New Reporting Requirements from the State Bank of Vietnam: A Closer Look
By Minh Hue
Sat, September 20, 2025 | 7:43 pm GMT+7
In a significant move targeting illicit financial activity, the State Bank of Vietnam (SBV) has implemented Circular No. 27, which introduces stricter requirements for domestic and international money transfers. This regulation marks a crucial step in the country’s ongoing efforts to combat money laundering and terrorist financing.
Domestic Money Transfers: A New Threshold
Under the newly enacted circular, any domestic money transfer of VND500 million (approximately $18,952) or more must be reported to the SBV’s anti-money laundering department. This development aims to enhance the tracking of large financial movements within the nation, reinforcing the banking system’s integrity and transparency.
International Transfers: The $1,000 Rule
In addition to domestic transfers, SBV also stipulates that international money transfers involving entities outside Vietnam must be reported if the transaction value meets or exceeds $1,000. This regulation seeks to increase vigilance over cross-border transactions, which can potentially facilitate unauthorized financing activities.
New Customs Declaration Thresholds
The circular, dated September 15, doesn’t stop at money transfers. It also revises customs declaration thresholds for travelers bringing large sums of cash, precious metals, or valuable items into the country.
Individuals transporting platinum, gemstones, or other precious metals valued at VND400 million ($15,162) or above must declare these items at customs. This threshold also applies to negotiable instruments, aligning customs protocols with financial regulations.
Cash and Gold Reporting Requirements
While new regulations emerge, existing reporting requirements for cash (both VND and foreign currencies) and gold when entering or exiting Vietnam will continue to follow existing SBV stipulations. This consistency is crucial for travelers and financial professionals, ensuring that they remain aware of their obligations when dealing with significant amounts of currency.
Implementation Timeline and Transitional Provisions
The regulations outlined in Circular No. 27 are set to take effect on November 1, 2025. To allow organizations ample time for adjustment, the circular provides transitional provisions for certain elements. This includes necessary internal regulation adjustments, risk management measures, and reporting templates.
Full Compliance Deadline
From January 1, 2026, organizations will be required to fully comply with the new regulations. These entities must also adopt automated monitoring software capable of screening transactions against various databases, including blacklists, watchlists, and data on politically exposed persons (PEPs). Such measures are essential in detecting and flagging suspicious activities effectively.
Aiming for International Compliance
The overarching goal of these new measures is to align Vietnam’s practices with international standards concerning anti-money laundering, counter-terrorism financing, and weapons proliferation financing. By enhancing the country’s compliance framework, Vietnam aims to present a robust front against illicit financial practices and bolster its reputation on the global stage.
Through these initiatives, the SBV underscores its commitment to improving the financial landscape in Vietnam, ultimately fostering a safer environment for both domestic and international financial transactions. Each step of this regulatory evolution is a crucial part of a broader strategy to ensure that financial markets remain free from abuse and misuse.