Regulation changes to large online money transfers

Regulation changes to large online money transfers

Domestic online money transfer transactions of VNĐ500 million or more must be reported to the SBV’s Anti-Money Laundering Department.

The reporting responsibility belongs to financial institutions such as commercial banks and intermediary payment organisations, not the individuals making the transfer. Photo thoibaonganhang.vn

The State Bank of Vietnam (SBV) requires reporting of large online money transfer transactions from November this year to combat money laundering and effectively manage financial risks.

Under newly-issued Circular 27/2025/TT-NHNN, which takes effect from November 1, domestic online money transfer transactions of VNĐ500 million or more must be reported to the SBV’s Anti-Money Laundering Department.

The value for international online money transfer transactions is US$1,000 or more, including other foreign currencies of equivalent value.

In addition, suspicious money transfer transactions are also subject to reporting.

However, the reporting responsibility belongs to financial institutions such as commercial banks and intermediary payment organisations, not the individuals making the transfer.

The circular also stipulates that financial institutions must report transactions using electronic data, including full information such as initiating organisation, beneficiary organisation, account number, amount, name of currency, purpose and date of transaction.

Though the regulation takes effect from November 1, financial institutions are allowed to transition to December 31 to adjust internal processes and risk management. From January 1, 2026, the institutions must complete the process and update the software system to scan and filter transactions according to blacklists, warning lists and lists of individuals related to high risks.

According to the SBV, the regulation on reporting large money transfers and suspicious transactions aims to provide data for the SBV to screen and detect unusual transactions.

At the same time, the SBV also monitors signs related to money laundering activities, such as transferring money through multiple accounts to conceal illegal origins; ensure that large-scale transactions are closely monitored, and that the use of money for illegal activities is promptly detected and prevented.

The regulation also helps Việt Nam comply with international standards on preventing and combating money laundering and terrorist financing as recommended by international organisations. 

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