Vietnam Introduces Special Measures to Bolster Anti-Money Laundering Framework

The Government of Vietnam has issued Resolution No. 66.23/2026/NQ-CP, dated July 24, introducing special mechanisms to strengthen the country's anti-money laundering (AML) framework. The resolution amends and supplements provisions related to beneficial ownership identification, customer due diligence, transparency of legal arrangements, risk-based customer classification, and the frequency of updating customer information. Under the new measures, reporting entities are mandated to collect additional customer information in specified scenarios. For customers involved in trust arrangements or similar legal structures, these entities must obtain information on all parties performing roles equivalent to those in trust arrangements. In the life insurance sector, beneficiary information must be collected once beneficiaries are designated by the policyholder or the insured. Transparency requirements for legal arrangements are also enhanced. Trustees and individuals performing equivalent roles are obligated to collect, update, and maintain information on all relevant parties, retaining it for at least five years after their participation in the arrangement ceases. The State Bank of Viet Nam and competent law enforcement agencies will be authorized to access this information for AML purposes and criminal investigations. The revised regulations further clarify the criteria for identifying beneficial owners across individuals, organizations, foreign-established funds, legal arrangements, and life insurance contracts. For corporate customers, a beneficial owner is generally defined as an individual owning at least 25 percent of charter capital or voting shares, directly or indirectly, or exercising ultimate control through other legal or practical means. If no such individual can be identified, the person holding the highest executive authority may be recognized as the beneficial owner, with exceptions for representatives of State capital. According to the Government, these temporary special mechanisms are intended to ensure the timely fulfillment of Viet Nam's international obligations while amendments to relevant laws, decrees, and circulars are being finalized. The resolution takes effect on July 24, 2026, and remains valid until February 28, 2027, or until the amended legal documents become effective, whichever comes first. During its validity period, this resolution shall prevail over any conflicting provisions in other legal documents. Information and records lawfully collected, verified, and retained under previous regulations will remain legally valid and continue to be used in accordance with the law./. ONLINE NEWSPAPER OF THE GOVERNMENT OF THE SOCIALIST REPUBLIC OF VIET NAM Editor-in-chief: Nguyen Hong Sam License: No. 102/GP-BTTTT dated on April 15, 2024. Head office: No. 16, Le Hong Phong - Ba Dinh - Ha Noi Tel: 080 43162 – 080 48440; Fax: 080 48924 Email: [email protected]