What are internal regulations on anti-money laundering in the business of prize-winning electronic games for foreigners in Vietnam?

What are internal regulations on anti-money laundering in the business of prize-winning electronic games for foreigners in Vietnam?

Pursuant to Article 16 of Decree 121/2021/ND-CP (takes effect from 12/02/2022) stipulating internal regulations on anti-money laundering in the business of prize-winning electronic games for foreigners in Vietnam as follows:

- Enterprises shall develop and issue their internal regulations on anti-money laundering, internal regulations on preventing and countering proliferation of weapons of mass destruction (hereinafter referred to as "internal regulations on anti-money laundering) in accordance with the Law on Anti-money Laundering, Law on Preventing and Countering Proliferation of Weapons of Mass Destruction, amendment documents, and guidelines.

- Before organizing the operation of the business of prize-winning electronic games, enterprises shall send the location of their business facilities and internal management regulations on anti-money laundering to the Ministry of Finance, State Bank of Vietnam, Public Security, Department of Finance of the province, and Local Department of Tax. In case of revising or replacing their internal management regulations on anti-money laundering, enterprises shall, within 5 working days from the date of revision or replacement, send the updated regulations to the above agencies.

- Enterprises are responsible for disseminating their internal regulations on anti-money laundering for related divisions, officers, and employees.

What are regulations on management of payment and foreign exchange in the business of prize-winning electronic games for foreigners in Vietnam?

Pursuant to Article 17 of Decree 121/2021/ND-CP (takes effect from 12/02/2022) stipulating management of payment and foreign exchange in the business of prize-winning electronic games for foreigners in Vietnam as follows:

- Enterprises may accept the use of Vietnam dong, foreign-currency cash, bank transfer, and credit cards of players for exchange into tokens for playing prize-winning electronic games. The collection and payment of foreign-currency amounts by enterprises are permitted after they are licensed by the State Bank of Vietnam in accordance with Chapter IV of this Decree.

- Enterprises may accept the use of Vietnam dong, foreign-currency cash, bank transfer, and credit cards of players for exchange into tokens for playing prize-winning electronic games. The collection and payment of foreign-currency amounts by enterprises are permitted after they are licensed by the State Bank of Vietnam in accordance with Chapter IV of this Decree.

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