VNBA receives comments and completes draft of International Money Transfer Rules

Attending the meeting, on behalf of the State Bank of Vietnam (SBV), there was Mr. Dao Xuan Tuan - Director of the Foreign Exchange Management Department. On behalf of the Vietnam Banks Association, there was Dr. Nguyen Quoc Hung - Vice Chairman cum General Secretary - Head of the Code of Conduct Drafting Committee. In addition, the meeting also had the participation of representatives of banks in the drafting group and the Code of Conduct Drafting Support Group.

Speaking at the meeting, Dr. Nguyen Quoc Hung said that the Banking Association has coordinated and worked closely with the Foreign Exchange Management Department to jointly implement and draft the Code of Conduct so that it can be completed soon. Dr. Nguyen Quoc Hung also asked credit institutions to contribute their opinions, and he also suggested some contents that need to be discussed such as contents related to green cards, identity cards, personal papers, foreign currency transfer limits, subjects of application of the Code of Conduct; regulations on cases of residents; documents proving that international students are allowed to study abroad; Vietnamese passports of heirs; determining the limit of money transfer for settlement abroad;...

At the meeting, Ms. Bui Lan Anh - Director of BIDV Payment Center - Head of the Working Group to assist in developing the Code of Conduct presented a number of contents that need to be consulted with the Foreign Exchange Management Department, focusing mainly on contents such as: Relatives receiving inheritance abroad, relatives receiving on behalf of; Foreign fees and charges, Vietnamese passport of the beneficiary; determining the limit for transferring money for settlement abroad;...

At the meeting, Mr. Dao Xuan Tuan - Director of the Foreign Exchange Management Department highly appreciated the content of the draft Code of Conduct. This demonstrates the determination of the Banking Association and credit institutions to implement it. The representative of the Foreign Exchange Management Department affirmed that the selection of the Banking Association as the focal point for implementing the Code of Conduct was very correct. In addition, Mr. Tuan shared, explained, and discussed further issues surrounding the Code of Conduct and affirmed that he would be ready to work with the Banking Association and credit institutions so that the Code of Conduct would be issued soon.

Concluding the meeting, Dr. Nguyen Quoc Hung acknowledged and highly appreciated the Drafting Team and the contributions of member credit institutions. At the same time, he requested credit institutions to review, supplement, complete, and refine the wording and send it back to the Banking Association for synthesis, completion, and sending the document to the following agencies: Ministry of Justice, Ministry of Public Security, Court, Procuracy, State Bank (including: Foreign Exchange Management Department, Legal Department, Inspection and Supervision Agency, Anti-Money Laundering Department). Mr. Hung believes that, with the sense of responsibility of the parties, the Code will be issued in October 2024 with comprehensive content, closest to reality, to be suitable and comply with the current legal system.

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