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Customer ID required for large value transactions

Update: October, 11/2013 - 10:44
Customers who make transactions of precious metals and stones valued at VND300 million (US$13,636) or more in a day must provide identification to credit institutions.— Photo dantri

HA NOI (VNS) —Customers who make transactions of precious metals and stones valued at VND300 million (US$13,636) or more in a day must provide identification to credit institutions.

According to a newly issued decree relating to the Law on Anti-Money Laundering, credit institutions are also required to demand customer identification from customers making irregular large value transactions.

Besides precious metals and stones, real estate transactions must also report customer identification to relevant authorities. — VNS

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