Crypto services in Vietnam must report suspicious cases to central bank

Crypto-asset services in Vietnam will have to report suspicious transactions to the State Bank of Vietnam, or the country’s central bank, according to the newly-approved amendments to law on anti-money laundering and banking.

Vietnam’s National Assembly, the country’s highest legislative body, approved the amendments, to the Law on the State Bank of Vietnam, the Law on Anti-Money Laundering, and the Law on Credit Institutions, on Monday.

Under the changes, crypto-asset service providers, among other entities, must file reports on suspicious transactions when there are reasonable grounds to suspect that the assets involved are proceeds of crime. A new article sets out 15 examples of suspicious activity in the crypto-asset sector.

They include making multiple large crypto-asset transactions in a short period without a clear business purpose; depositing, trading, and withdrawing crypto assets in quick succession soon after opening an account; and accessing a provider’s platform through tools that hide a user’s identity or internet address.

Others include splitting transactions into amounts below the thresholds that trigger customer checks or reporting; and converting crypto assets into several different types without a reasonable business or investment purpose.