Digital Currency. Illustrative image. Source: Vietnam+
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Vietnam’s role as the host of the signing ceremony for the United Nations Convention on Cybercrime marks a significant milestone in its international integration efforts regarding cybersecurity and financial security.
As cybercriminals employ increasingly sophisticated techniques, anti-money laundering (AML) measures have become a critical pillar in safeguarding Vietnam’s financial system and bolstering confidence in its digital economy.
According to Deputy Governor of the State Bank of Vietnam, Nguyen Ngoc Canh, refining the legal framework for AML is a key priority within the National Action Plan currently being implemented by the government.
Circular No. 27/2025/TT-NHNN, issued by the State Bank of Vietnam, provides guidance on implementing certain provisions of the AML Law. Effective from November 1, 2025, this circular is considered a major advancement in this process.
The circular mandates that financial institutions and payment intermediaries report domestic transactions exceeding 500 million VND and international transactions over 1,000 USD. It also strengthens monitoring, scrutiny, and suspension mechanisms for suspicious transactions. The transition to fully digitized reporting enhances transparency and reduces risks associated with manual processing.
In addition to refining transaction reporting and monitoring regulations, the government is expanding its regulatory framework to include digital assets—a high-risk area for money laundering activities.
Specifically, Resolution 05/2025/NQ-CP on the pilot program for the cryptocurrency market requires strict compliance with AML regulations. This is seen as a timely move to establish a legal framework, underscoring Vietnam’s commitment to tightly control digital asset transactions—an area fraught with cross-border money laundering risks.
Dr. Nguyen Thai Ha, Head of the Law Department at the Banking Academy, notes that Vietnam’s AML legal framework has approached international standards but remains inconsistent, particularly in regulating virtual assets and digital transactions—loopholes that criminals can exploit for money laundering.
“The absence of a comprehensive legal framework for virtual assets is the most significant vulnerability that money launderers can exploit,” Dr. Thai Ha emphasized.
To enhance AML effectiveness, the expert suggests that Vietnam needs to harmonize its legal system, improve enforcement efficiency, and elevate the competence of stakeholders involved in AML activities. This will enable them to swiftly identify suspicious transactions, including those executed through novel methods.
Once the legal framework is strengthened, technology will play a crucial role in enforcement, helping authorities detect unusual transactions early and improve monitoring efficiency.
Dr. Nguyen Thai Ha recommends that Vietnam accelerate the adoption of advanced technologies such as artificial intelligence (AI) and big data analytics in its transaction monitoring systems.
Relevant agencies, including the State Bank of Vietnam, the Ministry of Public Security, and the Ministry of Information and Communications, should establish robust inter-agency coordination mechanisms to ensure timely sharing of transaction data, identities, and financial flows.
He also highlights the importance of deterrence: “Timely detection and stringent penalties for AML violations are essential to deter potential offenders.”
On the international front, Vietnam’s leadership in hosting the signing ceremony for the United Nations Convention on Cybercrime demonstrates its commitment to collaborating with the global community in sharing data, tracing financial activities, and combating cross-border crimes.
The simultaneous enhancement of legal frameworks, deployment of monitoring technologies, and strengthening of international cooperation form the three pillars that reinforce Vietnam’s defenses against money laundering.
As Vietnam takes on the role of hosting the signing ceremony for the United Nations Convention on Cybercrime, it underscores its determination not only to protect national financial security but also to contribute to global efforts against transnational crimes in the digital age.
Le Phuong
– 05:13 25/10/2025
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