Circular No. 16/2020/TT-NHNN amending the Circular No. 23/2014/TT-NHNN

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ATTRIBUTE

Circular No. 16/2020/TT-NHNN dated December 04, 2020 of the State Bank of Vietnam on amending and supplementing a number of articles of the Circular No. 23/2014/TT-NHNN dated August 19, 2014 of the Governor of the State Bank of Vietnam guiding the opening and use of payment accounts at payment service suppliers
Issuing body: State Bank of VietnamEffective date:
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Official number:16/2020/TT-NHNNSigner:Nguyen Kim Anh
Type:CircularExpiry date:Updating
Issuing date:04/12/2020Effect status:
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Fields:Finance - Banking

SUMMARY

Guidance on opening personal payment accounts by electronic method

On December 04, 2020, the State Bank of Vietnam issues the Circular No. 16/2020/TT-NHNN on amending and supplementing a number of articles of the Circular No. 23/2014/TT-NHNN dated August 19, 2014 of the Governor of the State Bank of Vietnam guiding the opening and use of payment accounts at payment service suppliers.

Accordingly, the State Bank may provide additional guidance on opening personal payment accounts by electronic method. Specifically, banks and foreign banks’ branches shall, based on technological conditions, take the risk assessment, define the scope of using and decide to apply the transaction limit of the payment account opened by the electronic method, but must ensure the total transaction value (debit) via such customer’s payment account not exceeding VND 100 million/month/customer.

Noticeably, the State Bank may decide to apply the transaction limit higher than the limit of VND 100 million/month/customer for the payment account opened by the electronic method in one of the following cases:

Firstly, banks, foreign banks’ branches use video call to collect, check and verify customer’s identification information when opening the payment account to get as high efficiency as process of defining and verifying customer’s information by meeting face to face.

Secondly, banks, foreign banks’ branches apply the technology to check, compare customer’s biometric characteristics with citizen’s biometric data in the citizen identity database, etc.

This Circular takes effect on March 05, 2021.

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Effect status: Known

THE STATE BANK OF VIETNAM

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No. 16/2020/TT-NHNN

THE SOCIALIST REPUBLIC OF VIETNAM

Independence – Freedom - Happiness

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Hanoi, December 04, 2020

 

 

CIRCULAR

On amending and supplementing a number of articles of the Circular No. 23/2014/TT-NHNN dated August 19, 2014 of the Governor of the State Bank of Vietnam guiding the opening and use of payment accounts at payment service suppliers

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

Pursuant to the Law on the Credit institutions dated June 16, 2010 and the Law on amending and supplementing a number of articles of the Law on the Credit institutions dated November 20, 2017;

Pursuant to the Law on Anti-Money Laundering dated June 18, 2012;

Pursuant to the Decree No. 101/2012/ND-CP dated November 22, 2012 of the Government on non-cash payment and the Decree No. 80/2016/ND-CP dated July 01, 2016 of the Government on amending and supplementing a number of articles of the Government's Decree No. 101/2012/ND-CP;

Pursuant to the Decree No. 116/2013/ND-CP dated October 04, 2013, detailing a number of articles of the Anti-Money Laundering Law and the Decree No. 87/2019/ ND-CP dated November 14, 2019 of the Government on amending and supplementing a number of articles of the Government’s Decree No. 116/2013/ND-CP of October 04, 2013, detailing a number of articles of the Anti-Money Laundering Law;

Pursuant to the Decree No. 16/2017/ND-CP dated February 17, 2017 of the Government defining the functions, tasks, powers and organizational structure of the State Bank of Vietnam

At the request of the Director of the Payment Department;

The Governor of the State Bank of Vietnam promulgates the Circular on amending and supplementing a number of articles of the Circular No. 23/2014/TT-NHNN dated August 19, 2014 of the Governor of the State Bank of Vietnam guiding the opening and use of payment accounts at payment service suppliers.

Article 1. To amend and supplement a number of articles of the Circular No. 23/2014/TT-NHNN dated August 19, 2014 of the Governor of the State Bank of Vietnam guiding the opening and use of payment accounts at payment service suppliers.

1. To amend and supplement Clause 5, Article 3 as follows:

“5. Balance on the payment account shall be entitled to the interest rate of the demand deposits applicable to the payment account. The interest rate that is fixed and posted publicly by the payment service suppliers shall be compliance with the legal regulations.”

2. To amend and supplement the Article 12 as follows:

Article 12. Dossier for opening payment account

1. For personal payment account, banks and foreign bank’s branches have rights to define and give instructions on documents in the dossier for opening payment accounts for the customers, but must include at least documents as follows:

a) The application for opening payment account in accordance with the forms of banks, branches of foreign banks at the place of opening payment account, and must be compliance with the regulations prescribed in Clause 1, Article 13 of this Circular;

b) Identity papers include valid citizen identification card, ID card or passport, Certificate of birth (for Vietnamese citizen under 14 years old and not yet has the passport); valid entry visa or other papers with visa exemption (for individual who is a foreigners); except for the case that individual is the foreigner who opens payment account in compliance with Clause 4, Article 14 of this Circular;

c) Individual who opens payment account by her/his legal representative (hereafter referred to as the individual’s legal representative), apart from the ones prescribed at Points a, b, Clause 1 of this Article, the dossier for opening payment accounts must have documents as follows:

- The legal representative is an individual: legal representative’s identity papers of individual and other his/her papers proving the legal representative status with the individual who opens the payment account;

- The legal representative is a legal entity: decision of establishment; certificate of operation, certificate of enterprise registration or other papers in accordance with legal regulations; papers proving that entity’s legal status with the individual opening the payment account; identity papers and other papers proving the legal representative of that entity.

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