SBV Warns of Foreigners' Credit Frauds

The State Bank of Vietnam (SBV) has been warning domestic credit institutions about credit frauds made by some foreign clients.

 

In an official document issued recently, the SBV said that some foreign customers have opened private accounts in the domestic commercial banks to handle large transfers from overseas banks. After the customers withdraw money, commercial banks receive foreign bank notices asking that the money should be paid back due to the transfers being fake.

 

However, the local banks cannot contact the foreign clients because they also supplied false personal information.

 

The SBV pointed out the most recent case involving Musasa Paul, a Zambian national who came to Vietnam in August with nine different fake passports and opened four personal accounts in Hanoi’s commercial banks. He withdrew EUR35,000 and US$13,200 from the Bank for Foreign Trade of Vietnam (Vietcombank).

 

A banking official said this is the first time Vietnam has seen this method of money laundering.

 

In June, the Government issued a decree on anti-money laundering, but until now the SBV has not published any directive circulation to carry out the regulation. (Law Protection Dec 1 p7, VNS Nov 29)