The role of the banking industry in anti-money laundering activities in Vietnam

Abstract

n recent years, money laundering has become a serious problem in many countries and has
always received the attention of international organizations and policymakers. As professional financial
institutions, banks are not only a place to conduct financial transactions but also undertake their social
responsibilities in protecting the national financial system from illegal and criminal activities. One of the most
important tasks of the banking industry is anti-money laundering (AML). Using methods of synthesizing and
analyzing documents, this article conducts an overview of AML in Vietnam; highlight the role of the banking
industry in AML. Research results show that the current situation of money laundering risks in Vietnam is
very complex, spanning many groups of source criminals as well as different sectors of the economy. and
the role of the banking industry in AML is very important. From there, the article proposes a number of
solutions to increase the effectiveness of detecting and preventing money laundering crimes in the banking
industry.