ARTICLE · 04 SEPTEMBER 2023

Decree 19: Guidelines On How To Prevent Money Laundering

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The Vietnamese National Assembly enacted a new Law on Anti-Money Laundering (2022 AML Law) that took effect in early 2023. In support of its implementation, Decree No. 19/2023/ND-CP was issued (Decree 19).

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The Vietnamese National Assembly enacted a new Law on Anti-Money Laundering (2022 AML Law) that took effect in early 2023. In support of its implementation, Decree No. 19/2023/ND-CP was issued (Decree 19). Decree 19 supersedes Decree No. 116/2013/ND-CP (as amended and supplemented by Decree No. 87/2019/ND-CP) (Decree 116).

Except for some articles, Decree 19 took effect from the date of its issuance on 28 April 2023. The articles regarding the new thresholds for identifying suspicious transactions, as mentioned in Section 1.2 will only come into effect on 1 December 2023.

In this legal update, we will highlight several key aspects of Decree 19.

1. Customer Due Diligence Requirements

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