Company: KNRX
Filing Date: 2025-09-22
Form Type: F-1/A
Source: 0001493152-25-014499
Chunk: 121

Company: KNOREX LTD.
Filing Date: 2025-09-22
Form: F-1/A
Chunk 121
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 days from the date of data processing, organizations must submit a personal data protection impact assessment for the evaluation by the Ministry of Public Security (Department of Cybersecurity and High-Tech Crime Prevention and Control). The impact assessment needs to be amended or updated upon any changes in the extent of the personal data processed by organizations.

Transfer of personal data of Vietnamese citizens abroad requires a relevant impact assessment primarily including a description of reasons, the purposes of transferring the data abroad and relevant consent of the data subjects, as well as a written data transfer agreement with the foreign entity that receives the data. Impact assessment dossier needs to be sent to the Ministry of Public Security within sixty days from the date of processing of personal data and must be available for inspection at the organization. Organizations must update their impact assessment in case of changes and send an update to the Ministry of Public Security.

The above-mentioned procedures at the Ministry of Public Security have just been promulgated without clear guidance; therefore, there are certain difficulties in compliance with the said obligations.

Further, domestic and foreign service providers on telecom networks, on the Internet, and other value-added services in cyberspace in Vietnam carrying out activities of collecting, exploiting, analyzingand processing certain personal data in Vietnam must store such data in Vietnam for a specified period as stipulated by the Government.A foreign enterprise providing certain services into Vietnam on a cross-border basis will be subject to the data storage in Vietnam and the establishment of a branch or representative office in Vietnam if such foreign enterprise falls into the required case which needs more supervision from the Vietnam Government.

Anti-money Laundering Laws

The principal statute currently governing the anti-money laundering in Vietnam is Law No. 14/2022/QH15 on Anti-money Laundering which has come into effect since March 1, 2023 (replacing Law No. 07/2012/QH13 dated June 18, 2012). Various acts in relation to the money-laundering are prohibited which includes the organizing, participating in or facilitating, assisting in the conduct of money laundering.

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Money laundering is a prohibited act and classified as a crime under Criminal Code No. 100/2015/QH13 which has come into effect since January 1, 2018 and been amended from time to time. Acts of money laundering generally includes:

| (i) | directly                                                                                                                          
 or indirectly participating in financial/banking transactions or other transactions to conceal the illegal origin of the money or 
 property obtained through their commission of a crime or obtained