Việt Nam introduces special policies to strengthen anti-money laundering framework

Việt Nam introduces special policies to strengthen anti-money laundering framework

The revisions focus on key areas, including the definition of beneficial ownership, verification of customer information, transparency of legal arrangements, risk-based customer classification and the frequency of updating customer information.

Resolution No. 66.23/2026/NQ-CP amends and supplements a number of provisions in the 2022 Law on Anti-Money Laundering and related guiding documents. — VNA/VNS Photo

The Vietnamese Government has issued a resolution introducing temporary special policies and mechanisms to address legal bottlenecks in anti-money laundering, aiming to meet urgent international commitments on the exchange of tax-related information upon request.

Issued on July 24, Resolution No. 66.23/2026/NQ-CP amends and supplements a number of provisions in the 2022 Law on Anti-Money Laundering and related guiding documents.

The revisions focus on key areas, including the definition of beneficial ownership, verification of customer information, transparency of legal arrangements, risk-based customer classification and the frequency of updating customer information.

Under the resolution, reporting entities are required to collect additional customer information in specific cases.

For customers participating in trust arrangements or similar legal structures, the entities must obtain detailed information on all parties performing roles equivalent to those in trust arrangements.

In the life insurance sector, beneficiary information must be collected once beneficiaries are designated by the policyholder or the insured.

The resolution also strengthens transparency requirements for legal arrangements.

Accordingly, trustees and persons performing equivalent roles are required to collect, update and maintain information on all parties involved. Such information must be retained for at least five years after ceasing participation in the legal arrangement.

The State Bank of Vietnam and law enforcement agencies are empowered to request access to this information when carrying out anti-money laundering functions or criminal investigations.

The revised regulations also provide clearer criteria for determining beneficial ownership of individuals, organisations, foreign-established funds, legal arrangements and life insurance contracts.

For corporate customers, beneficial owners are generally defined as individuals who directly or indirectly own at least 25 per cent of charter capital or voting shares, or who exercise ultimate control through other legal or practical means.

Where no such individual can be identified, the person holding the highest executive authority may be recognised as the beneficial owner, except in cases involving State capital representatives.

The Government said the special mechanisms are intended to facilitate the implementation of Việt Nam's international obligations while legislative amendments to the relevant laws, decrees and circulars are being completed.

The resolution will remain in force from July 24, 2026, until February 28, 2027, or until relevant amended legal documents take effect, whichever comes first.

During the resolution's validity, its provisions will prevail over conflicting regulations in other legal documents. Information and records lawfully collected, verified and stored under previous regulations will remain legally valid and continue to be used in accordance with the law. 

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