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.
