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.
Click HERE for more detail.
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.
Click HERE for detail
This Regulation is a written document with the utmost high-performance on the Anti-Money Laundering of VPBank, as well as demonstrating the most comprehensive policies on anti-money laundering and terrorist finance in VPBank.