OCB becomes pioneer in anti-money laundering

The Orient Commercial Joint Stock Bank (OCB) has partnered with local Fintek Company and the Malaysia-headquartered Tess International Company in an anti-money laundering project under an agreement signed on November 9.

The project will enable the bank to have a complete risk management system in February 2017 to the Basel II standards that include recommendations on banking laws and regulations issued by the Basel Committee on Banking Supervision. 

According to Le Thi Kim Xuan, head of the Vietnam Banks’ Association representative office in Ho Chi Minh City, the extensive international integration allows money laundering activities to expand and become more sophisticated, targeting developing countries with a high ratio of cash use. 
Meanwhile, Nguyen Dinh Tung, OCB General Director, said that the project is an important step forwards of the bank, reflecting its pro-activeness in applying advanced technologies to enhance risk management capacity and observing regulations in the field. 
According to Fintek President Nguyen Hoang Ly, the project will support OCB in reaching long-term and strategic goals, and also contribute to strengthening risk management measures in the national financial-banking sector. 
The project also aims to provide quick and safe products and services to customers, he said.
VNA

Other News

Vietnam moves to adapt to rapid population ageing, expand silver economy

Vietnam moves to adapt to rapid population ageing, expand silver economy

The International Day of Older Persons 2026, themed “The Age of Longevity: Rethinking Systems for Longer Lives,” highlights the need to develop healthcare, social security, labour-market and social-service systems in response to increasing life expectancy. For Vietnam, rapid population ageing is not only a demographic issue but also a development challenge.

Vietnamese, Lao localities bolster Front cooperation

Vietnamese, Lao localities bolster Front cooperation

Both sides agreed to keep educating officials, Party members, youth union groups and the broader public, especially young people in both provinces, on the great friendship, special solidarity, comprehensive cooperation and strategic cohesion between Vietnam and Laos.

Urgent rescue launched for Merchant Mariner off Quang Ngai

Urgent rescue launched for Merchant Mariner off Quang Ngai

The captain discovered water entering ballast tanks No. 4, 5 and 6 on the port side, causing the vessel to list slightly. Initial assessments indicated that the vessel may have struck an underwater rock formation while underway.

Publishing copyright caught in crossfire of piracy, AI

Publishing copyright caught in crossfire of piracy, AI

Publishing copyright is entering an entirely new phase. As AI becomes increasingly capable of generating text, summarising books, mimicking writing styles and producing content at enormous speed, ensuring copyright protection is becoming more difficult.

Heavy rains cause widespread damage in Phu Tho, Thanh Hoa

Heavy rains cause widespread damage in Phu Tho, Thanh Hoa

Prolonged heavy rains from September 13–17 have caused flooding and landslides, damaging homes, crops, roads and infrastructure in Phu Tho and Thanh Hoa provinces, with local authorities mobilising forces for emergency response.

Quang Ninh police bust 38.4 million USD transnational cybercrime ring

Quang Ninh police bust 38.4 million USD transnational cybercrime ring

Quang Ninh city's Public Security Department warned individuals, agencies and businesses not to publicly disclose or provide personal information or bank account details on social media, and urged organisations and businesses to strictly comply with regulations on protecting customers’ personal data.

Search area expanded to recover more martyrs' remains in Quang Tri

Search area expanded to recover more martyrs' remains in Quang Tri

The continued recovery of martyrs’ remains provides valuable information and further evidence of those who fought and sacrificed their lives for national independence and freedom. It also encourages search teams to persist in locating fallen soldiers still lying on former battlefields, contributing to the effective implementation of the 500-day campaign and reflecting Vietnam’s long-standing tradition of gratitude.

Vietnam to screen students nationwide for five health risks from 2028

Vietnam to screen students nationwide for five health risks from 2028

Vietnam will launch nationwide screening for five groups of school-related diseases and health conditions among students from preschool through high school from 2028, including overweight and obesity, refractive errors, spinal curvature, oral diseases and mental health disorders.