VIE CB Handling of Counterfeit Money

Updated on: Jan 9, 2025

Latest Event


  • Jan. 2025 Circular Finalized
  • On Jan. 7, 2025, VIE CB issued finalized circular dated Dec. 31, 2025, to enhance the legal framework for combating counterfeit money and protecting Vietnamese currency.
  • Provides detailed procedures for seizing, marking, storing, transferring, and examining counterfeit or suspected counterfeit money, and reporting and statistical requirements.
  • Circular also outlines responsibilities for implementation, inspection, and enforcement.
  • The circular will take effect on Feb. 14, 2025.
  • Document dated Jan. 7, 2025, received from VIE CB Jan. 8, summarized on Jan. 9.

On May 7, VIE CB proposed guide on handling of counterfeit money.

  • VIE CB proposed draft circular on handling counterfeit and suspected counterfeit money in the banking industry, intended to replace circular no. 28/2013/TT-NHNN.
  • Proposal
  • Definition re counterfeit money has been clarified, including more precise descriptions of security features used to identify, differentiate genuine from counterfeit money.
  • Procedures for detecting and handling counterfeit money have been streamlined and updated, including specifying actions to be taken by branches of VIE CB and other FIs.
  • Revised instructions on how to deal with suspected counterfeit money, emphasizing non-return to customers, outlining steps for its proper seizure, and documentation.
  • Removed certain redundant provisions of the circular and added new requirements for reporting and documenting counterfeit currency incidents, to align with current laws.
  • Effectiveness
  • The consultation is open for opinions but there is no consultation end date mentioned.
  • Jan. 2025 Circular Finalized
  • On Jan. 7, 2025, VIE CB issued finalized circular dated Dec. 31, 2025, to enhance the legal framework for combating counterfeit money and protecting Vietnamese currency.
  • Provides detailed procedures for seizing, marking, storing, transferring, and examining counterfeit or suspected counterfeit money, and reporting and statistical requirements.
  • Circular also outlines responsibilities for implementation, inspection, and enforcement.
  • The circular will take effect on Feb. 14, 2025.
  • Document dated Jan. 7, 2025, received from VIE CB Jan. 8, summarized on Jan. 9.
Regulators
VIE CB
Entity Types
Bank; MSB
Reference
PR, 1/7/2025; Cir 58/2024/TT-NHNN, 12/31/2024; CP 5/7/2024; Cir 28/2013/TT-NHNN,
Functions
Compliance; Exams; Financial; Legal; Operations; Reporting; Risk
Countries
Vietnam
Category
State
N/A
Products
Banking; Payments
Rule Type
Final
Regions
AP
Rule Date
May 7, 2024
Effective Date
Feb 14, 2025
Rule ID
211050
Linked to
N/A
Reg. Last Update
Jan 7, 2025
Report Section
International