On November 17th 2021, Co-opBank’s Training Center and Internal Control Department have collaborated with the Anti-Money Laundering Department – Banking Supervision Agency (the State Bank of Vietnam- SBV) to organize an online training on anti-money laundering and counter terrorist financing (AML/CFT) for Co-opBank’s staff.
Mr Pham Gia Bao – Deputy Director General of the Anti-Money Laundering Department speaks at the training
Representatives from the Anti-Money Laundering Department (SBV) of the training included Mr Pham Gia Bao – Deputy Director General and Ms Nguyen Thi Minh Tho – Manager of General Department – who was the main instructor of the training.
Representatives of Co-opBank included Ms Pham Thi Hong Minh – Deputy CEO and managers and deputy managers of the IT Center, Training Center and other relevant departments and committees at Co-opBank’s head office and approximately 500 staff of 32 branches including managers, heads of relevant departments and staff assigned to anti-money laundering activities.
At the training, Mr. Pham Gia Bao – Deputy Director General of the Anti-Money Laundering Department (SBV) highlighted the role and the importance of AML/CFT activities and compliance to international practices of banking business operation. Mr. Pham Gia Bao stressed that all Co-opBank’s staff needed to stay focus and maintain regular communications between relevant departments to improve the compliance quality.
In addition, according to Mr. Pham Gia Bao, the standards and regulations system of Vietnam’s law on AML, CFT and mass destruction weapons and their impacts on the banking industry’s operation need to be upgraded through deeper understanding of the nature of suspicious transactions related to AML/CFT and thoroughly approaching and handling unexpected circumstances related to the activities of AML/CFT. Also, lessons must be learnt on the responsibilities and compliance obligations of financial institutions and individuals through some examples of AML/CFT violations.
Ms Pham Thi Hong Minh – Co-opBank Deputy CEO speaks at the training
At the training, Ms. Pham Thi Hong Minh – Co-opBank’s Deputy CEO highly spoke of the positive changes as well as the attention of Co-opBank branches/departments have paid to AML and CFT activities over the past year. Besides sharing Co-opBank’s recent achievements on AML and CFT, Ms. Minh hoped that the training would be an opportunity for Co-opBank’s staff to be even more aware of the issues that should be carefully considered when implementing anti-money laundering policies and regulations process and the AML/CFT for the next year.
The main lecturer of the training Ms. Nguyen Thi Minh Tho, Manager of General Department of Anti-Money Laundering Department (SBV) presented an overview on AML/CFT and related regulations in Vietnam with new regulations, common tricks and that have been used in Vietnam and other countries as well as trends in the coming time. She also shared money laundering risks that are related to banking products and services and highlighted steps that need to be taken by Co-opBank staff for AML and CFT detection and prevention.
Ms. Nguyen Thi Minh Tho – Manager of General Department of Anti-Money Laundering Department (SBV) delivered the AML/CFT training for Co-opBank’s staff.
During the training, many case studies were used to help the trainees to understand and define an individual and institution’s responsibilities and obligations in AML/CFT activities AML/CFT which provided them with updated knowledge and should enable them to fulfill AML/CFT control in their daily tasks.
Through the training, Co-opBank’s staff shared its achievements in AML/CFT at Co-opBank in 2021 and its plan for AML/CFT till 2025. Currently, Co-opBank’s regulations and guidance on AML/CFT information storage are being updated.
