The State Bank of Vietnam and IMF experts have reviewed risk-based supervision of money laundering and terrorist financing. The central bank says Deputy Governor Pham Quang Dung chaired the November 4 meeting under a technical-assistance project launched in late 2022.
Discussions on November 3-4 covered risk scoring, inspection plans, the legal framework and progress on actions committed to the Financial Action Task Force.
Three assessment cycles completed
Dung said the jointly developed risk tool has been used in three practical assessment cycles. It supports both off-site supervision and on-site inspections.
According to the central bank's meeting statement, a circular on supervisory procedures was signed on October 30 and takes effect December 1, alongside the amended anti-money-laundering law and implementing documents.
Dung described the framework as clarifying risk-based supervision for credit institutions and non-bank financial institutions within the central bank's remit. He linked that work to Vietnam's FATF/ICRG commitments.
Data and guidance remain priorities
IMF representative Carolina Claver welcomed practical use of the scoring approach and encouraged continued updates as market conditions change after the project.
Dung agreed that the central bank would maintain regular assessments, review the tool's suitability and strengthen staff expertise.
He asked the IMF to help refine definitions and data-collection guidance, and review criteria for emerging risks such as crypto-asset transactions. A supervisory handbook and related professional procedures are further priorities. The next stage is applying and updating those tools and guidance within the developing framework described by the central bank.