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SBV combats illegal gambling and betting activities through e-wallets

The State Bank of Vietnam is intensifying investigations to fight against illegal gamblings via e-wallets, following recent media reports covering allegations related to MoMo's e-wallet.

SBV combats illegal gambling and betting activities through e-wallets

According to local media, there have been some allegations and concerns over the use of the MoMo's e-wallet to conduct disguised gambling. However, up to now, VIR was unable to verify details about these allegations.

Some advocators also requested that the authorities should promptly investigate and take appropriate actions to deal with the matter.

In response to the provided allegations, the SBV stated this week that, generally e-wallet services provide many advantages to people and businesses, while also contributing to the promotion of non-cash payment activities in Vietnam. However, e-wallets may also be utilised and abused for illegal purposes, including gambling and fraud.

Over the years, relevant ministries and departments – such as the Ministry of Public Security, the Ministry of Information and Communications, and the SBV – have collaborated to combat illicit actions. Payment methods for illegal online betting, gambling, and the distribution of video games using e-wallets are also strictly prohibited.

As a result, the SBV is investigating payment intermediary service providers on a regular basis and issues timely warnings and directives to them on illegal techniques and preventative measures, with the recent allegations possibly leading to intensified investigations.

These organisations have also actively reviewed and detected numerous cases of people abusing brands and e-wallet activities to engage in illegal activities like gambling and fraud and have passed this information along to the appropriate authorities for investigation and actions in accordance with applicable laws.

"Information concerning incidents of using e-wallets to gamble has also been provided by intermediary payment service providers. In accordance with the legislation, these accounts will be submitted to the competent authorities for verification and management,” the SBV confirmed.

The SBV is also studying to amend the Law on Anti-Money Laundering from 2012 and is expected to add four groups of high-risk subjects to the mandatory reporting category, including payment intermediaries and e-wallets.

Source: VIR

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