Circular No. 38/2019/TT-NHNN dated December 31, 2019 of the State Bank of Vietnam on provision of payment services not via payment accounts of clients by public-utility postal service providers

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ATTRIBUTE

Circular No. 38/2019/TT-NHNN dated December 31, 2019 of the State Bank of Vietnam on provision of payment services not via payment accounts of clients by public-utility postal service providers
Issuing body: State Bank of VietnamEffective date:
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Official number:38/2019/TT-NHNNSigner:Nguyen Kim Anh
Type:CircularExpiry date:Updating
Issuing date:31/12/2019Effect status:
Known

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Fields:Enterprise , Finance - Banking

SUMMARY

Money transfer must be completed within 01 day after receiving valid documents

On December 31, 2019, the State Bank of Vietnam promulgates the Circular No. 38/2019/TT-NHNN on providing regulations on the provision of payment service without using customers’ payment accounts at public postal service providers.

Accordingly, if payment vouchers are valid, the service provider shall conduct to control information on money transfer forms and handle, complete the money transfer for customers within 01 working day from the date of receiving vouchers. Service provider of the money receiver shall be responsible for examining vouchers, accounting into the appropriate account and notify the beneficiary when the money transfer order arrives.

In addition, this Circular also prescribes time limit for service users for requesting for checking, complaint is at most 60 days, from the beginning day of checked transaction. Service provider shall return money for customer and compensate for damage caused by such organization within 05 working days from the date of notifying checking and complaint results.

This Circular takes effect on February 19, 2020.

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Effect status: Known

THE STATE BANK OF VIETNAM

THE SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom - Happiness

No. 38/2019/TT-NHNN

Hanoi, December 31, 2019

 

CIRCULAR

On provision of payment services not via payment accounts of clients by public-utility postal service providers[1]

 

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

Pursuant to the June 16, 2010 Law on Credit Institutions; the November 20, 2017 Law Amending and Supplementing a Number of Articles of the Law on Credit Institutions;

Pursuant to the June 17, 2010 Law on Post;

Pursuant to the Government’s Decree No. 101/2012/ND-CP of November 22, 2012, on cashless payment; the Government’s Decree No. 80/2016/ND-CP of July 1, 2016, amending and supplementing a number of articles of Decree No. 101/2012/ND-CP;

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

At the proposal of the Director of the Payment Department;

The Governor of the State Bank of Vietnam promulgates the Circular on provision of payment services not via payment accounts of clients by public-utility postal service providers.

 

Chapter I

GENERAL PROVISIONS

Article 1. Scope of regulation

This Circular prescribes the provision by public-utility postal service providers of cashless payment services not via payment accounts of clients, including services of transfer, collection and payment on clients’ behalf of money in Vietnam dong.

Article 2. Subjects of application

1. Enterprises providing public-utility postal services (below referred to as service providers).

2. Organizations and individuals using payment services not via clients’ payment accounts at public-utility postal service providers (below referred to as service users).

Article 3. Payment documents

1. Service providers shall prescribe presentation specifications, forms, printing and distribution of payment documents as suitable for the payment process of each service and in accordance with relevant laws.

2. The creation, signing, control, transfer, management, use and preservation of payment documents must comply with regulations on accounting documents.

3. Electronic documents must have their information and data fully controlled, ensuring lawfulness, validity and integrity of information. Besides, documents shall be controlled and kept confidential to prevent abusive use, illegal hacking and copying of information.

 

Chapter II

PROVISION OF PAYMENT SERVICES NOT VIA PAYMENT ACCOUNTS
OF CLIENTS

Article 4. Money transfer

1. Service providers shall provide money transfer service in a prompt, strict, exact, safe, confidential and lawful manner; and formulate and promulgate an internal process with specific provisions on p:

a/ The stages of processing, including formulation, comparison, control and archive of money transfer documents; processing of money transfer orders; detection and correction of errors; tracing and filing of complaints; cost-accounting according to the current accounting regime, and monitoring of accounting books.

 

[1] Công Báo Nos 35-36 (14/01/2020)

 

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