Depositing in foreign banks may require information declaration: draft circular
The State Bank of Vietnam (SBV) says it is drafting a Circular guiding the transaction of term deposits in credit organisations and foreign bank branches.
Accordingly, credit organisations and foreign bank branches (except for financial companies and financial leasing companies) are allowed to receive term deposits from individuals and organisations as specified in in the licenses and relevant legal documents.
Residents who are Vietnamese organisations and citizens are allowed to use the term deposits in dong to withdraw cash, carry out money transfer, and transfer to another accounts owned by the customers themselves at the credit organisations and foreign bank branches.
Especially, the draft circular states that credit organisations, foreign bank branches are allowed to require customers to provide necessary information following the regulation (in the Law on anti-money laundering and its guiding documents).