Vietnam’s National Assembly approved its updated Anti-Money Laundering (AML) Law in 2022, which went into effect on March 1, 2023. The AML Law aims to prevent financial crimes, such as money laundering and corruption, and will enhance the transparency of Vietnam’s financial system.
The Anti-Money Laundering (AML) Law of 2022 in Vietnam has been implemented since March 1, 2023, amending the 2012 Law. This newly enacted law introduces significant changes that establish a more rigorous anti-money laundering regime. Businesses need to be aware of these changes to comply with the law and adapt their internal regulations accordingly. The key amendments include expanding the definition of money laundering activities, imposing additional reporting obligations on digital wallet providers, introducing new measures for client information verification, and implementing a fresh risk assessment policy, among other important modifications.
As Vietnam’s economy continues to grow and advance, the government is taking steps to align its policies, including the new AML Law, with international standards. These policies aim not only to safeguard the integrity of Vietnam’s financial system but also to bolster foreign investor confidence.