On 28 April 2023, the Government enacted Decree 19/2023/ND-CP to guide the recent Law on Anti-Money Laundering (replacing the former Decree 116/2013/ND-CP which was passed around 10 years ago). Save for certain customer due diligence requirements which will come into effect from 1 December 2023, the decree came into effect from the date of its enactment.
The decree regulates the specific circumstances in which customer due diligence requirements need to be undertaken by reporting entities, with particular focus on financial institutions. Keeping track with the recent Law on Anti-Money Laundering, it regulates the requirements for digital wallet service providers.
The decree also regulates the criteria for identifying beneficial owners, as well as ascertaining when there is a complex or unusually large transaction for which reporting is required.
