On the afternoon of August 24, with the majority of delegates participating in the vote in favor, the National Assembly passed the Law amending and supplementing a number of articles of the Law on the State Bank of Vietnam, the Law on Anti-Money Laundering and the Law on Credit Institutions.
Regarding the Law on the State Bank of Vietnam, the Law supplements regulations that the State Bank presides over the establishment, monitoring, forecasting, and analysis of the results of the balance of international payments and the state of international investment of Vietnam; specifically stipulates the responsibilities of agencies, organizations, and individuals in providing information and data to serve this task.
Legalizing the principle of combating "foreign currency" with regulations in the territory of Vietnam, all transactions, payments, listings, advertisements, quotes, valuations, price recording in contracts and agreements must not be carried out in foreign currency, except for permitted cases.
In provinces and cities without headquarters of the State Bank Branch, the transaction to the State Treasury will be regulated by the Governor of the State Bank.
Based on the nature and level of risk of each inspection and supervision object, the State Bank shall consider and decide to apply a safety assurance ratio higher than the prescribed level or apply measures to reduce regulations to ensure compliance.
The Law also supplements the Law on Anti-Money Laundering "crypted asset services" to the list of business activities subject to reporting.
At the same time, specify the list of 15 suspicious signs in the field of encrypted assets such as:
Subdividing transactions of low-value encrypted assets; continuously loading, withdrawing, and converting in a short period of time after opening an account; transferring encrypted assets to countries and territories in the FATF (Financial Action Task Force) warning list or without a legal framework.
Or using anonymous tools, trading mixing services, high-risk inter-chain bridges; assets formed from ICOs (initial offering of cryptocurrencies) are not transparent and fraudulent; the address of customers' cryptocurrencies wallets appears on public information sources related to illegal activities...
The law also regulates the assignment of state management responsibilities of ministries and sectors.
In which, the Ministry of Finance expands management of anti-money laundering for encrypted assets, accounting services, prize-winning electronic games, casinos, lottery, and betting.
The Government Inspectorate is clearly defined with the responsibility to inspect anti-money laundering activities for subjects reporting that are not under the management of ministries; the Ministry of Culture, Sports and Tourism manages in the field of online electronic game business.
Regarding the Law on Credit Institutions, the Law adds the activity of "Agent managing collateral of corporate bonds" to other business activities of commercial banks and credit institutions.
