Circular 17/2024/TT-NHNN opening and use of payment accounts at payment service providers

CIRCULAR

Regulating the opening and use of payment accounts
at payment service providers

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

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

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

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

Pursuant to the Decree No. 19/2023/ND-CP dated April 28, 2023 of the Government detailing a number of articles of the Anti-Money Laundering Law;

Pursuant to the Decree No. 102/2022/ND-CP dated December 12, 2022 of the Government defining the 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 regulating the opening and use of payment accounts at payment service providers.

Chapter I

GENERAL PROVISIONS

Article 1. Scope of regulation

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

2. The opening and use of foreign currency payment accounts of residents and non-residents, Vietnam dong payment accounts of non-residents and residents who are foreign individuals shall comply with regulations of the law on foreign exchange management and this Circular.

Article 2. Subjects of application

1. Payment service providers allowed to open payment accounts include:

a) State Bank of Vietnam (hereinafter referred to as the State Bank);

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

c) Foreign bank branches.

2. Organizations and individuals opening payment accounts at payment service providers (hereinafter referred to as the clients).

3. Other organizations and individuals involved in opening and using payment accounts at payment service providers.

Article 3. Forms of payment accounts

1. Forms of payment accounts shall include: personal payment accounts, corporate payment accounts and common payment accounts.

2. Personal payment account means a payment account that is opened by an individual client at a payment service provider.

3. Corporate payment account means a payment account opened by a corporate client at the payment service provider. The holder of the corporate payment account is the organization opening such payment account.

4. Common payment account means payment account opened under the names of at least two persons. The holders of common payment accounts may be organizations or individuals.

Article 4. Payment of interest on the balance on the payment account

1. The balance on the client's payment account opened at a bank or foreign bank branch shall be entitled to interest rate that is applicable to demand deposits, fixed and publicly posted by banks and foreign bank branches in accordance with the decisions of the Governor of the State Bank from time to time.

2. The payment of interest on the balance on the client's payment account opened at the State Bank is decided by the Governor of the State Bank from time to time.

Article 5. Authorization in use of payment account

1. The payment account holder may authorize the use of the payment account. The authorization must be made in writing, in accordance with the law on authorization and the following regulations:

a) For personal payment accounts: The payment account holder sends a written authorization with documents, information, and data to verify identification information for the individual or legal entity who is the authorized person to the payment service provider where the account is opened. Documents, information and data to verify identification information for authorized persons shall comply with Clauses 2 and 3, Article 12 of this Circular;

b) For corporate payment accounts: The payment account holder sends the payment service provider where the account is opened a written authorization of the organization's at-law representative or the organization's authorized representative (hereinafter referred to as the legal representative), chief accountant (or person in charge of accounting) with documents, information and data to verify identification information for the individual who is authorized as prescribed in Clause 2, Article 12 of this Circular.

2. The payment service providers must apply measures to verify identification information of the authorized persons as prescribed in Clause 2, Article 15 of this Circular.

Article 6. Freezing of the payment account

1. The payment account has part or the whole of its balance frozen as prescribed in Clause 1, Article 11 of the Decree No. 52/2024/ND-CP dated May 15, 2024 of the Government on non-cash payment and the law against terrorism and proliferation of weapons of mass destruction.

2. The termination of payment account freezing is carried out in accordance with Clause 2, Article 11 of the Decree No. 52/2024/ND-CP and the law against terrorism and proliferation of weapons of mass destruction.

3. After freezing the payment account, the payment service provider must notify the payment account holder or the legal representative or the guardian of the individual opening the payment account specified at Points b, c Clause 1, Article 11 of this Circular (hereinafter referred to as the representative) of the reason and scope of freezing the payment account (except in case the competent authority has a written request to the payment service provider not to notify the client of the freezing of payment account). The form of notification shall comply with the agreement on opening and use of payment account specified in Article 13 of this Circular.

4. The frozen amount on the payment account must be preserved and strictly controlled according to the freezing content. In case a payment account has part of its money amount frozen, the unfrozen part can still be used normally.

Chapter II

OPENING AND USE OF PAYMENT ACCOUNT

AT THE STATE BANK

Article 7. Subjects opening a payment account at the State Bank

1. The State Bank's Central Banking Department opens payment accounts for the following organizations:

a) Credit institutions (head offices);

b) Foreign bank branches in Vietnam;

c) Central State Treasury;

d) Other organizations as prescribed in Clause 2, Article 13 of the Decree No. 52/2024/ND-CP.

2. The State Bank branches in provinces and centrally-run cities (hereinafter referred to as the State Bank branches) open payment accounts for the State Treasury at provincial and district levels, credit institutions and foreign bank branches in the area.

Article 8. Opening of payment accounts at the State Bank

1. The dossiers, order, and procedures for opening payment accounts for the State Treasury, credit institutions, and foreign bank branches shall comply with Article 14 of the Decree No. 52/2024/ND-CP.

2. Opening of payment accounts for other organizations in accordance with Clause 2, Article 14 of the Decree No. 52/2024/ND-CP is carried out according to the decision of the Prime Minister or treaties and international agreements to which Vietnam is a contracting party.

Article 9. Use of payment account opened at the State Bank

1. The payment account opened at the State Bank may be used for deposit, withdrawal of cash, issue of cheque, accounting, monitoring and execution of payment orders via the payment systems which are organized and operated by the State Bank, ad hoc payment via account and other payment services supplied by the State Bank.

2. Payment accounts of credit institutions, foreign bank branches opened at the Central Banking Department of the State Bank may be used for executing payment transactions upon engaging in open market operations, sale and purchase of negotiable instruments, Government’s bonds, Treasury’s bills, State Bank’s bills and other activities in accordance with the law.

3. The Central Banking Department of the State Bank and the State Bank branches have the following rights and responsibilities:

a) Be entitled, at the own discretion, to deduct from (debit to) the payment account of client in following cases:

(i) Collect due, overdue debts, interest and other charges arising during the payment account management and supply of payment services according to regulations of the State Bank;

(ii) Adjust items that are wrongly accounted, or that are not accounted to the right nature or not conformable to the details of the payment account in accordance with applicable laws;

(iii) Upon finding out the client’s payment account is Credited wrongly or upon request for cancel/refund of Credit order from the payment service provider serving the remitter because such remitting payment service provider finds out some errors against the payment order of the remitter;

(iv) At the written request of competent state regulator in judicial execution of decision on administrative sanction, judgment enforcement decision, tax collection decision or other payment obligations in accordance with laws;

b) Refuse the payment order of the account holder in following cases:

(i) The payment order is illegal or invalid;

(ii) The account holder fails to fulfill requirements of payment procedure, the payment order is not compatible to registered details in the payment account opening file at the State Bank;

(iii) The balance on the payment account is insufficient;

(iv) Upon receiving the written request from a competent authority in accordance with applicable laws;

c) Keep and fully and promptly update documents, information and data in the payment account opening file, including specimen signature and specimen seal (if any) of the account opening organization to check and compare during the process of using payment accounts;

d) Provide information on payment transactions and balances on payment accounts for organizations opening payment accounts at the State Bank for checking and comparison.

4. The State Treasury, credit institutions, and foreign bank branches opening payment accounts at the State Bank have the following rights and responsibilities:

a) Use the balance on their payment accounts to make legal and valid payment orders;

b) Select the means of payment, services and utilities of payment offered by the State Bank;

c) Request the Central Banking Department of the State Bank and the State Bank branch where the payment account is opened to execute legal and valid payment orders and be provided with information on payment transactions and balance of payment account.

d) Provide complete, accurate, and timely documents, information, data in payment account opening files and other information as required by the Central Banking Department of the State Bank and the State Bank branch where the payment account is opened;

dd) The State Treasury, credit institutions, and foreign bank branches send to the Central Banking Department of the State Bank and the State Bank branch where the payment account is opened a notice of change in information on the payment account under the form in the Appendix No. 01 issued with this Circular;

e) Take responsibility for risks arising in case of providing or updating incomplete, incorrect, untimely information and for damages caused by their own errors.

Article 10. Closing of the payment account opened at the State Bank

1. The documents, order and procedures for closing payment accounts and handling of remaining balances on payment accounts of the State Treasury, credit institutions, and foreign bank branches at the State Bank shall comply with Clause 4, Article 14 of the Decree No. 52/2024/ND-CP.

2. The closing of payment accounts of central banks of foreign countries, foreign banks, international monetary institutions and international banks shall comply with international treaties and agreements to which Vietnam is a contracting party.

Chapter III

OPENING AND USE OF PAYMENT ACCOUNTS AT

BANKS, FOREIGN BANK BRANCHES

Article 11. Subjects opening payment accounts

1. The following individuals are eligible to open payment accounts at banks or branches of foreign banks:

a) A person who is aged full 15 years or older and does not have a limited civil act capacity or have not lost his/her civil act capacity according to Vietnam’s law;

b) A person under the age of 15, a person with a limited civil act capacity or lost his/her civil act capacity as defined by Vietnam’s law is entitled to open a payment account via his/her legal representative;

c) A person with difficulty in perceiving and controlling their acts as defined by Vietnam’s law may open a payment account via his/her guardian.

2. The organizations that are duly established and operate under Vietnam’s law, including: legal entities (Vietnamese legal entities, foreign legal entities), private enterprises, household businesses and other organizations, are allowed to open payment accounts at banks or branches of foreign banks in accordance with laws.

Article 12. Application for opening of payment account

1. Application for opening of payment account includes the following documents, information and data:

a) Agreement on opening and use of payment account as prescribed in Article 13 of this Circular;

b) Documents, information and data for verification of know-your-customer information as prescribed in Clauses 2 and 3 of this Article;

c) Agreement on management and use of common payment account between the undersigns of the application for opening the payment account (if any) in case of opening of common payment account.

2. Documents, information, and data on personal papers of individual clients:

a) In case the individual is a Vietnamese citizen: Citizen identity card, identity card or electronic identity (through access to level-2 electronic identification account) or people’s identity card or birth certificate for people aged under 14 years;

b) In case the individual is the person of Vietnamese origin with unknown citizenship: Identity certificate;

c) In case the individual is a foreigner:

(i) Passport and entry visa or a valid document in lieu of a visa or certificate of visa exemption for foreigners residing in Vietnam; or

(ii) Electronic identity (through access to level-2 electronic identification account).

3. Documents, information and data of organizational clients: Documents, information, and data for verification of know-your-customer information as prescribed at Point b, Clause 1, Article 12 of the Anti-Money Laundering Law; include documents, information, and data of the legal representative as prescribed in Clause 2 of this Article.

4. In case an individual opens a payment account through his/her representative as prescribed at Points b and c, Clause 1, Article 11 of this Circular, in addition to the documents, information and data mentioned in Clause 1 of this Article, the application for opening of payment account must also have:

a) In case the representative is an individual: documents, information and data serving the identification and verification of the representative's identification information in accordance with Clause 2 of this Article and documentations of the legal representative capacity of such person to the individual opening payment account;

b) In case the representative is a legal entity: documents, information and data serving the identification and verification of the legal entity's identification information in accordance with Clause 3 of this Article and documentations of the legal representative capacity of such legal entity to the individual opening payment account.

5. In addition to the documents, information and data specified in Clauses 1, 2, 3 and 4 of this Article, the banks and foreign bank branches can add other documents, information and data in the application for payment account opening, but must notify and give specific instructions to clients.

6. The collection and retention of the application for payment account opening must meet the following requirements:

a) Paper documents in the application for opening a payment account must be originals or authenticated copies or exact copies issued from the master register or copies with the presentation of originals for collation in accordance with the law on issuing copies from master register, authenticating copies from originals, authenticating signatures and authenticating contracts and transactions. In case of presentation of originals for collation, the bank or foreign bank branch must make confirmation on the copy and be responsible for the accuracy of the copy compared to the original. For documents issued by foreign competent authorities, the consular legalization shall be performed in accordance with the law on consular legalization;

b) The documents, information and data in the payment account opening application that are electronic data, banks and foreign bank branches must be checked, compared and authenticated to ensure that the content is complete, accurate and stored in accordance with the law on electronic transactions;

c) In case the documents, information and data in the payment account opening application mentioned at Points a and b of this Clause are in a foreign language, the banks or foreign bank branches shall agree with the clients on whether or not to translate them into Vietnamese, but must ensure the following principles:

(i) Banks and foreign bank branches must inspect, control and be responsible for confirming the content of documents, information and data in foreign languages to ensure that all information required in this Circular is provided;

(ii) Documents, information and data in foreign languages must be translated at the request of a competent authority; the translation must be certified by an authorized person of the bank or foreign bank branch or must be notarized or authenticated;

d) Documents, information, and data the payment account opening application in Clauses 1, 2, 3, 4 of this Article must be valid and within the validity period during the opening and use of the payment account.

Article 13. Agreement on opening and use of payment account

1. The agreement on opening and use of payment account between the bank, foreign bank branch and client must include at least the following contents:

a) Document number (if any), time (day, month, year) of making the agreement;

b) Name of bank, foreign bank branch;

c) Information on clients opening payment accounts as prescribed in Article 14 of this Circular;

d) Specific rights and obligations of the parties in accordance with Articles 20 and 21 of this Circular;

dd) Content on maintaining the minimum balance on the payment account and types of charges, charge levels, charge collection methods, charge adjustments in opening and use of the payment account;

e) Use of payment accounts includes:

(i) Use of payment accounts in accordance with Article 17 of this Circular;

(ii) Scope and limit of transaction on payment account when making payment;

(iii) Cases of debiting payment accounts in accordance with the law and other cases of debiting related to fraud or deception upon the conclusion from the competent authority;

(iv) Management and use of common payment accounts (for common payment accounts);

g) Cases of freezing and termination of freezing of payment accounts, including:

(i) Case of detection any discrepancies or unusual signs during the process of opening and use of the payment account;

(ii) Case of having basis to suspect that the client's payment account is fraudulent or violates the law;

(iii) Other cases in accordance with the law;

h) Cases of closing a payment account and handling the remaining balance upon closing the payment account, including:

(i) In case a client is discovered to use fake documents, impersonation to open or use a payment account for the purpose of fraud or deception or other illegal activities;

(ii) In case the account does not maintain sufficient balance and no transactions occur within a certain period of time according to the regulations of the bank or foreign bank branch;

(iii) Other cases in accordance with the law;

i) Supply of information and forms of notification to payment account holders on: balance and transactions arising on the payment account; freezing or closing of payment accounts; expiry date of personal papers in the payment account opening application and other necessary information during the process of using the payment account;

k) Methods for receiving investigation and complaint requests; time limit for processing investigation and complaint requests and handling of investigation and complaint results in accordance with regulations on non-cash payment services;

l) Implementation of risk management measures to ensure safety and security in using payment accounts, including: cases of re-verification of know-your-customer information and refusal to perform transactions or suspension of payment transactions and withdrawals on payment accounts in accordance with Article 19 of this Circular;

m) Processing of personal data of clients or personal data provided by clients, provision of information to third parties to serve the provision of payment services to clients, processing of cases of suspected fraud, forgery, or violation of the law;

n) The information is provided in the following cases:

(i) Provide information as requested by competent authorities in accordance with the law or with the consent of the client;

(ii) Provide information on the balance on the payment account to the representative, the heir (or representative of the heir) of the personal payment account holder when the payment account holder has died or has been declared dead.

2. In case of agreement on opening and use of payment account according to the form and general transaction conditions, the banks or foreign bank branches shall:

a) Publicly post the agreement form and general transaction conditions at the transaction location and post on the website, banking application software on the Internet, and mobile phone (if any) of the banks, foreign bank branches;

b) Provide full information on the agreement form and general transaction conditions to clients and take measures to confirm that the client has read and agreed to be fully informed.

3. In addition to the contents specified in Clause 1 of this Article, the banks and foreign bank branches may agree with clients on other contents that are not contrary to the law.

Article 14. Information on clients opening payment accounts

1. For personal payment accounts, the following information must be included:

a) For individuals who are Vietnamese citizens or people of Vietnamese origin with unknown citizenship: full name; date of birth; nationality; profession, position; phone number; personal identification number or identity card number; date of issue, place of issue, and expiration date of personal papers; tax code (if any); permanent residence registration address and other current residence (if any); subject to residents or non-residents;

b) For individuals who are foreigners: full name; date of birth; nationality; profession, position; phone number; passport number or identification information issued by a foreign competent authority, date of issue, place of issue, and expiration date of the passport; foreigner’s identification number (if any); entry visa number or number of documents in lieu of entry visa (for foreigners residing in Vietnam), except in cases of visa exemption according to law; registered residence address in the foreign country and registered residence address in Vietnam (in case of foreigners residing in Vietnam); subject to residents or non-residents;

c) For individual clients who have two or more nationalities, include the corresponding information at Points a and b of this clause; passport number, date of issue, place of issue, expiration date of passport; nationality, address of residence in the country of the other nationality;

d) In case an individual opening a payment account falls under the provisions of Points b and c, Clause 1, Article 11 of this Circular, the information on the representative, specifically:

(i) If the representative is an individual, the information on the individual who is the representative is carried out under Points a, b, c of this Clause;

(ii) If the representative is a legal entity, the information on the legal entity that is the representative is carried out under Clause 2 of this Article.

2. For corporate payment accounts, the following information must be included:

a) Information on the account holder includes: Full and abbreviated transaction name; head office address; trading address; establishment license number or number of documentations of organization’s legal establishment and operation; business code or tax code (if any); specimen seal (if any); organization identification number (if any); phone number; fax number, website (if any); business areas;

b) Information on the legal representative of the organization opening the payment account and the authorized person (if any) as prescribed at Points a, b, c, Clause 1 of this Article;

c) Information on the chief accountant or person in charge of accounting (if any) of the organization opening the payment account as prescribed at Points a, b, c, Clause 1 of this Article.

3. For common payment accounts, the following information must be included:

a) In case the subject opening a common payment account is an individual, there must be information as prescribed in Clause 1 of this Article;

b) In case the subject opening a common payment account is an organization, there must be information as prescribed in Clause 2 of this Article.

Article 15. Order and procedures for opening a payment account

1. Upon having a demand for opening a payment account, the clients provide the bank or foreign bank branch where they request to open a payment account with documents, information and data for verification of know-your-customer information in accordance with Article 12 of this Circular.

2. The banks and foreign bank branches check the legality, validity and comparison to ensure the correctness and accuracy of documents, information and data provided by clients and conduct verification of know-your-customer information in accordance with the law on anti-money laundering.

3. After completing the check, comparison and verification of know-your-customer information, the banks and foreign bank branches shall:

a) In case the documents, information and data are complete, accurate and legal, the banks or foreign bank branches shall provide the client with the agreement on opening and use of payment account in accordance with Article 13 of this Circular;

b) In case the documents, information, data are incomplete, inaccurate or not conformable, the banks or foreign bank branches shall notify the clients to check, complete the dossiers or refuse to open payment account and clearly state the reason to the clients;

c) In case the client is detected using fake or illegal documents, information, or data or the client is on the Black List under the law on anti-money laundering, the banks or foreign bank branches shall report to the competent authorities and handle according to the law.

4. After the client agrees with the contents of the agreement on opening and use of payment account, the banks or foreign bank branches shall open a payment account and notify the client of the account number and name of payment amount, payment account start date.

5. Banks and foreign bank branches shall, based on the conditions and supply capabilities of their units, provide guidance on documents, order and procedures for opening payment accounts for clients with disabilities, but must ensure to collect sufficient documents, information and data for verification of know-your-customer information in accordance with this Circular.

6. Banks and foreign bank branches shall, based on the conditions and supply capabilities of their units, guide clients on dossiers, order and procedures for opening of payment accounts, including the refusal to open a payment account in accordance with this Circular, the law on anti-money laundering and take responsibility for the accuracy, strictness and completeness of the payment account opening dossiers with the clients.

Article 16. Opening of payment account by electronic means

1. Banks and foreign bank branches shall issue internal regulations on processes and procedures for opening payment accounts by electronic means in accordance with this Circular, the law on anti-money laundering, e-transactions, protection of personal data, ensuring safety and security and including at least the following steps:

a) Collect documents, information and data for verification of know-your-customer information as prescribed in Clauses 2 and 3, Article 12 of this Circular and:

(i) Biometric information of account holders for individual clients;

(ii) Biometric information of the legal representative of the organizational clients;

b) Check the legality and validity of documents, information, and data for verification of know-your-customer information and compare and match the biometric information of the payment account holder (for individual clients), the legal representative (for organizational clients) with:

(i) Biometric data stored in the encrypted information storage part of the citizen identity card or identity card with accuracy authentication as issued by the Public Security agencies or through authentication of such person's electronic identification account created by the electronic identification and authentication system; or

(ii) Biometric data collected and checked (ensuring the consistency between the person's biometric data and the biometric data in the encrypted information storage part of the citizen identity card or identity card with accuracy authentication as issued by the Public Security agencies or with such person's biometric data through authentication of electronic identification account created by the electronic identification and authentication system);

c) Display warnings to the clients on forbidden actions when opening and using payment accounts by electronic means and take technical solutions to confirm that clients have fully read the warning contents;

d) Provide the clients with the content of the agreement on opening and use of payment account in accordance with Article 13 of this Circular and confirm the clients’ acceptance of the agreement on opening and use of payment account as specified at Point b, Clause 2 of this Article;

dd) Inform the clients of payment account number, name, transaction limit of payment account and start date of payment account operations.

2. Banks and foreign bank branches shall, at the own discretion, decide on the measures, forms and technologies to serve the opening of payment accounts by electronic means, bear the arising risks (if any) and must meet at least the following requirements:

a) Measures, forms, and technologies chosen by banks and foreign bank branches must ensure standards of security, safety, and confidentiality according to regulations of the State Bank;

b) Confirmation of the client's acceptance of the contents in the agreement of opening and use of payment account:

(i) For personal payment accounts: take technical measures in using electronic confirmation to express the account holder's approval of the contents in the agreement of opening and use of payment account;

(ii) For corporate payment accounts: The legal representative signs an electronic signature to confirm the account holder's approval of the contents in the agreement of opening and use of payment account;

c) Store and preserve complete and detailed documents, information, and client identification data during the process of opening and using payment accounts by electronic means, such as: know-your-customer information; biometric factors of the personal payment account holder, legal representative of the organization opening the payment account; sound, image, video recording, audio recording; phone number registered for transactions on banking application software on the Internet and mobile phones; unique identification information of the transaction device (MAC address); transaction log; results of comparing biometric information as prescribed at Point b, Clause 1 of this Article. The information and data must be stored safely and confidentially, backed up, ensuring the completeness and integrity of the data to serve the inspection, comparison, and authentication of account holders during the process of using payment accounts, settlement of tracing, complaints and disputes and provision of information upon request from competent agencies. Implementation time shall comply with the law on anti-money laundering and e-transactions;

d) Banks and foreign bank branches must regularly check and evaluate the level of safety and security of measures, forms, and technologies and temporarily suspend service provision for upgrading, editing, and completion in case of signs of insecurity.

3. Opening of payment account by electronic means does not apply to the following cases:

a) Common payment account;

b) Payment account in foreign currency;

c) Individual clients in accordance with Points b and c, Clause 1, Article 11 of this Circular, individual clients as people from full 15 years old to under 18 years old.

Article 17. Use of payment account

1. The account holder can use the payment account to deposit and withdraw cash and request banks and foreign bank branches to provide payment services through the account such as: providing payment utilities, performing check payment services, payment orders, payment orders, collection, collection orders, bank cards, money transfer, collection, payment and other added services in accordance with current laws.

2. The use of payment accounts by individuals who are under 15 years old, people with limited or lost civil act capacity, people with difficulties in cognition and behavior control must be done through their representative. The representative carries out payment transactions through the represented person's payment account in accordance with civil law on guardianship and representation.

3. The use of payment accounts opened to serve the purpose of monitoring deposits, ensuring solvency and other purposes as prescribed by law must ensure compliance with relevant legal regulations. Banks and foreign bank branches are not allowed to proactively debit deposits, amounts on payment guarantee accounts, or amounts to ensure the performance of obligations in accordance with law except in the case of deposits or money to ensure the performance of obligations for such bank or foreign bank branch.

4. The use of a common payment account must comply with the contents of the written agreement (or contract) on management and use of the common payment account of the account holders and must comply with the following principles:

a) Common payment account holders have equal rights and obligations regarding the shared payment account and the use of common payment account must be approved by all account holders. Each account holder is responsible for paying all debt obligations arising from the use of the common payment account;

b) Notices related to the use of common payment accounts must be sent to all account holders, unless there is an agreement between the bank, foreign bank branch and other common payment account holders;

c) Each common payment account holder can authorize another person (including the remaining common payment account holder) to use the common payment account on his/her behalf, but must have the written consent of all remaining common payment account holders;

d) When one of the subjects in whose name the common payment account is opened is an individual who dies, is declared dead, is declared missing, or loses civil act capacity; the subject whose name is to open a common payment account is an organization that is dissolved, bankrupt or terminates operations in accordance with the law, exercising the right to use the account and obligations arising from the use of a common payment account resolved in accordance with law;

e) In case the common payment account holders have different nationalities and residence statuses, the common payment account can only be used to the extent permitted by all common payment account holders in accordance with the foreign exchange management law.

5. Banks and foreign bank branches shall instruct clients to use payment accounts to ensure the following principles:

a) Scope of use and transaction limits for each client in accordance with regulations on risk management and agreement on opening and use of payment accounts as prescribed at Point c, Clause 1, Article 19 of this Circular;

b) Have enough necessary information to check, compare and verify know-your-customer information during the process of using the payment account;

c) Withdrawals and payment transactions can only be made by electronic means on the payment account when completing comparison of the identity papers and biometric information of the account owner or representative (for individual clients) or legal representative (for organizational clients) with:

(i) Such person’s biometric data stored in the encrypted information storage part of the citizen identity card or identity card with accuracy authentication as issued by the Public Security agencies or through authentication of such person's electronic identification account created by the electronic identification and authentication system; or

(ii) Biometric data collected through a face-to-face meeting with such person in case of foreigners who do not use electronic identification, or people of Vietnamese origin with unknown citizenship; or

(iii) Biometric data collected and checked (ensuring the consistency between the person's biometric data and the biometric data in the encrypted information storage part of the citizen identity card or identity card with accuracy authentication as issued by the Public Security agencies or with such person's biometric data through authentication of electronic identification account created by the electronic identification and authentication system); or

(iv) Such person's biometric data stored in the National Population Database in case of using a citizen identity card without encrypted information storage part;

d) Apply authentication measures for each type of transaction in payment by electronic means according to the State Bank's regulations on safety and security for the provision of banking services by electronic means;

dd) The use of payment accounts in Vietnam Dong by non-residents, residents who are foreign individuals and the use of payment accounts in foreign currencies must comply with this Article and the laws on foreign exchange control.

6. The handling of investigation and complaint requests regarding the use of payment accounts is carried out in accordance with the agreement between the payment account holder and the bank or foreign bank branch and regulations on non-cash payment services.

Article 18. Closing of payment account

1. Closing of the payment account and handling of the remaining balance on the payment account upon closing the payment account are carried out in accordance with Article 12 of the Decree No. 52/2024/ND-CP and the agreement between the bank, foreign bank branches with account holders as prescribed at Point h, Clause 1, Article 13 of this Circular.

2. After closing the payment account, the bank or foreign bank branch must notify the payment account holder, representative or legal heir in case the individual payment account holder has died or has been declared dead. The bank or foreign bank branch shall handle the remaining balance when closing the payment account according to the prior agreement between the payment account holder and the payment service provider and in accordance with relevant laws in case the payment account holder, representative or legal heir has been notified but does not come to receive it.

3. After closing the payment account, the clients with demand to use the payment account must carry out procedures to open a payment account in accordance with this Circular.

Article 19. Assurance of safety and security in opening and use of payment accounts

1. Banks and foreign bank branches must issue internal regulations on risk management in opening and use of payment accounts, including the following contents:

a) Measures to check, compare and verify know-your-customer information during the process of opening and use of payment accounts include:

(i) Measures to check the legality, validity and comparison to ensure the correctness and accuracy of documents, information and data in the client's payment account opening dossier;

(ii) Measures to prevent acts of impersonation, intervention, editing, or falsification of verification of know-your-customer information during the process of opening and use of payment accounts of the clients;

(iii) Technical measures and technological solutions to compare and match the client's biometric information in accordance with Point b, Clause 1, Article 16 and Point c, Clause 5, Article 17 of this Circular;

(iv) Measures to ensure that the use of the payment account is carried out by the payment account holder or authorized person or representative or legal representative;

(v) Other measures prescribed by banks and foreign bank branches for prevention of risks of fraud, impersonation, law violations or taking advantage of payment accounts for illegal purposes;

b) The set of criteria for identifying payment accounts with signs of suspected fraud, deceptions, or violations of law (hereinafter referred to as the set of criteria) includes at least signs of: doubt on the legality and validity of papers, documents, information and data in the payment account opening dossier; quantity, value, and frequency of transactions through the payment account not in consistence with the account holder's know-your-customer information; the payment account holder or legal representative of the organization opening the account on the warning list of the authorities. Banks and foreign bank branches must regularly review, edit, supplement and update the set of criteria based on documents, information and data during the process of opening and using clients' payment accounts;

c) Identify types of potential risks in opening and use of payment accounts and corresponding risk handling measures. Risk handling measures include:

(i) Regulations on transaction scope and limits according to client-type based risk levels; including specific regulations on risk management measures for the clients under 18 years old;

(ii) Cases where know-your-customer information must be updated and re-verified, including cases specified in Clause 4 of this Article;

(iii) Cases of applying refusal or suspension of withdrawals and payment transactions by electronic means;

d) Regulations on checking and comparing account holder identification information with the State Bank's information system to support management, supervision and prevention of fraud risks in payment activities and a list of related clients involved in suspected fraud, deceptions, violations of the law provided by the Ministry of Public Security and other authorities (if any) to apply appropriate risk management measures;

dd) Internal regulations on risk management must be regularly reviewed, edited and supplemented based on directions, recommendations, warnings of authorities and updated information and data on risks arising during the process of opening and use of payment accounts for clients.

2. Banks and foreign bank branches must regularly warn and instruct clients on methods and tricks of criminals in opening and use of payment accounts; Instructions on data security and safe use of payment accounts.

3. Banks and foreign bank branches must monitor the validity of identity papers of account holders and related persons during the process of using payment accounts; notify clients at least 30 days before the expiration date of identity papers to promptly request clients to update and supplement information; temporarily suspend payment transactions and withdrawals on payment accounts in case the client’s identity papers are invalid or expired.

4. Banks and foreign bank branches must verify know-your-customer information and promptly apply measures in accordance with the law on anti-money laundering in the following cases:

a) The clients have suspicious signs in accordance with the Anti-Money Laundering Law;

b) The bank or foreign bank branch has grounds to doubt the legality and validity of the client's previously collected payment account opening dossier;

c) Information on the personal payment account holder or the legal representative of the organization opening the payment account is on the Black List according to the law on anti-money laundering, list of suspected fraud, deceptions of the Information system supporting the management, monitoring and prevention of fraud risks in payment activities of the State Bank or list of related clients suspected of fraud, deception, or violation of law provided by the Ministry of Public Security and other authorities (if any);

d) The information on payment accounts and payment account holders is incorrect or inconsistent with information and data of competent authorities.

5. Banks and foreign bank branches must comply with regulations on safety and information security in opening and use of payment accounts in accordance with the law.

Article 20. Rights and obligations of payment account holder

1. The payment account holder has the right to:

a) Use the money on his/her payment account to make legal and valid payment orders;

b) Select and agree on the use of means of payment, services and utilities of payment at the bank or foreign bank branch where the client opens a payment account;

c) Authorize to use payment account as prescribed in Article 5 of this Circular;

d) Request the bank or foreign bank branch where the payment account is opened to execute legal and valid payment orders and be provided with information on the balance and transactions arising on the payment account according to the agreement with the bank or foreign bank branch;

dd) Request the bank or foreign bank branch where the payment account is opened to freeze and terminate the freezing in accordance with Point a Clause 1, Point a Clause 2 Article 11 of the Decree No. 52/2024/ND-CP, to close the opened payment account; may send notices to banks and foreign bank branches about disputes arising over common payment accounts between common payment account holders;

e) Request banks and foreign bank branches to provide guidance on safe management and use of payment accounts and answer and handle questions and complaints during the process of opening and use of payment accounts according to agreements with banks and foreign bank branches;

g) Other rights as prescribed by law or according to prior written agreement between the payment account holder and the bank or foreign bank branch where the payment account is opened that is not contrary to the law.

2. The payment account holder has the following obligations:

a) Make sure the sufficient balance in the payment account to execute the made payment orders. In case there is an overdraft agreement with the bank or foreign bank branch where the account is opened, the related obligations must be fulfilled when paying in excess of the credit balance on the account;

b) Comply with regulations on opening and use of payment accounts in this Circular and agreements with banks and foreign bank branches;

c) Promptly notify the bank or foreign bank branch where the account is opened when detecting errors or mistakes on his/her payment account or suspecting that his/her account is misused;

d) Refund or coordinate with banks and foreign bank branches in refunding amounts due to errors or mistakes credited to his/her payment account;

dd) Provide complete, accurate and timely updates to banks and foreign bank branches of information in payment account dossiers and additional information as requested by banks and foreign bank branches according to agreement; take responsibility for risks arising in case of providing or updating incomplete, inaccurate, and untimely information and for damages caused by his/her errors;

e) Maintain a minimum balance on the payment account according to regulations of the bank and foreign bank branch;

g) Not perform prohibited acts regarding opening and using payment accounts specified in Article 8 of the Decree No. 52/2024/ND-CP.

Article 21. Rights and obligations of banks and foreign bank branches

1. Banks and foreign bank branches where the clients open accounts have the right to:

a) At the own discretion, debit the clients' payment accounts in the following cases:

(i) At the written request of competent state regulator in judicial execution of decision on administrative sanction, make judgment enforcement decision, tax collection decision or other payment obligations in accordance with laws and notify the payment account holder;

(ii) Adjust items that are wrongly accounted, or that are not accounted to the right nature or not conformable to the details of the payment account in accordance with applicable laws and notify the payment account holder;

(iii) Upon discovering the mistake in crediting a client's payment account or upon request to cancel a credit transfer order from a bank or foreign bank branch serving the remitter because the bank or foreign bank branch serving the remitter discovers that there is an error compared to the payment order made by the remitter; debiting the payment account must be notified to the payment account holder;

(iv) According to a prior written agreement between the payment account holder and the bank or foreign bank branch to make regular, periodic payments or collect due, overdue debts, and interest and incurred costs; debiting the payment account must be notified to the payment account holder;

b) Refuse to execute payment orders of payment account holders in the following cases:

(i) The payment order is illegal or invalid;

(ii) The payment account holder does not fully comply with the payment procedure requirements or the details on the payment order do not match the details registered in the payment account opening file or the payment order does not comply with the agreements on opening and use of the payment account;

(iii) The payment account has insufficient balance to execute the payment order or exceeds the overdraft limit;

(iv) The payment account is closed or completely frozen;

(v) Upon receiving the written request from a competent authority in accordance with applicable laws;

(vi) The payment account holder violates prohibited acts as prescribed in Article 8 of the Decree No. 52/2024/ND-CP;

(vii) The payment account holder refuses to provide information or provides incomplete know-your-customer information as requested by the bank or foreign bank branch or upon doubting the truthfulness of the information and transaction purpose for special transactions to be monitored in accordance with the on anti-money laundering law;

(viii) Other cases as agreed in advance with the client in the payment account opening and use agreement including: In case the payment account shows signs of being related to fraud or serving illegal purposes according to the criteria of the bank or foreign bank branch;

c) Refuse to comply with the payment account holder's request to close or freeze the payment account in case the payment account holder has not fulfilled the payment obligation according to the enforcement decision of the competent authority or has not yet fulfilled the payment obligation for debts payable to banks and foreign bank branches;

d) Regulate minimum balance, scope of use, method of use, transaction limits on payment accounts and make public announcements and specific instructions to clients;

dd) Regulate measures to ensure safety and security of opening and using payment accounts in accordance with the law;

e) Exercise other rights as prescribed by law or according to a written agreement between the payment account holder and the bank or foreign bank branch that is not contrary to the law.

2. Banks and foreign bank branches have the following obligations:

a) Execute the payment order of the payment account holder after checking and controlling the legality and validity of the payment order;

b) Store and fully update specimen signature and specimen seal (if any) of registered clients for checking and comparison during the process of using the payment account;

c) Timely credit the client's payment account with incoming payment orders, cash deposits into the account; refund amounts that have been mistakenly debited to the client's payment account; coordinate the refund of amounts that have been mistakenly transferred to the client's payment account at the request of the bank or foreign bank branch serving the remitter due to errors compared to the payment order made by the remitter;

d) Provide full and timely information to the payment account holder on the balance, transactions, documents of transactions arising on the payment account and the freezing of the payment account in writing or according to the forms specified in the agreement on opening and use of payment account and be responsible for the accuracy of the information provided;

dd) Update client information periodically or when the clients notify changes in information in payment account opening dossiers and promptly update and verify know-your-customer information when determining that the clients have high risk levels according to criteria issued by banks and foreign bank branches. Preserve and store payment account dossiers and transaction documents via the account in accordance with the law;

e) Secure information, personal data of clients or personal data provided by clients, information related to payment accounts and transactions on clients' payment accounts in accordance with the law;

g) Be responsible for damages arising in the following cases:

(i) Damage caused by errors or faults of banks and foreign bank branches, including failure to comply with the law on safety and security in service provision;

(ii) Damage caused by banks and foreign bank branches failing to comply with the requirements of competent authorities on handling cases related to fraud, deception, and violations of law;

(iii) Damage caused by banks and foreign bank branches not applying remedial measures according to internal regulations on risk management in opening and use of payment accounts upon receipt of written notification from the competent authority regarding clients and client payment accounts related to fraud, deception, or violation of law;

h) Comply with the law on prevention of money laundering and terrorist financing and not commit prohibited acts on opening and use of payment accounts specified in Article 8 of the Decree No. 52/2024/ND-CP;

i) Instruct clients to use payment accounts safely, notify and explain to clients about prohibited behaviors in opening and use of payment accounts and promptly answer and handle questions and complaints of clients in opening and use of payment accounts in accordance with this Circular and the agreement between the payment account holder and the bank or foreign bank branch;

k) Issue internal regulations on opening and use of payment accounts at banks and foreign bank branches; give instructions and public announcements for clients for information and implementation. Internal regulations must include at least the following contents:

(i) Regulations on documents, order and procedures for opening payment accounts, including cases of opening payment accounts by electronic means and opening payment accounts for the clients as people with disabilities, people without civil act capacity, people with lost or limited civil act capacity;

(ii) Regulations on agreement on opening and use of payment accounts;

(iii) Regulations on use of payment accounts;

(iv) Regulations on handling investigation and complaint requests, form of request for investigation of complaints;

(v) Regulations on risk management in opening and use of payment accounts in accordance with Clause 1, Article 19 of this Circular.

Article 22. Supply of information

1. Banks and foreign bank branches provide information on the clients' payment accounts according to the guidance of the State Bank to perform state management functions.

2. No later than the 10^th day of every month, banks and foreign bank branches shall provide at the request of the State Bank information on accounts showing signs of fraud, deception, or violation of law according to the Appendix No. 02. promulgated together with this Circular. The provision of information is carried out electronically according to the State Bank's technical connection instructions

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Chapter IV
IMPLEMENTATION ORGANIZATION

Article 23. Effect

1. This Circular takes effect from July 1, 2024, except for the cases specified in Clauses 2, 3, 4 and 5 of this Article.

2. Articles 12, 13, 14, 15, 16 and Article 19 (except for the provisions in Clause 3) of this Circular takes effect from October 1, 2024.

3. The provisions at Point c, Clause 5, Article 17 applying to individual payment accounts and Clause 3, Article 19 of this Circular take effect from January 1, 2025.

4. The provisions at Point c, Clause 5, Article 17 of this Circular applying to payment accounts of organizations take effect from July 1, 2025.

5. For the credit institution under special control:

a) Article 16, the provisions at Point c, Clause 5, Article 17 applying to individual payment accounts and Clause 3, Article 19 of this Circular take effect from July 1, 2025;

b) The provisions at Point c, Clause 5, Article 17 of this Circular applying to payment accounts of organizations take effect from January 1, 2026.

6. 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 providers, amended, supplemented by Circular No. 02/2019/TT-NHNN dated February 28, 2019 of the Governor of the State Bank of Vietnam amending and supplementing a number of articles of the Circular No. 23/2014/TT-NHNN dated August 19, 2014 of the State Bank of Vietnam guiding the opening and use of payment accounts at payment service providers and the Circular No. 16/2020/TT-NHNN dated December 4, 2020 of the Governor of the State Bank of Vietnam, 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 providers shall cease to be effective from the effective date of this Circular, except for Articles 12, 13, 13a, 14 and Article 14a, which are valid until September 30, 2024.

Article 24. Transitional provision

For the clients opening payment accounts before October 1, 2024, the banks and foreign bank branches shall coordinate with the clients in updating and supplementing documents, information and data in payment account dossiers in accordance with Article 12 of this Circular, completed before January 1, 2026.

Article 25. Implementation organization

1. The Payment Department is responsible for monitoring, inspecting and coordinating with relevant units to handle problems arising during the implementation of this Circular.

2. The Banking Supervisory Agency and State Bank branches are responsible for inspecting and supervising the implementation of this Circular and handling violations under their authority.

3. The Chief of Office, the Director of Payment Department, the Heads of units under the State Bank; the banks and foreign bank branches are responsible for organizing the implementation of this Circular./.

For the Governor

The Deputy Governor

Pham Tien Dung

* All Appendices are not translated herein.