Phụ lục: Thông tư 17/2024/TT-NHNN

CIRCULAR

ON OPENING AND USE OF CHECKING ACCOUNT AT PAYMENT SERVICE PROVIDER

Pursuant to the Law on State Bank of Vietnam dated June 16, 2010;

Pursuant to the Law on Credit Institutions dated January 18, 2024;

Pursuant to the Law on Anti-Money Laundering dated November 15, 2022;

Pursuant to Decree No. 52/2024/ND-CP dated May 15, 2024 of the Government on cashless payment;

Pursuant to Decree No. 19/2023/ND-CP dated April 23, 2023 of the Government elaborating the Law on Anti-Money Laundering;

Pursuant to Decree No. 102/2022/ND-CP dated December 12, 2022 of the Government on functions, tasks, powers, and organizational structure of the State Bank of Vietnam;

At request of Director of Payment Department;

The Governor of State Bank of Vietnam promulgates Circular on opening and use of checking accounts at payment service providers.

Chapter I

GENERAL PROVISIONS

Article 1. Scope

1. This Circular prescribes the opening and use of checking accounts of organizations and individuals at payment service providers.

2. The opening and use of checking accounts in foreign currency of residents and non-residents, checking accounts in Vietnam Dong (VND) of non-residents and residents that are foreigners shall conform to foreign exchange management laws and this Circular.

Article 2. Regulated entities

1. Payment service providers capable of opening checking accounts include:

a) State Bank of Vietnam (hereinafter referred to as “SBV”);

b) Commercial banks, policy banks, cooperative banks (hereinafter referred to as “banks”);

c) Foreign banks’ branches (hereinafter referred to as “FBB”).

2. Organizations and individuals opening checking accounts at payment service providers (hereinafter referred to as "customers”).

3. Other organizations and individuals related to the opening and use of checking accounts at payment service providers.

Article 3. Forms of checking accounts

1. Forms of checking accounts include: personal checking account, business checking account, and joint checking account.

2. Personal checking account is a checking account opened by individual customer at payment service provider.

3. Business checking account is a checking account opened by business customer at payment service provider. An organization that opens a checking account is the holder of that checking account.

4. Joint checking account is a checking account that is registered and opened by at least two holders. Holders of joint checking account can be organizations, individuals.

Article 4. Interest of checking account balance

1. Balance of checking account opened by customers at banks and FBBs are subject to interest calculated by demand deposit interest rate decided and publicly posted by banks and FBBs in accordance with decisions of Governor of SBV from time to time.

2. Interest payment of balance of checking accounts opened by customers at State Bank of Vietnam shall be decided by Governor of State Bank of Vietnam from time to time.

Article 5. Authorizing the use of checking account

1. Holder of checking account may authorize the use of their checking account. The authorization must be done in writing, conform to authorization laws and regulations below:

a) In respect of personal checking accounts: account holder shall send written authorization, documents, information, and data to verify identification of authorized persons, juridical persons to payment service providers where the accounts are opened. Documents, information, and data verifying identification of authorized persons shall conform to Clause 2 and Clause 3 Article 12 hereof;

b) In respect of business checking accounts: legal representatives of account holders or authorized representatives of account holders (hereinafter referred to as “legitimate representatives”), chief accountants (or accountant in charge) shall send written authorization and documents, information, data that verify identification of authorized persons in accordance with Clause 2 Article 12 hereof to payment service providers where the accounts are opened.

2. Payment service providers must adopt measures for verifying identification of authorized persons in accordance with Clause 2 Article 15 hereof.

Article 6. Freezing checking accounts

1. A checking account will be partially or entirely frozen in accordance with Clause 1 Article 11 of Decree No. 52/2024/ND-CP dated May 15 of 2024 of the Government on cashless payment and anti-terrorism laws; non-proliferation of weapons of mass destruction laws.

2. A checking account will be unfrozen in accordance with Clause 2 Article 11 of Decree No. 52/2024/ND-CP and anti-terrorism laws; non-proliferation of weapons of mass destruction laws.

3. After freezing checking accounts, payment service providers must inform account holders or legitimate representatives or guardians thereof in accordance with Points b, c Clause 1 Article 11 hereof (hereinafter referred to as “representatives”) about the reason and scope of the freeze (unless competent authority request payment service providers to not inform customers about account freezing). Methods of informing conforming to checking account opening and use agreement under Article 13 hereof.

4. The frozen amount in checking account must be preserved and closely controlled. Where a checking account is partially frozen, whichever part of the checking account that is not frozen is still available for use.

Chapter II

OPENING AND USE OF CHECKING ACCOUNT AT SBV

Article 7. Entities eligible to open checking accounts at SBV

1. Central Banking Department of SBV shall open checking accounts for:

a) Credit institutions (headquarters);

b) FBBs in Vietnam;

c) Central State Treasury;

d) Other organizations according to Clause 2 Article 13 of Decree No. 52/2024/ND-CP.

2. State Bank of Vietnam branches in provinces and central-affiliated cities (hereinafter referred to as “SBV branches”) shall open checking accounts for provincial-level, district-level State Treasury, local credit institutions and FBBs.

Article 8. Opening of checking accounts at SBV

1. Applications and procedures for opening checking accounts for State Treasury, credit institutions, and FBBs shall conform to Article 14 of Decree No. 52/2024/ND-CP.

2. The opening of checking accounts for other organizations according to Clause 2 Article 14 of Decree No. 52/2024/ND-CP shall conform to decisions of Prime Minister or international treaties, agreements to which Vietnam is a signatory.

Article 9. Use of checking accounts opened at SBV

1. Checking accounts opened at SBV to deposit cash, withdraw cash, issue cheques, record transactions, monitor and execute payment orders via payment system organized and operated by SBV, pay in installments via checking accounts, and use other payment services provided by SBV.

2. Checking accounts of credit institutions, FBBs opened at Central Banking Department of SBV are used to make payments in participation of open market operation, trading of negotiable instruments, Governmental bonds, Treasury bills, SBV treasury bills, and other activities as per the law.

3. Central Banking Department of SBV and SBV branches have the rights and responsibilities to:

a) debit an amount from checking accounts of customers when:

(i) Due debts, overdue debts, interest, and fees that arise in management of checking accounts and provision of payment services according to regulations of SBV are collected;

(ii) Entries that have been incorrectly recorded or do not match purpose of the checking accounts as per the law are corrected;

(iii) Checking accounts of customers are found to have been mistakenly credited or credit transaction order cancellation/reversal request is made by payment service providers affiliated with the transacting parties after the transacting payment service providers discover discrepancies in payment orders of transacting persons;

(iv) Competent authority issues written request to enforce implementation of decision on administrative penalties, decision on judgment implementation, decision on tax collection or performance of other payment duties as per the law.

b) reject payment order of account holders when:

(i) Payment order is illegal or illegitimate;

(ii) Account holders fail to adequately adhere to payment procedures or details of payment orders do not match elements registered in application for account opening at SBV;

(iii) Account balance is insufficient;

(iv) Competent authority makes such request in writing as per the law;

c) adequately and promptly preserve and update documents, information, and data in application for account opening including specimen signature, seal templates (if any) of applying organizations for examination and comparison throughout the use of checking accounts;

d) provide information on transactions and balance of checking accounts to organizations opening checking accounts at SBV.

4. State Treasury, credit institutions, FBBs opening checking accounts at SBV have the rights and responsibilities to:

a) execute legal and legitimate payment orders using their account balance;

b) choose payment facilities, services, and utilities provided by SBV;

c) request Central Banking Department of SBV, SBV branches where the accounts are opened to execute legal, legitimate payment orders and receive information on payment transactions and account balance.

d) adequately, accurately, and promptly provide documents, information, and data in application for account opening and other information at request of Central Banking Department of SBV, SBV branches where the accounts are opened;

dd) send notice on account information changes using form under Appendix 1 attached hereto to Central Banking Department of SBV, SBV branches where the accounts are opened;

e) assume responsibilities for potential risks in the event of failure to adequately, accurately, promptly provide or update information and for damage caused as a result of their fault.

Article 10. Closing of checking accounts at SBV

1. Applications and procedures for closing checking accounts and handling of remaining balance in checking accounts of SBV, credit institutions, FBBs at SBV shall conform to Clause 4 Article 14 of Decree No. 52/2024/ND-CP.

2. Closing of checking accounts of central banks of other countries, foreign banks, international monetary organizations, international banks shall conform to international treaties and agreements to which Vietnam is a signatory.

Chapter III

OPENING AND USING OF CHECKING ACCOUNTS AT BANKS AND FBBS

Article 11. Entities eligible to open checking accounts

1. Individuals eligible to open checking accounts at banks and FBBs include:

a) Individuals at 15 years of age or older that do not have limited legal capacity or are not incapacitated in accordance with Vietnamese laws;

b) Individuals below 15 years of age, individuals having limited legal capacity, and incapacitated individuals who will open checking accounts via legal representatives;

c) Individuals having limited cognitive, behavioral control capability according to Vietnamese laws who will open checking accounts via guardians.

2. Organizations legally established and operating in accordance with Vietnamese laws include: organizations that are juridical persons (Vietnamese juridical persons, foreign juridical persons), sole proprietorships, household businesses, and other organizations which are allowed to open checking accounts at banks, FBBs as per the law.

Article 12. Application for account opening

1. Application for account opening consists of:

a) Checking account opening and use agreement in accordance with Article 13 hereof;

b) Documents, information, and data for verifying know-your-customer information in accordance with Clause 2, Clause 3 of this Article;

c) Agreement on management and use of joint account between co-holders (if any) in respect of joint account opening.

2. Documents, information, and data on personal identification of individual customers:

a) In case of Vietnamese nationals: Citizen ID Card, ID Card, electronic ID (via level 2 e-IDs) 9-digit ID Card, or Birth Certificate for individuals below 14 years of age;

b) In case of individuals of Vietnamese origin and unidentified nationality: Identity certificate;

c) In case of foreigners:

(i) Passport and, for foreigners residing in Vietnam, entry visas or documents equivalent to visas or documents proving exemption from entry visas; or

(ii) Electronic identification (via level 2 e-IDs).

3. Documents, information, data of organization customers: Documents, information, data for verifying know-your-customer information in accordance with Point b Clause 1 Article 12 of the Law on Anti-Money Laundering; documents, information, data of legal representatives in accordance with Clause 2 of this Article.

4. Where individual customers open checking accounts via representatives in accordance with Point b and Point c Clause 1 Article 11 hereof, the application for account opening must, in addition to documents and information and data under Clause 1 of this Article, also include:

a) In case of representatives that are individuals: documents, information, and data serving identification, verification of identification of the representatives in accordance with Clause 2 of this Article and documents proving status of the representatives to individuals applying for account opening;

b) In case of representatives that are juridical persons: documents, information, and data serving identification, verification of identification of the juridical persons in accordance with Clause 3 of this Article and documents proving status of the juridical persons to individuals applying for account opening.

5. Banks, FBBs may required additional documents, information, and data in the application for account opening other than those specified under Clauses 1 through 4 of this Article as long as the customers are adequately communicated and instructed regarding the additional requirements.

6. Collection and storage of application for account opening must meet requirements below:

a) Physical documents in the application for account opening must be original copies or certified true copies or copies issued from master registers or copies and original copies for comparison in accordance with regulation on issuance of copies from master registers, copies authentication from original copies, signature authentication, and contract, transaction authentication. Where original copies must be presented for comparison, banks and FBBs must append verification to the copies and be responsible for consistency between copies and original copies. Where documents are issued by foreign authority, consular legalization is implemented in accordance with consular legalization laws;

b) Electronic documents, information, and data in the application for account opening must be examined, cross-examined, and verified by banks and FBBs for adequacy, accuracy and kept in accordance with electronic transaction laws;

c) Where documents, information, and data in Point a and Point b of this Clause in are foreign language(s), banks and FBBs may negotiate with customers about whether a Vietnamese translation is required and must ensure compliance with the principles below:

(i) Banks and FBBs must examine, control, and be responsible for ensuring compliance of contents of documents, information, and data in foreign language(s) with requirements under this Circular;

(ii) Documents, information, and data in foreign language(s) must be translated into Vietnamese at request of competent authority; the translation must be verified by competent persons of the banks and FBBs or notarized or certified;

d) Documents, information, and data in application for account opening under Clauses 1 through 4 of this Article must remain effective throughout checking account opening and use process.

Article 13. Account opening and use agreement

1. Account opening and use agreement between banks, FBBs and customers must at least contain:

a) Document number (if any), date in which agreement is made;

b) Name of bank, FBB;

c) Information on customer opening checking account in accordance with Article 14 hereof;

d) Specific rights and obligations of the parties in accordance with Article 20 and Article 21 hereof;

dd) Details pertaining to minimum balance and fees, charges, fee collection methods, and fee adjustment in opening and use of checking accounts;

e) The use of checking account including:

(i) The use of checking account must adhere to Article 17 hereof;

(ii) Scope and transfer limit of checking account;

(iii) Cases where checking account is debited as per the law and other cases where an amount is debited in relation to fraud according to conclusions of competent authority;

(iv) The management and use of joint account (in respect of joint account);

g) Cases where checking account is frozen and unfrozen, including:

(i) Where discrepancies or signs of irregularities are found during opening and use of checking account;

(ii) Where checking account of customers are suspected for fraud or violation of the law on a grounded basis;

(iii) Where other cases occur as per the law;

h) Cases where account closure and handling of remaining balance in the event of account closure occur, including:

(i) Where customers are found to have opened the account under fabricated documents or identification or use the account for fraudulent practices or other illegal activities;

(ii) Where minimum account balance is insufficient and no transaction is made within a defined period of time set by the bank, FBB;

(iii) Where other cases occur as per the law;

i) Notifying and method for notifying account holder regarding: balance and transactions occurred in the account; whether the account is frozen or closed; expiry date of personal identification in application for account opening and other necessary information in the use of checking account;

k) Methods for receiving request for reconciliation, complaint; time limit for processing request for reconciliation, complaint and results of reconciliation, complaint in accordance with regulations on cashless payment services;

l) Performance of risk management, safety assurance, security measures in use of checking account, including: cases where KYC information must be re-verified, transactions must be denied, transactions and cash withdrawal must be suspended in accordance with Article 19 hereof;

m) Processing of private data of customers or private data provided by customers, provision of information to third parties in order to provide payment services for customers, and handling of cases of suspected fraud, impersonation, violation of the law;

n) Cases where information is provided:

(i) Provide information at request of competent authority as per the law or with approval of customers;

(ii) Provide information on account balance to representatives, heirs (or heir’s representatives) of personal account holder when the account holder is dead or is declared dead.

2. Where account opening and use agreement is established under general transaction terms and conditions, banks and FBBs must:

a) publicly post general transaction terms and conditions at transaction locations and on website, in banking applications and software on the internet and on mobile phones (if any) of banks and FBBs;

b) provide information pertaining to general transaction terms and conditions to customers and implement measures to verify that customers have read and confirmed that they have been well informed.

3. In addition to details under Clause 1 of this Article, banks and FBBs may negotiate with customers about details that do not contradict the laws.

Article 14. Information on customers opening checking accounts

1. In respect of personal checking account, the following information is required:

a) In case of Vietnamese nationals, individuals of Vietnamese origin with unidentified nationality: full name; date of birth; nationality; occupation, title; phone number; personal identification number or 9-digit ID number; date of issue, place of issue, expiry date of personal identification documents; tax identification number (if any); permanent registration address and other current residence address (if any); whether the customers are residents or non-residents;

b) In case of foreigners: full name; date of birth; nationality; occupation, title; phone number; passport number or identification information issued by foreign authority, date of issue, place of issue, expiry date of passports; identification number of foreigners (if any); entry visa number or number of document replacing entry visa (for foreigners residing in Vietnam), except for cases where visa is exempt as per the law; residence address in foreign country and residence address in Vietnam (for foreigners residing in Vietnam); whether the customers are residents or non-residents;

c) Where a customer has at least two nationalities: respective information under Point a and Point b of this Clause; passport number, date of issue, place of issue, expiry date of passport; nationalities, residence address in countries of other nationalities;

d) Where individuals opening checking accounts fall under cases mentioned under Point b and Point c Clause 1 Article 11 hereof: information on representatives, to be specific:

(i) In case of representatives that are individuals, information on representatives is specified under Point a, Point b, and Point c of this Clause;

(ii) In case of representatives that are juridical persons, information on juridical persons is specified under Clause 2 of this Article.

2. In respect of business checking accounts, the following information is required:

a) Information on account holder, including: Full and abbreviated business name; headquarters address; business address; establishment permit number or number of documents proving eligibility to establish and operate legally; business registration number or tax identification number (if any); seal template (if any); identification number of the organization (if any); phone number; fax number, web site (if any); field of business operation;

b) Information on legal representatives of organizations opening checking accounts and authorized persons (if any) according to Point a, Point b, and Point c Clause 1 of this Article;

c) Information on chief accountants or accountants in charge (if any) of organizations opening checking accounts according to Point a, Point b, and Point c Clause 1 of this Article.

3. In respect of joint checking account, the following information is required:

a) Information under Clause 1 of this Article in case account co-holders are individuals;

b) Information under Clause 2 of this Article in case account co-holders are organizations.

Article 15. Procedures for opening checking accounts

1. Where request to open checking account is made, applicants shall provide documents, information and data to verify KYC information to banks and FBBs where they apply for account opening in accordance with Article 12 hereof.

2. Banks and FBBs shall examine legitimacy and adequacy, cross-examine to ensure consistency, accuracy of documents, information, and data provided by customers, and verify KYC information in accordance with anti-money laundering laws.

3. After examining, cross-examining, and verifying KYC information, banks and FBBs shall:

a) Where documents, information, and data are adequate, accurate, and legitimate, banks and FBBs shall furnish customers with checking account opening and use agreement in accordance with Article 13 hereof;

b) Where documents, information, or data are inadequate, inaccurate, or inconsistent, banks and FBBs shall inform and request customers to examine and revise the application or reject the application and inform the customers about the reasons;

c) Where documents, information, or data provided by customers are fraud, fabricated, or illegitimate or where the customers are blacklisted in accordance with anti-money laundering laws, banks and FBBs shall report to the authority and handle as per the law.

4. Once customers have agreed with the contents of account opening and use agreement, banks and FBBs shall open checking accounts and inform customers about number, name of checking account, and activation date.

5. Banks and FBBs shall, depending on conditions and provision capability of their establishments, provide guidelines pertaining to applications and procedures for opening checking accounts to customers with disabilities as long as documents, information, data for verifying KYC are collected in accordance with this Circular.

6. Banks and FBBs shall, depending on conditions and provision capability of their establishments, provide guidelines pertaining to applications and procedures for opening checking accounts to customers, including cases where application for opening checking account is rejected in accordance with this Circular, anti-money laundering laws and be responsible for accuracy, adequacy, and legitimacy of documents on account opening to customers.

Article 16. Opening checking accounts via electronic means

1. Banks and FBBs shall promulgate internal regulations pertaining to procedures for opening checking accounts electronically in a manner compliant with this Circular, anti-money laundering laws, laws pertaining to e-transactions, protection of private data, safety and security assurance which at least contain the following steps:

a) Collecting documents, information, and data to verify KYC information in accordance with Clause 2, Clause 3 Article 12 hereof and:

(i) Biometric information of account holders in case of individual customers;

(ii) Biometric information of legal representatives in case of organization customers;

b) Examining legitimacy of documents, information, and data for verifying KYC and cross-checking biometric information of account holders (in case of individual customers), legal representatives (in case of organization customers) against:

(i) Biometric information stored in encrypted data storage unit of citizen ID card or ID card confirmed to have been issued by police authority or e-identification via electronic identification and authentication system; or

(ii) Biometric information that has been collected and inspected (to ensure consistency between biometric information collected from customers with biometric data in encrypted information storage unit of ID card or ID card confirmed to have been issued by police authority or e-identification via electronic identification and authentication system);

c) Displaying warnings pertaining to prohibited actions when opening and using checking accounts via electronic means and ensuring that customers have adequately read the warnings via the use of technical means;

d) Furnishing customers with checking account opening and use agreement in accordance with Article 13 hereof and verifying customers’ approval of the agreement in accordance with Point b Clause 2 of this Article;

dd) Informing customers about account number, name, transfer limit for transactions made via checking accounts, and activation date of the accounts.

2. Banks and FBBs shall decide solutions, methods, and technologies involved in the opening of checking accounts via electronic means, assume all risks (if any) that arise, and satisfy requirements below:

a) Solutions, methods, and technologies selected by banks and FBBs must meet security, safety, and confidentiality requirements in accordance with regulations of SBV.

b) Customers’ approval of checking account opening and use agreement is verified:

(i) In respect of personal account: use technical measures to verify electronically that account holders have approved account opening and use agreement;

(ii) In respect of business account: verify account holders' approval of account opening and use agreement via e-signature of legal representatives of the holders;

c) Documents, information, and data relating to KYC are adequately stored and preserved throughout account opening and use via electronic means, including: KYC information; biometric information of personal account holders, legal representatives of organizations opening checking accounts; sound, images, video recordings, audio recordings; phone number registered on internet and mobile banking applications; unique identifier of media access control address (MAC address); transaction history; results of biometric information cross-examination under Point b Clause 1 of this Article. Information and data must be stored safely and securely, backed up in a manner that preserves data integrity to facilitate inspection, examination, and verification of account holders during use of checking accounts, handle reconciliation, complaints and disputes, and provide information at request of competent authority. Time limit shall conform to anti-money laundering and e-transaction laws;

d) Banks and FBBs must inspect and evaluate safety, security levels of solutions, methods, technologies on a regular basis and suspend service in order to upgrade, rectify, and improve in case of signs of safety breach.

3. Opening of checking accounts via electronic means does not apply to:

a) Joint checking account;

b) Checking account in foreign currency;

c) Individual customers under Point b, Point c Clause 1 Article 11 hereof, individual customers from 15 years of age to under 18 years of age.

Article 17. Using checking accounts

1. Account holders may use checking accounts to deposit, withdraw cash, request banks, FBBs to provide payment services via account such as: provide payment facilities, execute cheque payment, payment order, payment collection order, bank card, wire transfer, collection-on-behalf-of, payment-on-behalf-of services and other additional services in accordance with applicable laws.

2. The use of checking accounts by individuals under 15 years of age, individuals with limited civil capability, incapacitated individuals, individuals having limited cognitive, behavioral control capability must be done via representatives. Representatives shall execute payments via checking accounts of the represented in accordance with civil laws pertaining to guardian and representation.

3. The use of checking accounts opened to monitor deposits, ensure solvency, and serve other purposes as per the law must adhere to relevant laws. Banks and FBBs are not allowed to, at their discretion, debit deposits, balance of payment security accounts, and security for performance of obligation as per the law from accounts, except for deposits and security that facilitate the performance of obligation to the banks and FBBs.

4. The use of joint account must adhere to joint account management and use agreements (or contracts) of co-holders and the following principles:

a) Co-holders share equal rights and responsibilities to the joint accounts; the use of checking accounts must be approved by all co-holders. Each holder is responsible for debt obligations that arise from the use of joint accounts;

b) Notifications pertaining to the use of joint accounts must be sent to all co-holders unless otherwise agreed upon by the banks, FBBs and co-holders;

c) Each holder may authorize another person (including the other holders) to use the joint account on their behalf as long as written consent of all other co-holders is provided;

d) Where a person among co-holders deceases or is declared dead, declared missing, or incapacitated or a organization among co-holders is dissolved, goes bankrupt, or is terminated as per the law, the right to use the joint account and obligations that arise from the use of joint account shall conform to regulations of the law;

e) Where co-holders of joint accounts have the same nationality and different residential status, the joint accounts may only be used within the limit allowed by all co-holders in accordance with foreign exchange management laws.

5. Banks and FBBs shall provide guidelines on use of checking accounts to customers that satisfy principles below:

a) Scope of use and transfer limit of each holder in accordance with risk management laws and account opening and use agreement under Point c Clause 1 Article 19 hereof;

b) Adequate information for examining, cross-checking, and verifying KYC is available during use of checking accounts;

c) Cash withdrawal and e-transactions made via checking accounts are only allowed when personal identification documents and biometric information of account holders or representatives (for individual customers) or legal representatives (for organization customers) are cross-checked against:

(i) Biometric information stored in encrypted data storage unit of citizen ID card or ID card confirmed to have been issued by police authority or e-identification via electronic identification and authentication system; or

(ii) Biometric information collected in-person in case of foreigners who do not use e-identification or individuals of Vietnamese origin with unidentified nationality; or

(iii) Biometric information that has been collected and inspected (to ensure consistency between biometric information collected from customers with biometric data in encrypted information storage unit of ID card or ID card confirmed to have been issued by police authority or e-identification via electronic identification and authentication system); or

(iv) Biometric information of the individuals stored in National database on population in case their ID cards do not contain encrypted information storage unit;

d) Authentication measures are adopted for each type of transaction in electronic means in accordance with regulations of SBV pertaining to safety and security in provision of banking services via electronic means;

dd) The use of checking accounts in VND of non-residents, residents that are foreigners and checking accounts in foreign currency must conform to this Article and regulations on foreign exchange management.

6. Reconciliation and complaint handling in the use of checking accounts shall conform to agreement between account holders and banks, FBBs and regulations on cashless payment services.

Article 18. Closure of checking account

1. The closure of checking accounts and handling of remaining balance of closed accounts shall conform to Article 12 of Decree No. 52/2024/ND-CP and agreement between banks, FBBs and account holders under Point h Clause 1 Article 13 hereof.

2. Following closure of checking accounts, banks and FBBs must inform account holders, representatives or legal heirs in case holders of personal accounts decease or are declared dead. Where account holders, representatives, or legal heirs fail to pick up remaining balance after being informed, banks and FBBs shall handle remaining balance in the event of account closure in accordance with prior agreement between account holders and payment service providers and relevant law provisions.

3. Following account closure, if customers wish to use checking accounts, they must initiate account opening procedures in accordance with this Circular.

Article 19. Safety and security assurance in checking account opening and use

1. Banks and FBBs must promulgate internal regulations on risk management in opening and using checking accounts which include:

a) Solutions for examining, cross-checking, verifying KYC in account opening and use process, including:

(i) Solutions for examining legitimacy, adequacy, consistency, and accuracy of documents, information, and data in application for account opening;

(ii) Solutions for preventing impersonation, intervention, fabrication, and falsification of KYC authentication in account opening and use process;

(iii) Technical and technological solutions for cross-checking biometric information of customers in accordance with Point b Clause 1 Article 16 and Point c Clause 5 Article 17 hereof;

(iv) Solutions for ensuring that the use of checking accounts is done by account holders or authorized individuals or representatives or legal representatives;

(v) Other solutions required by banks and FBBs to prevent fraud, impersonation, violation of the law, or exploitation of checking account for illegal activities;

b) Criteria for detecting accounts involved in fraud, violation of the law (hereinafter referred to as “Criteria”) which at least contain: suspicion regarding legitimacy, adequacy of documents, information, and data in application for account opening; quantity, value, and frequency of transactions made via accounts that are not consistent with KYC information of account holders; account holders or legal representatives of organization holding accounts under warning lists of the authority. Banks and FBBs must review, revise, amend, and update the Criteria on a regular basis based on documents, information, and data in account opening and use process;

c) Potential risks in account opening and use and corresponding handling solutions. Risk handling solutions include:

(i) Set transfer scope and limit based on customer risk ratings; including specific risk management solutions for customers under 18 years of age;

(ii) Cases where KYC information must be updated or re-authenticated, including those under Clause 4 of this Article;

(iii) Cases where cash withdrawal or e-transaction is rejected or suspended;

d) Regulations on inspecting and cross-checking KYC information against information system for managing, supervising, and preventing fraud risks in payment of SBV and lists of customers suspected of fraud, violation of the law provided by Ministry of Public Security and other authorities (if any) in order to adopt appropriate risk handling solutions;

dd) Internal regulations on risk management which must be reviewed and amended on a regular basis based on orders, recommendations, and warnings of authorities and information, data, risks involved in the opening and use of checking accounts.

2. Banks and FBBs must issue warnings and instructions on a regular basis pertaining to criminal techniques in opening and using checking accounts; instructions regarding information and data security and safe use of checking accounts.

3. Banks and FBBs must monitor effective period of personal documents of account holders and relevant persons in the use of checking accounts; notify customers at least 30 days prior to expiry of personal documents for update and revision; suspend all payment and cash withdrawal transactions via checking accounts if personal documents of customers expire.

4. Banks and FBBs must re-authenticate KYC information and promptly adopt solutions according to anti-money laundering laws when:

a) Customers exhibit suspicious signs according to the Law on Anti-Money Laundering;

b) Banks and FBBs suspect the legitimacy of submitted documents in application for account opening on a grounded basis;

c) Information on holders of personal account or legal representatives of holders of business accounts is included in blacklist according to anti-money laundering laws, list of fraud suspicions on information system for managing, supervising, and preventing fraud risks in payment of SBV or list of customers suspected of fraud, violation of the law provided by Ministry of Public Security and other authorities (if any);

d) Information on checking accounts or account holders are inconsistent with information, data of competent authority.

5. Banks and FBBs must comply with regulations on information safety and security in opening and using checking accounts.

Article 20. Rights and obligations of account holders

1. Account holders have the right to:

a) execute legal and legitimate payment orders using their account balance;

b) choose and negotiate the use of payment facilities, payment services and utilities at banks, FBBs where they open checking accounts;

c) Authorize the use of checking accounts in accordance with Article 5 hereof;

d) request banks and FBBs where they open checking accounts to execute legitimate payment orders and provide information on account balance and transactions that occur on their account in accordance with agreement signed with banks and FBBs;

dd) request banks and FBBs where they open checking accounts to freeze, unfreeze accounts in accordance with Point a Clause 1, Point a Clause 2 Article 11 of Decree No. 52/2024/ND-CP , close active accounts; send notice regarding disputes among co-holders pertaining to joint checking accounts to banks and FBBs;

e) request banks and FBBs to provide guidelines on management and safe use of checking accounts and settle issues, complaints that arise during account opening and use in accordance with agreement with banks and FBBs;

g) exercise other rights in accordance with the law or written agreement between account holders and banks, FBBs where the holders open their accounts that does not contradict the law.

2. Account holders have the obligation to:

a) ensure adequate account balance to execute payment orders. Where overdraft agreement is signed with banks and FBBs where they open accounts, account holders must exercise relevant obligations when making payments exceeding available balance;

b) comply with regulations on opening and using checking accounts under this Circular and agreement signed with banks and FBBs;

c) promptly inform banks and FBBs where they open accounts about errors and mistakes relating to their accounts or suspicions of unauthorized access to their accounts;

d) refund or cooperate with banks and FBBs in refunding amounts that have been credited to their accounts by mistake;

dd) adequately provide and promptly update information under account dossiers and additional information at request of banks and FBBs to banks and FBBs as per agreement; assume responsibility for risks that arise as a result of failure to adequately and promptly provide information and for damage caused by their errors;

e) maintain minimum account balance in accordance with regulations of banks and FBBs;

g) avoid prohibited activities regarding opening and use of checking accounts under Article 8 of Decree No. 52/2024/ND-CP.

Article 21. Rights and obligations of banks and FBBs

1. Banks and FBBs where customers open accounts have the right to:

a) debit an amount from checking accounts of customers:

(i) at written request of competent authority in enforcing implementation of decision on administrative penalties, decision on judgment implementation, decision on tax collection, or other payment obligations as per the law in which case the competent authority must inform account holders;

(ii) in order to rectify amounts that have been incorrectly recorded or do not conform to use purpose of checking accounts as per the law in which case the account holders must be notified of the situation;

(iii) where customers’ accounts have been credited by mistake or credit transaction order cancellation request is made by banks and FBBs affiliated to the transacting parties after discovering discrepancies in payment orders made by transacting parties in which case account holders must be informed about amounts debited from their checking accounts;

(iv) in accordance with written agreement between account holders and banks, FBBs in order to incur recurrent, periodic expenses or collect due, overdue debts, interests, and related costs in which case account holders must be informed about amounts debited from their checking accounts;

b) reject payment orders made by account holders:

(i) where the payment orders are illegal or illegitimate;

(ii) where account holders fail to fulfill requirements pertaining to payment procedures or elements in payment orders do not match elements registered under application for account opening or payment orders do not conform to account opening and use agreement;

(iii) where account balance is insufficient to execute the payment orders or overdraft facility is exceeded;

(iv) where the checking accounts are closed or entirely frozen;

(v) where competent authority requests in writing as per the law;

(vi) where account holders commit prohibited actions under Article 8 of Decree No. 52/2024/ND-CP ;

(vii) where account holders fail to provide adequate KYC information at request of bank and FBBs or suspicions arise regarding authenticity of information and purpose of transactions in respect of special transactions that must be monitored in accordance with anti-money laundering laws;

(viii) where other cases agreed upon under account opening and use agreement occur, including: checking accounts are suspected of connection with fraud, illegal activities according to criteria of banks and FBBs;

c) reject account holders’ request to close, freeze checking accounts if they have not fulfilled payment obligations according to decision on enforcement of competent authority or have not entirely settled debts with banks and FBBs;

d) inform customers and publicly post minimum balance, scope of use, use methods, and transfer limits of checking accounts;

dd) regulate measures ensuring safety and security in opening and using checking accounts in a law-compliant manner;

e) exercise other rights according to the law or written agreement between account holders and banks, FBBs that do not contradict applicable laws.

2. Banks and FBBs have the obligation to:

a) execute payment orders of account holders after examining and inspecting legitimacy of payment orders;

b) store and update all specimen signatures, seal templates (if any) of customers to facilitate inspection and cross-examination during use of accounts;

c) promptly credit checking accounts of customers in the event of incoming money transfer, cash deposit to accounts; refund amounts that have been mistakenly debited from checking accounts; cooperate in returning amounts that have been mistakenly credited to checking accounts at request of banks and FBBs affiliated to transacting parties due to discrepancies in payment orders made by transacting individuals;

d) promptly and adequately inform account holders about account balance, transactions, instruments of transactions that occur on checking accounts, and the freezing of checking accounts in writing or other means set forth under account opening and use agreement and be responsible for accuracy of information that they provide;

dd) update customer information on a periodic basis or when customers notify changes to information in account dossiers and promptly update, authenticate KYC information when customers are classed as high risk ratings according to criteria set by banks and FBBs. Preserve account dossiers and transaction instruments as per the law;

e) protect confidentiality of private information and data of customers or personal data provided by customers, information relating to checking accounts, and transactions made via checking accounts as per the law;

g) assume responsibility for damage that is caused:

(i) as a result of error or failure of banks and FBBs, including failure to adhere to regulations on safety and confidentiality in service provision;

(ii) as a result of failure of banks and FBBs to comply with request of competent authority to deal with cases related to fraud and violations of the law;

(iii) as a result of failure of banks and FBBs to adopt handling solutions according to internal regulations on risk management in account opening and use after receiving written notice of competent authority informing that customers or their checking accounts are involved in fraud or violations of the law;

h) comply with anti-money laundering and anti-terrorism financing laws and avoid prohibited actions under Article 8 of Decree No. 52/2024/ND-CP ;

i) guide customers to use checking accounts safely, inform customers about and provide explanation for customers regarding prohibited actions in opening, using checking accounts, and settle questions and complaints of customers regarding opening and use of checking accounts in accordance with this Circular and agreement between account holders and banks, FBBs;

k) promulgate internal regulations on opening and using checking accounts at banks and FBBs; provide instructions and publicly announce to facilitate acknowledgement and compliance of customers. Internal regulations must include the following details:

(i) Regulations on applications and procedures for opening accounts, including opening of accounts via electronic means and opening of accounts by persons with disabilities, incapacitated persons, persons with limited civil capability;

(ii) Regulations on account opening and use agreement;

(iii) Regulations on the use of checking accounts;

(iv) Regulations on reconciliation, complaints and reconciliation, complaint request forms;

(v) Regulations on risk management in opening and using checking accounts in accordance with Clause 1 Article 19 hereof.

Article 22. Providing information

1. Banks and FBBs must provide information on customers’ checking accounts in accordance with guidelines of SBV.

2. By the 10^th of each month at the latest, banks and FBBs must provide SBV with information on accounts suspected of fraud or law violations in accordance with Appendix 2 attached hereto. Information provided via electronic means shall conform to connection techniques of SBV.

Chapter IV

ORGANIZING IMPLEMENTATION

Article 23. Entry into force

1. This Circular comes into force from July 1 of 2024 except for Clauses 2, 3, 4, and 5 of this Article.

2. Articles 12, 13, 14, 15, 16, and 19 (except for Clause 3) of this Circular come into force from October 1 of 2024.

3. Point c Clause 5 Article 17 applicable to personal checking accounts and Clause 3 Article 19 of this Circular come into force from January 1 of 2025.

4. Point c Clause 5 Article 17 of this Circular applicable to business checking accounts come into force from July 1 of 2025.

5. For credit institutions under special control:

a) Article 16, Point c Clause 5 Article 17 applicable to personal checking accounts and Clause 3 Article 19 of this Circular come into force from July 1 of 2025;

b) Point c Clause 5 Article 17 of this Circular applicable to business checking accounts come into force from January 1 of 2026.

6. Circular No. 23/2014/TT-NHNN dated August 19 of 2024 of Governor of State Bank of Vietnam guiding the opening and use of checking accounts at payment service providers amended by Circular No. 02/2019/TT-NHNN dated February 28 of 2019 of Governor of State Bank of Vietnam and Circular No. 16/2020/TT-NHNN dated December 4 of 2020 of Governor of State Bank of Vietnam expire from the effective date of this Circular, except for Articles 12, 13, 13a, 14, and 14a which remain effective until September 30 of 2024 inclusive.

Article 24. Transition clauses

In respect of customers opening checking accounts before October 1 of 2024, banks and FBBs shall cooperate with said customers in updating documents, information, and data in order to comply with Article 12 hereof before January 1 of 2026.

Article 25. Organizing implementation

1. Payment Department is responsible for monitoring, examining, and cooperating with relevant entities in settling difficulties that arise during implementation of this Circular.

2. Bank Supervision and Inspection Agency and branches of the State bank are responsible for inspecting and supervising the implementation of this Circular and dealing with violations within their powers.

3. Chief of Office, Director of Payment Department, directors of entities affiliated to State Bank of Vietnam, banks and FBBs are responsible for the implementation of this Circular./.

Appendix No. 1

REQUEST FOR CHANGE OF INFORMATION OF CHECKING ACCOUNT OPENED AT STATE BANK OF VIETNAM

To: ……………………………………………………………………………

Name of organization opening checking account (Account holder): ……………………..

.........................................................................................................................................

Decision on establishment No. ……………………………………………………………

Business address: ………………………… Business phone number: ……………………

Name of checking account: ………………………………………………………………

Number of checking account: ……………………………………………………………

Where checking account is opened: ………………………………………………………

Bank code:

Hereby applies for change of checking account information to State Bank of Vietnam ………… as follows (only specify the changes):

1. Change to checking account information:

- Name of organization opening checking account: ………………………………………

- Business address, phone number: …………………………………………………………

- Legal representative, authorized representative: …………………………………………

- Chief account (or accountant in charge, individual controlling transaction documents with SBV): …………………………………………………………………………………………

- ………………………………………………………………………………………………………

2. Change to seal, signature sample associated to checking account at SBV¹:

a) Change to specimen signature: …………………………………………………………

b) Change to seal template (if any): ………………………………………………………

3. Change to information or documents in application for account opening:

- License to establish, decision on establishment, or business registration certificate;

- Identification documents of legal representative, authorized representative, chief accountant (accountant in charge), and authorized individual;

We undertake that:

- The aforementioned changes are factual and we will be responsible for accuracy and legitimacy of documents in application for account opening.

- We will adequately comply with applicable laws regarding opening and use of checking account at SBV and will be responsible for all issues that arise as a result of failure to adequately comply with regulations on opening and use of checking accounts of SBV.

SECTION FOR SBV

After examining and verifying that the additional, revised documents under application for account opening of ………………………, account number ……………. are adequate and legitimate, SBV ………………hereby approves the aforementioned changes of …………………

^{_____________________________}

[1] Adequately declare information of individual registering specimen signature (where applicable) in the same manner as firth-time registration for specimen signature using form under appendix No. …… of Decree No. 52/2024/ND-CP.

Effective date: …………………………………………………………………………

Appendix No. 2

LIST OF INDIVIDUAL CUSTOMERS OPENING AND USING CHECKING ACCOUNTS SUSPICIOUS OF CONNECTION TO FRAUD

(Month …………of year ………… )

Note:

- Deadline for providing information: Before the 10^th of each month.

- Method for providing information: Provide information via information system for managing, supervising, and preventing fraud risks in payment of SBV (SIMO).

Instruction:

- Column 4: Specify the type of identification document in number (1, 2, 3, 4, 5, 6, 7) as follows: 1. Citizen ID Card; 2. ID Card; 3. 9-digit ID Card; 4. Passport; 5. ID Certificate; 6. Electronic identification and authentication account; 7. Other documents.

- Column 6: Specify “M” for male, “F” for female.

- Column 11: Phone number registered on e-banking, mobile banking applications.

- Column 12: Specify at least one reason in number (1, 2, 3, 4, 5, 6, 7, 8) as follows:

1. Information in application for account opening of the account holder does not match information of said holder in national database on population.

2. The checking account is named under list of accounts advertised, purchased, sold, traded on websites and online groups.

3. The checking account receives money from multiple checking accounts and is transferred or withdrawn almost instantaneously (leaving no or very low account balance).

4. The checking account receives more than 3 transfers from checking accounts suspicious of connection to fraud, etc.

5. The customer is placed under warning list of SBV, police authority, or other competent authorities.

6. The checking account is involved in irregular transactions (For example: Transaction value or quantity is excessive or not fitting for occupation, age, residential address, transaction history, behavior, etc. of account holder; transactions are associated with irregular locations, time, frequency, etc.)

7. A MAC address is used to perform transactions on more than 1 checking account.

8. Other signs: specify as footnote.

- Column 13: Specify account status in number (1, 2, 3, 4, 5) as follows: 1. Active; 2. E-banking services suspended; 3. Temporarily locked; 4. Frozen; 5. Closed.

Phone number:

Parts:

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