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- BIDV always fully complies with the legal regulations on Anti-Money Laundering (AML), Counter-Terrorism Financing (CFT), and Counter- financing of proliferation of weapons of mass destruction (WMD) (collectively referred to as AML in this material), and does not engage in any prohibited activities related to AML.
- BIDV is committed to not violating the sanctions laws (sanctions) of the country or organizations related to its operations or transactions. BIDV confirms that it has never been investigated or penalized for any involvement or suspected involvement in sanctions violations.
- BIDV does not open accounts, establish business relationships, or conduct transactions for customers on any Sanctions Lists, including those maintained by the Ministry of Public Security (related to terrorism and terrorist financing), the Ministry of National Defense (related to the proliferation of WMD), the United Nations, the U.S. Office of Foreign Assets Control (OFAC), the European Union, or other relevant international organizations in its transactions. BIDV does not engage in, support, or facilitate any activities related to money laundering, terrorism financing, proliferation financing, sanctions or sanctions evasion.
- BIDV has established and maintains a comprehensive AML and Sanctions Compliance Framework across its entire organization. This framework is periodically reviewed, assessed, and approved by the Board of Directors.
- The key components of BIDV's AML and Sanctions Compliance Framework include:
- An organizational structure based on the Three Lines of Defense Model.
- A comprehensive system of policies, procedures, and controls that comply with legal requirements and international standards, including but not limited to: Customer Acceptance Policy; Customer Due Diligence (CDD) procedures; periodic Sanctions update documents; Risk Management policies and procedures; Customer Risk Classification based on AML and sanctions risk levels; Bank-Wide Risk Assessment; Suspicious Transaction Reporting (STR) procedures; Enhanced Due Diligence (EDD) measures; Temporary Measures; Reporting and Information Sharing regimes; Recruitment, Training, and Professional Development in AML and sanctions compliance; and Internal Control and Audit of compliance with AML and sanctions policies.
- Implementation and operation of information technology systems to support (i) screening and filtering of customers and related parties against Sanctions Lists and high-risk AML customers; (ii) customer risk classification based on money laundering, terrorist financing, financing of proliferation of WMD and sanctions risk levels; and (iii) monitoring and reporting of suspicious transactions.
- BIDV periodically organizes basic and advanced training programs related to AML and sanctions compliance to ensure that employees are aware of their roles and responsibilities, as well as the control measures implemented to detect, mitigate, and prevent risks related to money laundering and sanctions violations.
- BIDV is committed to developing and implementing AML and sanctions compliance policies that align with legal requirements and the recommendations of the Financial Action Task Force (FATF).
- FATCA (Foreign Account Tax Compliance Act) was passed and came into force in March, 2010 in order to assist US Internal Service Revenue (IRS) in preventing the tax evasion behaviors of US individuals, corporates with regard to the US-sourced income from investment in assets and financial instruments in non-US financial institutions and financial entities. The non-compliant financial institutions and financial entities outside the United States shall be subject to 30% withholding income applicable to income derived from the United States, including interest, dividends, income from the sale or liquidation of the earning assets/dividends in the United States started from July 1st, 2014 and subject to 30% withholding tax on intermediate/transition payments from any compliant financial institutions since January 1st, 2017.
- The enforcement of FATCA has affected all global financial institutions, the customers of these financial institutions and the correspondent banking relationship. In BIDV, for the benefits of customers, to protect our reputation and to keep our relationship with foreign financial institutions (especially the United States’ financial institutions), in 2014, BIDV proactively registered for FATCA compliance in due course and received the GIIN (Global Intermediary Identification Number). BIDV and our subsidiaries and foreign branches including BSC, LVB, Yangon branch registered FATCA compliance under EAG model, which was approved by IRS. On June 30th, 2014, BIDV was accepted as the Participating Foreign Financial Institution (PFFI). Since August, 2016, after the government of Vietnam and the government of the United States successfully signed Intergovernmental Agreement, BIDV has been recognized as a foreign financial institution complying with FATCA under IGA1 model (in which financial institutions shall report to State Bank of Vietnam (SBV) and SBV shall report to IRS).
- BIDV has developed relevant internal policies and procedures, utilized the available resources to collect and monitor customer information and report, ensuring that FATCA compliance is consistently and thoroughly implemented.
- BIDV commits to fully comply with all the FATCA requirements as prescribed in IGA1 between Vietnamese government and US government.
EN 
VN© 2018 Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV)
BIDV Tower, 194 Tran Quang Khai, Hoan Kiem, Ha Noi
Receiving phone number: 19009247 (Personal)/ 19009248 (Business)/(+84-24) 22200588 - Fax: (+84-24) 22200399
Outgoing phone number: 02422200588 - 0763238588 - 0784132388 - 0842152355 - 0822808588 - 0764263180 - 0764860580 - 0947591080 - 0398079599 - 0398127288 - 0382512188 - 0357823588
Email: bidv247@bidv.com.vn
Swift code: BIDVVNVX
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