The State Bank of Vietnam has issued Circular 27 requiring domestic money transfers of VND500 million (US$19,000) or more, or the equivalent in foreign currency, to be reported to the central bank’s Anti-Money Laundering Department. Photo: Quang Dinh / Tuoi Tre
The regulation builds on Circular 09/2023 while introducing revisions to address challenges faced by financial institutions and regulators.
Under the new rules, cross-border transactions valued from $1,000 are also subject to reporting.
The circular sets thresholds for goods and assets that must be declared at customs when entering or leaving Vietnam.
Precious metals (excluding gold), gemstones, and negotiable instruments valued at VND400 million ($15,100) or more must be reported.
Requirements for cash in foreign currency, Vietnamese dong, and gold remain governed by existing regulations.
Circular 27 will take effect from November 1 this year.
To give institutions time to adjust, a transition period has been introduced.
By January 1, 2026, all reporting entities will be required to update internal regulations and risk management processes, and implement software systems to screen against blacklists, watchlists, and politically exposed persons.
The systems must be able to monitor and flag suspicious transactions to prevent money laundering, terrorism financing, and the proliferation of weapons of mass destruction.
