doing non-financial business shall
carry out internal audit in anti-money laundering. The internal audit in anti-money
laundering may be executed independently or be combined with other tasks. Details of
internal audit shall include: inspecting, reviewing, assessing independently and objectively
the internal control systems, the implementation of internal regulations and recommending,
proposing solutions to improve the efficiency, effectiveness of the anti-money laundering
activity.
b) Any act of violation found out during the internal audit shall be reported to the person in
charge of anti-money laundering and the head of the reporting subject for handling;
c) After 60 (sixty) days from the ending of the financial year at the latest, the related
financial institutions, entities doing non-financial business shall be responsible for sending
their internal audit report in anti-money laundering to the Anti-Money Laundering Unit.
3. Training, fostering in anti-money laundering
a) Every year, the related financial institutions, entities doing non-financial business shall
be required to train, foster the staff who is specialized or semi-specialized in anti-money

______________________________________________________________________________________________________________
Investment Consultancy Co., Ltd
V-I-31 P. 4/6

Translation update service

since 1 April, 1999

laundering and the staff who is assigned with duties relating to cash, asset transactions with
customers in regard of anti-money laundering operations.
b) The related financial institutions, entities doing non-financial business shall be required
to train newly employed staff who is expectedly in charge of anti-money laundering and
other tasks relating to cash, asset transactions with customers in regard of the knowledge
about and operations of anti-money laundering within 6 (six) months from the date of
recruitment.
c) Details of training, fostering the anti-money laundering operations shall at least include:
legal regulations and internal regulations on anti-money laundering; legal responsibility in
case of failing to implement legal regulations on anti-money laundering; mode, scam of
money laundering; money laundering in relation to products, services, tasks assigned to the
staff.
5. To supplement with Article 10a as follows:
Article 10b. Counter-terrorism financing
1. The reporting subjects shall be required to apply measures of counter-terrorism financing
as prescribed in Article 3, Article 4, Article 5, Article 6, Article 7, Article 8, Article 10,
Article 13, and Article 14 of the Decree No. 116/2013/ND-CP dated 4 October 2013 of the
Government providing in details for the implementation of the Law on Anti-money
laundering.
2. Upon having any doubt that an organization, individual commits an act relating to
terrorism financing, the relevant reporting subject shall be responsible for reporting such
suspicious transaction to the Anti-Money Laundering Unit in writing or in electronic file in
accordance with provisions in Article 10 of this Circular.
3. Details of the report shall be as stipulated in Clauses 2, 3 Article 8 of this Circular.
Article 2. Implementation provisions
This Circular shall come into effect from 26 December 2014.
Article 3. Responsibility for implementation

______________________________________________________________________________________________________________
Investment Consultancy Co., Ltd
V-I-31 P. 5/6

Translation update service

since 1 April, 1999

1. Head of state competent agencies in accordance with the Law on Anti-Money

Laundering and the reporting subjects as stated in Clause 1 Article 2 of the Circular No.
35/2013/TT-NHNN shall be responsible for the implementation of this Circular.
2. During the implementation, if facing any problem or difficulty, the reporting subjects
shall reflect to the State Bank of Vietnam (through the Anti-Money Laundering Unit) for
timely instructions.
For the Governor of the State Bank
Deputy Governor
NGUYEN PHUOC THANH (Signed and sealed)

______________________________________________________________________________________________________________
Investment Consultancy Co., Ltd
V-I-31 P. 6/6