VietNamNet Bridge - Banks and payment gateways are now the most effective way for hi-tech criminals to transfer dirty money and conduct illegal actions. Payment portals of some units serve as a channel for criminals to remit money The police, while investigating cybercrime cases, have discovered that payment portals of some units of the banking system serve as a channel for criminals to remit money. It is difficult to prevent illegal money remittances and payments. Banks cannot intervene when party A remits money to party B if the parties have stated they are making payments for legal goods or services. However, Duc said that banks must accept their responsibility in the fight against cybercrimes and cooperate with the police. RELATED NEWS Nearly 600 cyber attacks in November Cyber security threat to persist in 2018 Thanh Lich … [Read more...] about Dirty money: banks urged to report suspicious transactions
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Combating money laundering is key to achieving inclusive and…
ADB’s support in anti-money laundering and countering the financing of terrorism (AML/CFT) include a USD2 million technical assistance grant approved in December 2016, as well as steps to improve the countries’ overall compliance to anti-money laundering policies through closer coordination between relevant parties, such as banks and financial institutions, and governments.“ADB remains a steadfast partner of countries in the Asia and Pacific region in fighting corruption and money laundering, and improving governance,” said John Versantvoort, Head of OAI. “All of us at ADB are committed to helping our developing member countries better position themselves to achieve more inclusive and sustainable development.”Source: ADBThe report highlights some of the efforts ADB—through OAI—has implemented over the past year, particularly in increasing its knowledge sharing activities. In 2017, ADB helped the Philippines strengthen regulations to … [Read more...] about Combating money laundering is key to achieving inclusive and…
ADB supports Asia-Pacific nations in anti-money laundering
Illustrative image (Source: internet) Hanoi (VNA) – The Asian Development Bank (ADB) is promoting its efforts to help countries in the Asia-Pacific region combat money laundering and terrorism financing. According a report released by ADB's Office of Anticorruption and Integrity (OAI) on March 26, ADB provided a financial assistance worth 2 million USD for anti-money laundering and countering the financing of terrorism (AML/CFT) in 2017. Through closer coordination between relevant parties, such as banks and financial institutions, and governments, the bank has also taken steps to improve the countries' overall compliance to anti-money laundering policies. Head of OAI John Versantvoort said ADB remains a steadfast partner of countries in the Asia and Pacific region in fighting corruption and money laundering, and improving governance. The report also highlighted efforts made by ADB in the year through OAI, especially in increasing knowledge sharing activities. In 2017, … [Read more...] about ADB supports Asia-Pacific nations in anti-money laundering
Vietnamese spend big money on shopping during overseas trips
VietNamNet Bridge - Reports have found that the amount of money Vietnamese travelers spend on shopping overseas is higher than the fees of their tour packages. Japan is one of favorite destination points for Vietnamese travelers After launching a new 7-day, 6-night tour to Azerbaijan and Georgia for this summer, Vietravel had to increase the number of tours because of the unexpectedly high number of travelers, despite the high fee of VND43 million per traveler. Tran Doan The Duy, deputy CEO of Vietravel, said travel firms must launch new tours regularly and design new itineraries because Vietnamese travelers like new products and don’t want to return to destinations they have already visited. With increasing high income, more Vietnamese travelers are going abroad. In 2017, besides outbound tours to neighboring countries in ASEAN, Vietnamese travelers also booked tours to Taiwan with the number of travelers up by 170 percent, and to South Korea and Japan, up by 30 percent. … [Read more...] about Vietnamese spend big money on shopping during overseas trips
ANZ continues money management skill education
ANZ continues money management skill education HCMC - ANZ Vietnam yesterday said its flagship financial education program MoneyMinded had reached 1,402 participants in 2017, helping more than 4,000 people in Vietnam develop basic money management skills since the program was first piloted in 2012. FTU University participants sharing about their 'Smart' goals Most recent participants included students from Foreign Trade University (FTU), FPT University and employees of ANZ’s institutional client unit. ANZ CEO Vietnam and Head of Greater Mekong region, Dennis Hussey, said: “We are pleased to have increased the reach of the program in 2017. We have always believed ANZ has an important role to play in improving the financial wellbeing of the community here beyond our financial products and services, and financial literacy is vital in building a sustainable and thriving economy.” Director of Institute of Economic and International Trade, FTU, Associate Director, … [Read more...] about ANZ continues money management skill education