Vietnam-Parkcity Hanoi Project Tender Document-Phase 2-Nov 2011-David Langdon & Seah
RegtechWorld Tour: Asian Chapter Ho Chi Minh City 23 Nov...
8
Duane Morris Vietnam LLC 23‐Nov‐17 [email protected] 1 www.duanemorris.com www.duanemorris.com Manfred K. Otto Duane Morris Vietnam LLC Regtech World Tour: Asian Chapter Ho Chi Minh City 23 Nov 2017 RegTech in Asia Opportunities & Challenges © 2017 Duane Morris LLP. All Rights Reserved. Duane Morris is a registered service mark of Duane Morris LLP. Duane Morris – Firm and Affiliate Offices: New York | London | Singapore | Los Angeles | Chicago | Houston | Hanoi | Philadelphia | San Diego | San Francisco | Baltimore | Boston | Silicon Valley | Washington, D.C. Las Vegas | Atlanta | Miami | Pittsburgh | Newark | Oman | Boca Raton | Wilmington | Cherry Hill | Myanmar | Lake Tahoe | Ho Chi Minh City | Shanghai | Yangon | Taipei Duane Morris LLP – A Delaware limited liability partnership www.duanemorris.com 2 • 1904 – founded in Philadelphia • 2007 – Hanoi and Ho Chi Minh City offices • 30 Offices worldwide and about 800 lawyers • Regularly top-ranked by Chambers & Partners, Legal 500, ILFR1000 etc. Duane Morris – an International Law Firm
Transcript of RegtechWorld Tour: Asian Chapter Ho Chi Minh City 23 Nov...
Duane Morris Vietnam LLC 23‐Nov‐17
www.duanemorris.comwww.duanemorris.com
©2010 Duane Morris LLP. All Rights Reserved. Duane Morris is a registered service mark of Duane Morris LLP. Duane Morris – Firm and Affiliate Offices | New York | London | Singapore | Los Angeles | Chicago | Houston | Hanoi | Philadelphia | San Diego | San Francisco | Baltimore | Boston | Washington, D.C.
Las Vegas | Atlanta | Miami | Pittsburgh | Newark | Boca Raton | Wilmington | Cherry Hill | Princeton | Lake Tahoe | Ho Chi Minh City | Duane Morris LLP – A Delaware limited liability partnership
Manfred K. OttoDuane Morris Vietnam LLC
Regtech World Tour: Asian Chapter Ho Chi Minh City 23 Nov 2017
RegTech in AsiaOpportunities & Challenges
© 2017 Duane Morris LLP. All Rights Reserved. Duane Morris is a registered service mark of Duane Morris LLP. Duane Morris – Firm and Affiliate Offices:New York | London | Singapore | Los Angeles | Chicago | Houston | Hanoi | Philadelphia | San Diego | San Francisco | Baltimore | Boston | Silicon Valley | Washington, D.C.Las Vegas | Atlanta | Miami | Pittsburgh | Newark | Oman | Boca Raton | Wilmington | Cherry Hill | Myanmar | Lake Tahoe | Ho Chi Minh City | Shanghai | Yangon | Taipei
Duane Morris LLP – A Delaware limited liability partnership
www.duanemorris.com2
• 1904 – founded in Philadelphia• 2007 – Hanoi and Ho Chi Minh City offices • 30 Offices worldwide and about 800 lawyers• Regularly top-ranked by Chambers &
Partners, Legal 500, ILFR1000 etc.
Duane Morris – an International Law Firm
Duane Morris Vietnam LLC 23‐Nov‐17
www.duanemorris.com3Source: Bloomberg, 1 Dec 2016; Fintechnews Singapore, 15 June 2017 Image: d2tyltutevw8th.cloudfront.net
www.duanemorris.com
Regtech – Opportunities in Asia
• AML / KYC compliance
• e-Government– Tax, Customs, Courts, Business Registration, Land
Registration, Immigration . . .
– Reduce processing times and corruption
4
Benefitsnotjustfinancialinstitutions
Duane Morris Vietnam LLC 23‐Nov‐17
www.duanemorris.com
Regtech – Challenges in Asia
• Coordination: regulators and private sector
• Industry 4.0
• Disruption
5
www.duanemorris.com
AML Compliance Costs in Asia
6
Duane Morris Vietnam LLC 23‐Nov‐17
www.duanemorris.com
AML Regulations in Vietnam
• Apply to a broad spectrum of transactions– Banking
– Payment services
– Money exchanges
– Securities
– Casino/ gaming
– Precious metals
– Real estate
– … and other transactions
9
www.duanemorris.com
KYC: Indonesia
• National ID data security
10 Source: www.biomorf.co.id
Duane Morris Vietnam LLC 23‐Nov‐17
www.duanemorris.com
Statutory KYC Requirements in Vietnam
Individual• Full name
• Date of birth
• Nationality
• Occupation/ position
• Phone number
• National ID card or passport (incl. date and place of issuance)
• Permanent address and current address
• Visa (in case of a foreigner)
Organization• Transaction name in full and
abbreviated form
• Head office address
• Phone number/ fax
• Business lines
• KYC info about the individual (see left box) who established and/or is representing the organization
11 Art. 4, Decree No. 116/2013/ND-CP
BeneficialOwner?
www.duanemorris.com
e-Government: Vietnam history
12 Source: Do Lap Hien, E-Government Center – AITA, MIC (Vietnam)
Duane Morris Vietnam LLC 23‐Nov‐17
www.duanemorris.com
e-Government: Vietnam now
• e-Customs (VNACCS/VCISC)
• e-Tax payment
• e-Business registration
13
HumanAutomation
www.duanemorris.com
e-Court: Singapore, Korea … Japan?
14
e-Case Management
e-Filing
e-Trial
Duane Morris Vietnam LLC 23‐Nov‐17
www.duanemorris.com
Wish List
• RegulatorsUnderstand technology and user realities
• DevelopersUnderstand regulations and user needs
• UsersLearn to use technology safely
15
www.duanemorris.com
Contact
Manfred K. OttoSenior Associate
Direct: +84 28 3824 0236Email: [email protected]
Duane Morris Vietnam LLC
Ho Chi Minh City OfficeSuite 1503/04, Saigon Tower29 Le Duan, District 1Ho Chi Minh CityVietnam
Hanoi OfficePacific Place, Unit V1307/130883B Ly Thuong Kiet StreetHoan Kiem District, HanoiVietnam
