The State Bank of Vietnam (SBV) has proposed that all electronic money transfers valued at $1,000 or more at the shaping International Financial Center (IFC) be subject to reporting requirements for anti-money laundering purposes.

The proposal is included in the SBV’s draft decree on licensing and regulating banks, managing foreign exchange, and preventing money laundering, terrorist financing, and the financing of proliferation of weapons of mass destruction within the future IFC.

According to the central bank, most IFC transactions will be carried out via international payment systems such as SWIFT. Therefore, applying international reporting standards to all transfers is considered necessary to mitigate potential risks.

Once the IFC becomes operational, the SBV said it will conduct a comprehensive review of transaction scale, risk levels, and the data system’s storage and monitoring capacity. Based on the findings, the reporting regime may be adjusted to align more closely with the IFC’s actual operations.