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Several new provisions of the Law amending and supplementing a number of articles of the Law on Anti-Money Laundering 2022

By 17 March, 2023No Comments

The Law on AML 2022 officially entered into force as from March 01, 2023 with new provisions, notably 07 amendments, supplements to the Law on AML 2012:

(1) Supplementing and clarifying Entities subject to reporting on anti-money laundering;
(2) Supplementing the principle of reciprocity in international cooperation on anti-money laundering;
(3) Legislating the regulation on national risk assessment on money laundering;
(4) New provisions on responsibilities of Reporting Entities in relation to (i) money laundering risk assessment; (ii) classifying customers based on 03 levels of money laundering risks; and (iii) money laundering risk level assessment before providing new products and services;
(5) Expanding methods of extracting and verifying KYC information;

(6) supplementing provisions on supervision of a number of special transactions; and
(7) Specifying some suspicious signs in the field of securities, life insurance, and payment intermediaries.

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