​​​​​​​Vietcombank Statement on Anti-Money Laundering, Counter-Terrorism Financing, Sanctions and FATCA Compliance

22/06/2021 09:24 AM

Vietcombank Statement on Anti-Money Laundering, Counter-Terrorism Financing and Sanctions

With the mission to provide modern, effective and secured financial services for both domestic and international customers and business partners, Vietcombank strives to advance our risk management and compliance competency, especially in Anti-money laundering, Counter-terrorism financing and Sanctions.

Anti-money laundering, Counter-terrorism financing and Sanctions compliance are implemented on the bank-wide level and in accordance with the following principles:

(i)       Establishing an organizational and operational structure according to the three-line of defense model with the coordination of business units, risk management unit and internal audit unit and the synchronized personnel structure from Head Office to branches.

(ii)      Implementing the enterprise-wide risk assessment of money laundering, terrorism financing and sanctions as a basis for allocating resources and developing effective risk prevention and control measures appropriate to the level of risk.

(iii)     Developing policies and procedures on anti-money laundering, counter-terrorism financing and sanctions in compliance with Vietnamese applicable regulations and in accordance with international best practices, including: Customer Acceptance Policy; KYC and Customer Due Diligence; Transaction Monitoring; Customer and Transaction Screening; and Reporting.

(iv)     Implementing an information technology system to effectively support anti-money laundering, counter-terrorism financing and sanctions compliance.

(v)      Providing comprehensive training on essential knowledge and skills for employees to be able to identify, manage and mitigate the risks related to money laundering, terrorism financing and sanctions violations.

Vietcombank is committed to complying with Vietnamese regulations as well as international best practices on anti-money laundering, counter-terrorism financing and sanctions (which include, but not limited to, regulations of the United Nations; other developed countries with advanced compliance framework for anti-money laundering, counter-terrorism financing and sanctions; and the reputable foreign correspondent banks of Vietcombank). Accordingly, all customers and transactions at Vietcombank are required to comply with Vietcombank’s customer acceptance policy and sanctions compliance policy. Vietcombank reserves the right to refuse relationship establishment or transaction processing for those refusing to commit or comply with the policies.

Vietcombank is committed to implementing the appropriate measures to detect, prevent and protect customers, business partners and employees against the risks related to money laundering, terrorism financing and sanctions.

Vietcombank Wolfsberg Questionnaire_2021. Click here

Certification of Compliance with the Patriot Act_2021. Click here

 Vietcombank Statement on FATCA Compliance

The Foreig Account Tax Compliance Act (FATCA) has been passed by the US Government in 2010, which took effect from 01 July 2014. The main purpose of the Act is to prevent tax evasion by US Individuals/Entities through financial accounts held at non-US financial institutions (FFIs).

On 01 April 2016, the Government of Vietnam and the Government of the US signed an Intergovernmental Agreement to implement FATCA Model 1B (IGA 1B Agreement) in Vietnam. IGA 1B Agreement has been effective since 07 July 2016, according to which, all financial institutions in Vietnam, including Vietcombank, are required to comply with FATCA this Agreement.

In light of regulations and guidances of the Government and State Bank of Vietnam, Vietcombank has registered as a Financial Reporting Institution and officially become compliant with FATCA under the IGA 1B Agreement.

Under the requirements of the IGA 1B Agreement, Vietcombank will perform due diligence and annually report to the State Bank of Vietnam certain information related to the financial accounts held directly or indirectly by reportable US individuals and/or US entities.

Based on the information provided by the customer (Form 01a_FATCA or Form 02a_FATCA), if the customer is considered to be a Reportable US Person in accordance with the IGA 1B Agreement, please provide to us the completed FATCA forms and relevant supporting documents. Please refer to the following forms and instructions:

  • W-9: Individual is a US Citizen or Residents of the United States; or an organization incorporated in the United States. Click here
  • W-8BEN: Individual with US indicia but not a US Citizen or US Resident. Click here
  • W-8BEN-E: organization outside of the United States. Click here
  • Other forms and specific instructions at

(http://www.irs.gov/Businesses/Corporations/FATCA-Related-Forms.)

FATCA forms and related supporting documents should be completed, properly signed and sent to Vietcombank. Failure in completion of the required documents, the status of “Recalcitrant Account” could be assigned to the customer in our system, accordingly, relevant information of the customer’s financial accounts will be summarized and reported to the State Bank of Vietnam.

Please note that the information collected by Vietcombank will solely be used for the purpose of reporting to the State Bank of Vietnam in order to fully comply with the IGA 1B Agreement and related Vietnamese regulations and will not be used for any other purposes.

Vietcombank would like to thank you for your cooperation and support.