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.
Please view the attachments for the complete article.
