As one of the earliest-established Joint-stock Commercial banks in Vietnam, VPBank has achieved steady development throughout its history. Especially since 2010, VPBank has grown dramatically with the development and implementation of the strategic transformation program diligently with support from one of the world’s leading consulting companies.
Vietnam Prosperity Joint-Stock Commercial Bank (formerly known as Vietnam Joint-Stock Commercial Bank for Private Enterprises) was established on August 12th 1993. In 24 years of operations, VPBank has increased its charter capital to VND10,765 billion, expanded the number of transaction points to over 215, and grown its workforce to more than 18,000 employees.
VPBank’s new brand with the motto "Action for your dreams" was built up from the factors: Professionalism, Dedication, Difference, and Simplicity. Towards long-term vision, VPBank determines to promote the image of a bank which always strives for the best customer service with friendly attitude and fast speed.
VPBank and its staffs pledge and exert themselves to abide by the statutory regulations, international treaties and practices signed or recognized by Vietnam; contracts and transactions signed by the Bank with its customers, partners, shareholders as well as code of conduct and ethical behaviours issued by Vietnam Banks Association.
By acknowledging the importance of banking system in anti- money laundering and counter terrorist financing (AML/CTF), VPBank has been gradually enhancing the capacity of Risk Management & Compliance, especially in compliance with the statutory regulations and international practices of AML. Accordingly, VPBank’s leadership has mainly focused on investment of policy, mechanism, human resources and IT system with a view to preventing money-laundering transactions.
The Foreign Account Tax Compliance Act (FATCA) approved by the U.S. government on March 18th, 2010 enforces the offshore U.S. citizens and organizations to report their information and fulfil tax obligations with their income generated abroad. Non-compliant citizens/ organizations will be subject to 30% withholding tax on their U.S.-sourced income. Following SBV official letter No. 1818/TTGSNH7 dated June 23rd 2014 on the implementation of FATCA, after registration, VPBank was approved to become Participating Foreign Financial Institutions (PFFI) with Global Intermediary Identification Number by the Internal Revenue Service (IRS) – IHUZRF.00000.LE.704. FATCA requires FIs (including VPBank) to identify the account holders, who may be the U.S. tax payers, and report them to IRS.
Under the provisions of the USA PATRIOT Act (US Patriot Act), any foreign bank that has maintained a bank account in the US Dealers must complete Certification US Patriot Act.
This document will support customers, partners, especially the US counterparts who are or intend to establish banking relations agent with VPBank with conveniently lookup.
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The Anti-Money Laundering Questionnaire provides an overview of a financial institution's anti-money laundering policies and practices in accordance with standards of the Wolfsberg Group.
This document is the basis for the Client/Bank partnership to conduct due diligence on Anti-Money Laundering compliance levels of VPBank.
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