Vietnam’s State Bank seeks to enforce AML law, mandating robust risk assessments, customer risk classification, and reporting of high-value and suspicious transactions

Circular 27 sets out detailed criteria and scoring methods for assessing money-laundering risks of reporting entities, requires entities to build formal risk-management processes and to classify customers by risk level, and mandates internal AML policies that align with risk profiles and legal requirements. The Circular also establishes comprehensive reporting obligations — including reporting of domestic transfers ≥ VND 500 million, international transfers ≥ US $1,000, large transactions and suspicious activity…