Circular No. 02/2019/TT-NHNN amending and supplementing certain articles of Circular No. 23/2014/TT-NHNN dated August 19, 2014 of the State Bank of Vietnam guiding the opening and use of settlement accounts at service-providing organizations.

CIRCULAR

Amending and supplementing certain Articles of 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 service providers

on payment services

sử dụng tài khoản thanh toán tại tổ chức cung ứng dịch vụ thanh toánFor power plants invested under the Build-Operate-Transfer (BOT) model, n is determined according to the operational period of the power plant stipulated in the BOT contract.

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

The Government promulgates this Decision to amend and supplement some articles of Decision No. 31/2007/QĐ-TTg dated March 5, 2007 of the Government on credit for households engaged in production and business activities in difficult areas and Decision No. 92/2009/QĐ-TTg dated July 8, 2009 of the Government on credit for traders operating in trade in difficult areas.

Pursuant to Decree No. 101/2012/NĐ-CP dated November 22, 2012 of the Government on non-cash payments; Decree No. 80/2016/NĐ-CP dated July 1, 2016 of the Government amending and supplementing certain Articles of Decree No. 101/2012/NĐ-CP dated November 22, 2012 of the Government on non-cash payments;

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

At the proposal of the Payment Department Director;

The Governor of the State Bank of Vietnam hereby promulgates this Circular amending and supplementing certain Articles of 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 service providers on payment services.

Article 1. Amending and supplementing certain Articles of 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 service providers on payment services

The title "People's Artist" shall be awarded to individuals specified in Clause 2 of Article 2 of this Decree who meet the following criteria:

"3. A payment account of an organization is an account opened by an organizational customer at a service provider on payment services. The holder of an organizational payment account is the organization that opens the account. The legal representative or authorized representative (collectively referred to as the lawful representative) of the organization that opens the payment account acts on behalf of the organization to carry out transactions related to the payment account within the scope of representation."

Clause 1 and Clause 2 of Article 4 shall be amended and supplemented as follows:

"1. The holder of a payment account may authorize another person to use their payment account.

2. The authorization for the use of a payment account must be in writing and carried out in accordance with the provisions of the law on authorization."

Clause 2 of Article 5 shall be amended and supplemented as follows:

"d) Providing complete, clear, and accurate information related to the opening and use of a payment account. Promptly notifying and sending relevant documents to the service provider on payment services where the account is opened when there is a change in the information in the account opening application. Changes to information about a payment account opened at the State Bank of Vietnam shall be implemented according to Appendix No. 03 attached to this Circular;"

Clause 2 of Article 6 shall be amended and supplemented as follows:

"b) Retaining and updating all samples of signatures and seals (if any) of customers who have registered for verification and comparison during the use of a payment account;"

"d) Providing full and timely information about the balance, transactions occurring on the payment account, and the freezing of the payment account in writing or through methods specified in the contract for opening and using the payment account and being responsible for the accuracy of the information provided;"

Clause 1 of Article 8 shall be amended and supplemented as follows:

"c) Documents proving the lawful representative's status of the organization that opens the payment account and the identity card or citizen identification card or passport still valid of that person;

d) Appointment letter or decision and the identity card or citizen identification card or passport still valid of the chief accountant or accounting officer, transaction control personnel with the State Bank of Vietnam;"

6. Article 11 shall be amended and supplemented as follows:

"Article 11. Subjects eligible to open payment accounts

1. Individuals opening payment accounts at banks, foreign bank branches include:
a) Persons aged 18 years or older with full civil capacity under Vietnamese law;

b) Persons aged 15 years or older but under 18 years old not losing or having limited civil capacity;

c) Persons under 15 years old, persons with limited civil capacity, persons without civil capacity under Vietnamese law opening payment accounts through their legal representatives;

d) Persons with difficulties in understanding and controlling their actions under Vietnamese law opening payment accounts through their guardians.

2. Organizations established and operating legally under Vietnamese law include: legal entities, private enterprises, individual households, and other organizations that can open payment accounts at banks, foreign bank branches in accordance with the law."

"1. For individual payment accounts:

a) An application for opening a payment account prepared according to the model of the bank, foreign bank branch where the account is opened and consistent with the provisions of Clause 1 of Article 13 of this Circular;

b) Identity card or citizen identification card or passport still valid, birth certificate (for individuals under 14 years old who are Vietnamese citizens), entry visa or document proving exemption from entry visa (for individuals who are foreigners) of the account holder;

c) In cases where an individual opens a payment account through a guardian or legal representative, in addition to the documents mentioned in points a and b of Clause 1 of this Article, the account opening application must also include the identity card or citizen identification card or passport still valid of the guardian or legal representative and documents proving the lawful representative's status of that person regarding the account holder.

2. For organizational payment accounts:

a) An application for opening a payment account prepared according to the model of the bank, foreign bank branch where the account is opened and consistent with the provisions of Clause 2 of Article 13 of this Circular;

b) Documents proving that the organization opening the payment account has been established and operates legally: Decision on establishment, business license, enterprise registration certificate or other documents as prescribed by law;

c) Documents proving the status of the lawful representative and appointment decision of the chief accountant or accounting officer (if any) of the organization opening the payment account accompanied by the identity card or citizen identification card or passport still valid of those persons."

"4. The documents in the account opening file for a payment account as stipulated in Clause 1 and Clause 2 of this Article (excluding the application form for opening a payment account prepared according to the bank's model) shall be original or copies. For documents in the account opening file for a payment account in a foreign language, the bank, foreign bank branch may agree with the customer on translating them into Vietnamese but must ensure the following principles:

a) Documents proving that the organization opening a payment account has been established and operates legally (decision on establishment, business license, business registration certificate); documents proving the legal representative's status of the account holder in opening and using the payment account (appointment decision, authorization letter) must be fully translated into Vietnamese;

b) Passports and other documents in the account opening file for a payment account only need to be translated into Vietnamese upon request from competent state agencies;

c) The Vietnamese translation must be attached to the original document in a foreign language for verification and comparison;

d) The service provider of payment transactions bears responsibility for controlling and ensuring the authenticity, accuracy, and completeness of the content translated into Vietnamese compared to the content of the documents in a foreign language."

"1. The application form for opening an individual payment account must include the main contents as follows:

a) Information about the account holder, including:

- For Vietnamese individuals: full name, date of birth, nationality; occupation, position; phone number; citizen identification card number or identity card number or passport number still valid, date of issue, place of issuance; registered domicile address and current residence address; whether they are resident or non-resident individuals;

- For foreign individuals: full name, date of birth, nationality; occupation, position; phone number; passport number still valid, date of issue, place of issuance, entry visa; registered residence address abroad and registered residence address in Vietnam; whether they are resident or non-resident individuals.

b) In cases where an individual opens a payment account through a guardian or legal representative: information about the guardian or legal representative of the account holder, including:

- In case the guardian or legal representative of the account holder is an individual, the information about the guardian or legal representative shall be implemented according to the provisions of point a of Clause 1 of this Article;

- In case the guardian of the account holder is an organization, the information includes: full trading name and abbreviation; headquarters address, transaction address, phone number, fax number (if any); field of operation, business; legal representative of the organization.

c) Sample signature of the account holder or legal representative, guardian, and other related persons (if any) on transaction documents with the bank, foreign bank branch.

2. The application form for opening a payment account of an organization must include the main contents as follows:

a) Full trading name and abbreviation; headquarters address, transaction address, phone number, field of operation, business;

b) Information about the legal representative of the organization opening a payment account as stipulated in point a of Clause 1 of this Article;

c) Information about the chief accountant or accounting supervisor (if any) of the organization opening a payment account as stipulated in point a of Clause 1 of this Article;

9. Amend Clause 3, Clause 4, Clause 5 and supplement Clause 6 to Article 14 as follows:

"3. After completing the verification and comparison process and ensuring that the documents in the account opening file for a payment account are complete, legal, and compliant with the regulations, the bank, foreign bank branch will proceed to sign the contract for opening and using a payment account with the customer as follows:

a) For individual account holders: the bank, foreign bank branch must meet the account holder or guardian, legal representative of the account holder (in cases where the account is opened through a guardian or legal representative) face-to-face when signing the contract for opening and using a payment account. In cases where the individual is outside the country, if the bank, foreign bank branch cannot meet face-to-face, they may verify customer identification information through an agent bank or intermediary but must ensure accurate verification of the account holder and bear full responsibility for verifying and identifying the payment account holder of their own unit. The selection of intermediaries to perform customer information verification must comply with the provisions of Article 10 of Decree No. 116/2013/NĐ-CP dated October 4, 2013 detailing certain provisions of the Law on Anti-Money Laundering and subsequent amendments, supplements, and replacements (if any);

c) For joint payment accounts:

b) For organizational payment accounts: the bank, foreign bank branch does not have to meet the legal representative of the account holder face-to-face when signing the contract for opening and using a payment account but must apply measures to verify the accuracy of the seal (if any) and signature of the legal representative of the account holder on the contract for opening and using a payment account and ensure it matches the sample seal (if any) and sample signature in the account opening file for a payment account;

- In cases where the entity named as the account opener is an individual, the bank, foreign bank branch will sign the contract for opening and using a payment account according to the provisions of point a of this clause;

- In cases where the entities named as joint account openers are organizations, the bank, foreign bank branch will sign the contract for opening and using a payment account according to the provisions of point b of this clause.

4. Contract for opening and using a payment account:

a) The contract for opening and using a payment account includes the following contents:

- Name of the bank, foreign bank branch; account holder and full name of the legal representative of the account holder (if the account holder is an organization), guardian's name, legal representative's name of the account holder (if the account holder is an individual as specified in point c, d clause 1 Article 11 of this Circular);

- Account number, name of the settlement account, date of commencement of operation of the settlement account;

- Contents regarding the rights and obligations of the parties;

- Fee provisions (types of fees, changes to fees);

- Provision of information and notification methods for the account holder to be informed about: balance and transactions occurring on the settlement account, the freezing of the settlement account, and other necessary information during the use of the settlement account;

- Cases of temporary suspension and lifting of the temporary suspension of the settlement account;

- Scope of use of the settlement account and cases where the account holder's payment orders are refused;

- Use of the settlement account to make regular, periodic payments at the request of the account holder or the bank, foreign bank branch to collect overdue debts, interest, and other costs incurred in managing the account and providing payment services;

- Implementation of measures to ensure safety and confidentiality in the use of the settlement account;

- Methods for receiving requests for review and complaints; time limit for handling review and complaint requests and the processing of review and complaint results as stipulated in Article 15a of this Circular;

- Cases of closing the settlement account and the handling of remaining balances after closing the settlement account;

b) In addition to the contents prescribed in point a of this clause, the parties may agree on other contents consistent with the provisions of this Circular and relevant laws;

c) In the case of using a standard contract or general transaction conditions in the establishment of an open account contract, using a settlement account, the bank, foreign bank branch must perform:

- Publicly posting the standard contract, general transaction conditions for opening and using a settlement account at its headquarters and publishing them on its electronic information website;

- Providing complete information about the standard contract, general transaction conditions to customers before signing the open account contract, using a settlement account and obtaining confirmation from the customer that they have been provided with complete information by the bank, foreign bank branch;

d) The open account contract, settlement account usage contract must be sent to the customer one copy;

5. The bank, foreign bank branch guides customers on the procedures and formalities for accepting and processing applications to open a settlement account, the method and location for signing the open account contract, settlement account usage contract for each type of customer in accordance with the conditions and capabilities of their unit but must ensure compliance with the legal regulations on anti-money laundering and related laws and bear responsibility for the accuracy, strictness, and completeness of the application and contract for opening and using a settlement account;

6. Procedures and formalities for accepting and processing applications to open a settlement account for customers who open an additional settlement account at the same bank, foreign bank branch shall be decided by the bank, foreign bank branch but must ensure the collection and verification of sufficient customer identification information in accordance with the legal regulations on anti-money laundering.";

10. Clause 2 Article 15 is amended and supplemented as follows:

"2. The use of a settlement account by individuals under 15 years old, those with limited or lost capacity for civil conduct, or those with difficulties in understanding and controlling their actions must be carried out through guardians or legal representatives. Guardians or legal representatives carry out transactions through the settlement accounts of the persons under their guardianship or representation in accordance with the Civil Law provisions on guardianship and representation.";

11. Add Article 15a as follows:

"Article 15a. Handling of reviews and complaints in the use of settlement accounts

1. The bank, foreign bank branch has the responsibility to accept customer review and complaint requests during the use of settlement accounts, ensuring compliance with the following principles:

a) Applying at least two forms of information reception for reviews and complaints including through a call center (with recording) and through bank branches; ensuring the verification of basic information provided by customers to the bank, foreign bank branch;

b) Establishing a model form for review and complaint requests for customers to use when making such requests. In the case of receiving information through a call center, the bank, foreign bank branch requires customers to supplement the review and complaint request form according to the model within the time frame set by the bank, foreign bank branch as the basis for officially handling the review and complaint. In the case of authorizing another person to make a review or complaint request, the customer must follow the legal regulations on authorization;

c) The bank, foreign bank branch may negotiate and specify the period during which customers have the right to make review and complaint requests, but it must not be less than 60 days from the date of occurrence of the transaction being reviewed or complained about;

2. Time limit for handling reviews and complaints:

a) Within a maximum period of 30 working days from the date of the first receipt of the customer's review and complaint request according to one of the reception methods stipulated in point a clause 1 of this Article, the bank, foreign bank branch is responsible for handling the customer's review and complaint request;

b) Within a maximum period of 05 working days from the date of notifying the customer of the review and complaint result, the bank, foreign bank branch will compensate the customer for losses according to the agreement and current legal regulations for losses arising from non-customer fault and/or not falling under the force majeure cases agreed upon in the terms and conditions for opening and using the settlement account.

c) In the event that the deadline for handling the review and complaint as stipulated in point a of this clause has expired without determining the cause or fault of either party, within the following fifteen working days, the bank or foreign bank branch shall negotiate with the customer regarding the resolution plan for the review and complaint.

3. In cases where there are signs of criminal offenses, the bank or foreign bank branch shall notify the competent state agency in accordance with the provisions of the Criminal Procedure Law and report to the State Bank of Vietnam (Payment Department, Inspection and Supervision Agency, State Bank of Vietnam at provincial and municipal levels within its jurisdiction); simultaneously, notify the customer in writing about the status of the review and complaint processing. The resolution of the review and complaint falls under the responsibility of the competent state agency. In the case where the competent state agency notifies that there are no elements of criminal offenses, within fifteen working days from the date of the conclusion of the competent state agency, the bank or foreign bank branch shall negotiate with the customer regarding the resolution plan for the review and complaint.

4. In cases where the bank or foreign bank branch, the customer, and related parties cannot reach an agreement or disagree with the review and complaint process, the dispute resolution shall be carried out in accordance with the provisions of the law.

12. Point b of Clause 1 and Clause 2 of Article 17 shall be amended and supplemented as follows:

"1. Payment service providers shall freeze part or all of the amount on the customer's payment account in the following cases:

b) When the payment service provider discovers a mistake or error in crediting the customer's payment account or upon the request to refund money due to a mistake or error compared to the payment instruction of the remitter. The frozen amount on the payment account shall not exceed the amount of the mistake or error;"

"2. Immediately after freezing the payment account, the payment service provider must notify (in writing or through the notification method agreed upon in the payment account opening and usage contract between the payment service provider and the customer) the account holder or guardian or legal representative of the account holder about the reason and scope of the account freeze; the frozen amount on the payment account must be preserved and strictly controlled according to the content of the freeze. In cases where only part of the account is frozen, the unfrozen portion can still be used normally."

13. Point a of Clause 1 and point a of Clause 4 of Article 18 shall be amended and supplemented as follows:

"1. Payment service providers shall close the customer's payment account in the following cases:

a) Upon receiving a written request to close the payment account from the account holder and the account holder has fulfilled all obligations related to the payment account. In cases where the account holder is under 15 years old, a person with limited civil capacity, a person without civil capacity, or a person with difficulty in understanding and controlling their actions, the closure of the account shall be carried out based on the request of the guardian or legal representative of the account holder;"

"4. The remaining balance after closing the payment account shall be handled as follows: a) Payment at the request of the account holder; guardian or legal representative of the account holder in cases where the account holder is under 15 years old, a person with limited civil capacity, a person without civil capacity, or a person with difficulty in understanding and controlling their actions or the heir or representative of the heir in cases where the individual payment account holder has died, been declared dead, or missing;"

14. Replace Appendix No. 01 and 02 issued together with Circular No. 23/2014/TT-NHNN with Appendix No. 01 and 02 attached to this Circular.

15. Supplement Appendix No. 03 attached to this Circular.

Article 2.

Repeal Clause 2 of Article 1, Clause 3 of Article 15, point c of Clause 1, Clause 3, and point d of Clause 4 of Article 17 of Circular No. 23/2014/TT-NHNN.

This Circular takes effect from December 25, 2025/.

1. The bank or foreign bank branch shall cooperate with the customer, which is an organization (excluding corporate entities), that had opened a payment account before the effective date of Circular No. 32/2016/TT-NHNN dated December 26, 2016 of the State Bank of Vietnam amending and supplementing certain articles of 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 (hereinafter referred to as Circular No. 32/2016/TT-NHNN) to change the organizational account holder without needing to sign a new payment account opening and usage contract, except in cases where the customer requests it in writing.

2. In cases where the customer has signed a new payment account opening and usage contract to convert the form of opening a payment account as prescribed in Clause 2 of Article 4 of Circular No. 32/2016/TT-NHNN (amended and supplemented by Article 1 of Circular No. 02/2018/TT-NHNN dated February 12, 2018 amending and supplementing certain articles of Circular No. 32/2016/TT-NHNN), the bank or foreign bank branch shall inform the customer about the possibility of negotiating the account name according to point a of Clause 4 of Article 14 of Circular No. 23/2014/TT-NHNN (amended and supplemented by Clause 9 of Article 1 of this Circular) and implement the change of the account name upon the customer's written request.

3. The Director of the Office, Heads of the Payment Department, Heads of units under the State Bank of Vietnam; Governors of the State Bank of Vietnam branches in provinces and centrally-administered cities; Chairmen of the Board of Directors, Chairmen of the Board of Members, General Managers (Directors) of banks and foreign bank branches shall be responsible for organizing the implementation of this Circular.

Article 4. Effective date

1. This Circular shall take effect from March 1, 2019.

2. This Circular abolishes Circular No. 32/2016/TT-NHNN and Circular No. 02/2018/TT-NHNN dated February 12, 2018 amending and supplementing certain articles of Circular No. 32/2016/TT-NHNN.