Circular No. 23/2014/TT-NHNN guiding the opening and use of settlement accounts at payment service providers.

CIRCULAR

GUIDELINES ON THE OPENING AND USE OF PAYMENT ACCOUNTS AT PAYMENT SERVICE PROVIDERS

On the basis of Law on the State Bank of Vietnam No. 46/2010/QH12 dated June 16, 2010;

On the basis of Law on Credit Institutions No. 47/2010/QH12 dated June 16, 2010;

On the basis of Civil Code No. 33/2005/QH11 dated June 14, 2005;

Decree No. Decree No. 101/2012/NĐ-CP dated November 22, 2012 of the Government on non-cash payments;

Decree No. Decision No. 156/2013/NĐ-CP dated November 11, 2013, of the Government stipulating the functions, tasks, powers, and organizational structure of the State Bank of Vietnam;

At the request of the Director of the Payment Department,

The Governor of the State Bank of Vietnam issues this Circular to guide the opening and use of payment accounts at payment service providers.

PART I
GENERAL PROVISIONS

Article 1. Scope of Regulation

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

Article 2. The opening and use of payment accounts by the State Treasury shall be carried out in accordance with the provisions of this Circular and the guidance of the State Bank of Vietnam (hereinafter referred to as the State Bank).

Article 3. The opening and use of foreign currency payment accounts by residents and non-residents, and Vietnamese dong payment accounts by non-residents and resident foreigners shall be conducted in accordance with the laws on foreign exchange management and the provisions of this Circular.

Article 2. Applicability

1. Organizations providing payment services include:

The State Bank;

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

c) Branches of foreign banks.

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

Clause 3. Other organizations and individuals related to the opening and use of payment accounts at service providers.

Article 3. Forms of opening payment accounts and interest paid on balances in payment accounts

Clause 1. Forms of opening payment accounts include: individual payment accounts, organizational payment accounts, and common payment accounts.

Clause 2. An individual payment account is an account opened by an individual customer at a payment service provider.

Clause 3. An organizational payment account is an account opened by an organizational customer at a payment service provider. The holder of an organizational payment account is the legal representative or authorized representative of the organization that opens the account and acts on behalf of the organization in transactions related to the payment account.

Clause 4. A common payment account is an account defined in Clause 3, Article 10 of Decree No. 101/2012/NĐ-CP dated November 22, 2012 on non-cash payments.

Article 4. Authorization in the use of payment accounts

Clause 1. During the use of a payment account, the account holder, the chief accountant, or the accounting officer (if any) may authorize another person.

Clause 2. Authorization in the use of payment accounts must be in writing and carried out in accordance with the law on authorization. Authorization in the use of payment accounts by organizations must be agreed upon in writing by the organization that opens the account.

Clause 3. To authorize the use of a payment account, the account holder must submit to the payment service provider where the account is opened a written authorization along with a sample signature registration form and a copy of the identity card or passport of the authorized person (in case of unauthenticated copies, the original must be presented for verification).

Article 5. Rights and obligations of the payment account holder

Clause 1. The payment account holder has the following rights:

Point a) To use the funds in their payment account to execute lawful and valid payment orders. The payment account holder is entitled to have the payment service provider (where the account is opened) facilitate the convenient and secure use of their payment account;

Point b) To choose to use payment instruments, services, and payment benefits provided by the payment service provider;

Point c) To authorize others to use the payment account in accordance with Article 4 of this Circular;

Point d) To request the payment service provider where the account is opened to execute lawful and valid payment orders and to provide information about payment transactions and account balances according to agreements with the payment service provider;

Point đ) To request the payment service provider where the account is opened to temporarily lock or close the payment account when necessary; to notify the payment service provider of disputes arising between holders of common payment accounts;

Point e) Other rights as prescribed by law or agreed upon in writing between the account holder and the payment service provider, provided they do not contravene current laws.

Clause 2. The payment account holder has the following obligations:

Point a) To ensure there is sufficient money in the payment account to execute established payment orders. In cases of overdraft agreements with the payment service provider where the account is opened, the holder must fulfill related obligations when payments exceed the credit balance in the account;

Point b) To comply with the regulations on the opening and use of payment accounts in this Circular;

Point c) To promptly notify the payment service provider where the account is opened if errors, mistakes, or suspicions of misuse are found in their account;

Point d) To refund or cooperate with the payment service provider to refund amounts due to errors or mistakes credited to their payment account;

Point đ) To provide complete, clear, and accurate information related to the opening and use of the payment account. To promptly notify and submit relevant documents to the payment service provider where the account is opened when there are changes in the account opening information;

Point e) To maintain a minimum balance in the payment account as stipulated by the payment service provider;

Point g) To be responsible for losses resulting from errors or misuse, fraud when using payment services due to their own fault;

Point h) Not to rent or lend their payment account;

Point i) Not to use the payment account for transactions aimed at money laundering, terrorist financing, fraud, deception, or other illegal activities.

Article 6. Rights and Obligations of Payment Service Providers

1. The payment service provider that opens a payment account for customers has the right:

a) To proactively debit (record Debit) the customer's payment account in the following cases:

- To collect overdue debts, interest, and other costs arising from the management of the payment account and the provision of payment services according to prior written agreements with the customer in accordance with the provisions of the law;

- At the written request of the competent state agency for enforcement of administrative penalty decisions, execution orders, tax collection decisions, or other payment obligations as prescribed by law;

- To adjust incorrect entries, entries not reflecting the true nature, or entries inconsistent with the intended use of the payment account in accordance with the provisions of the law and notify the account holder thereof;

- When discovering an erroneous credit entry into the customer's account or upon the request to cancel a credit transfer order made by the payment service provider due to errors identified in the payment order issued by the remitter;

- To make regular, periodic payments as agreed between the account holder and the payment service provider.

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

- When the account holder fails to comply fully with payment procedures, the payment order is invalid, does not match the registered elements in the payment account opening file, or is inconsistent with the agreements between the account holder and the payment service provider;

- When the payment account does not have sufficient balance or exceeds the overdraft limit to execute the payment order;

- Upon receiving a written request from a competent state agency or evidence indicating that the payment transaction is aimed at money laundering or terrorist financing as prescribed by law on anti-money laundering;

- When the payment account is temporarily suspended, frozen entirely, closed, or partially suspended or frozen where the unfrozen or unblocked portion does not have sufficient balance (except in cases of overdraft) or exceeds the overdraft limit to execute payment orders.

c) To refuse the account holder's request to temporarily suspend, close the payment account or not freeze the joint payment account as stipulated in point d, Clause 1, Circular 17 when the account holder has not fulfilled the payment obligation according to the compulsory enforcement decision of the competent state agency or has not settled all debts owed to the payment service provider that opened the account;

d) To specify the minimum balance on the payment account and publicly announce and provide specific guidance for customers to be aware of it;

đ) To establish and apply security measures to ensure safety and confidentiality during the opening and use of payment accounts in compliance with legal regulations;

Point e) Other rights as prescribed by law or agreed upon in writing between the account holder and the payment service provider, provided they do not contravene current laws.

2. The payment service provider has the obligation:

a) To execute the payment order of the account holder after verifying the legality and validity of the payment order;

b) To retain samples of the account holder's signature, the chief accountant or the person responsible for accounting (in cases where the customer is an organization required to appoint a chief accountant) and those authorized to check and verify during the use of the payment account;

c) To promptly credit the payment account of the customer with incoming payment transfer orders and cash deposits; to promptly refund amounts erroneously debited from the customer's payment account;

d) To timely and fully inform the account holder about the balance and transactions occurring on the payment account as agreed (as specified in the payment account opening and usage contract) and be responsible for the accuracy of the information provided;

đ) To promptly update information when notified of changes in the payment account opening file of the account holder. To properly store and retain payment account opening files and transaction documents in accordance with legal regulations;

e) To ensure the confidentiality of information related to the payment account and transactions on the payment account of the account holder as prescribed by law;

g) To be liable for losses resulting from errors or fraud on the customer's payment account due to its own fault;

h) To comply with legal regulations on anti-money laundering and terrorist financing;

i) To develop internal procedures for opening and using payment accounts and maintaining the minimum balance on payment accounts. To guide, publicly announce, and promptly address and resolve any inquiries or complaints during the opening and use of payment accounts.

Chapter II
OPENING AND USING PAYMENT ACCOUNTS AT THE STATE BANK

Article 7. Subjects opening a payment account

1. The Trading Department of the State Bank opens payment accounts for the following organizations:

a) Credit institutions (head office);

b) Branches of foreign banks in Vietnam;

c) The Central State Treasury.

2. The State Bank branch at provincial and centrally governed city level (hereinafter referred to as the State Bank branch at provincial and centrally governed city level) shall open a payment account for credit organizations, foreign bank branches, and the State Treasury within its jurisdiction.

Article 8. Documents for Opening a Payment Account

1. Documents for opening a payment account at the State Bank include:

a) A request for opening a payment account accompanied by a specimen stamp registration form and specimen signature form (Annex No. 01 and Annex No. 02 attached to this Circular), signed and stamped by the authorized representative of the organization opening the account;

b) Documents proving that the organization opening the payment account has been established and operates legally, including: charter, establishment decision, business license, business registration certificate or enterprise registration certificate or investment certificate;

c) Documents proving the legal representative status of the person registering as the account holder and their identification card or passport still valid;

d) Written authorization or appointment decision and identification card or passport still valid of the chief accountant or accounting supervisor, transaction control officer dealing with the State Bank.

2. The documents in the payment account opening dossier specified in points b, c, and d of Clause 1 of this Article must be original or certified copies. If the documents in the payment account opening dossier are in a foreign language, they must be translated into Vietnamese and notarized in accordance with the provisions of the law.

Article 9. Procedures and Formalities for Opening a Payment Account

1. When there is a need to open a payment account at the State Bank, the organization opening the payment account shall prepare one set of documents in accordance with Article 8 of this Circular and send it to the State Bank (State Bank Trading Department or State Bank branch at provincial and centrally governed city level) where the payment account opening is requested.

2. Upon receipt of the payment account opening dossier, the State Bank Trading Department, State Bank branch at provincial and centrally governed city level must check the documents in the dossier and compare them with the information declared on the request for opening a payment account, ensuring accuracy and consistency.

In case the documents in the payment account opening dossier are uncertified copies or copies issued from the original book, the organization opening the payment account must present the original for comparison, the comparator must sign confirmation on the copy and bear responsibility for the accuracy of the copy compared to the original.

Within one working day from the date of receipt of the payment account opening dossier from the organization opening the payment account, the State Bank must handle the payment account opening as follows:

a) In case the payment account opening dossier is complete and valid, and the information declared on the request for opening a payment account matches the related documents in the dossier, the State Bank will open the payment account and notify the customer of the account number and start date of operation;

b) In case the payment account opening dossier is incomplete, invalid, or there are discrepancies between the information declared on the request for opening a payment account and the related documents in the dossier, the State Bank will notify the customer to complete the dossier, submit to the State Bank for review and resolution in accordance with point a of Clause 3 of this Article;

c) In case the State Bank refuses to open the payment account, it must notify the customer of the reasons.

Article 10. Use of Payment Accounts

1. Payment accounts opened at the State Bank shall be used for depositing, withdrawing cash, issuing checks, accounting, monitoring, and executing payment orders through payment systems organized and operated by the State Bank, single payments through accounts, and other payment services provided by the State Bank.

2. Payment accounts of credit institutions and foreign bank branches opened at the State Bank's Trading Department shall be used to conduct transactions when participating in open market operations, buying and selling transferable instruments, government bonds, Treasury bills, State Bank bills, and other activities on the money market as prescribed by the State Bank.

Chapter III
OPENING AND USING PAYMENT ACCOUNTS AT BANKS AND FOREIGN BANK BRANCHES

Article 11. Subjects Opening Payment Accounts

1. Individuals opening payment accounts at banks and foreign bank branches include:

a) A person who has reached eighteen years of age and possesses full capacity for civil acts according to Vietnamese law;

b) A person who has reached fifteen years of age but not yet eighteen years of age, not having lost or been restricted in their capacity for civil acts, and having personal assets to ensure the fulfillment of obligations in opening a payment account;

c) A person under fifteen years of age, a person from fifteen to under eighteen years of age not falling within the category specified in point b, Clause 1 of this Article, a person who has lost capacity for civil acts, or a person with restricted capacity for civil acts according to Vietnamese law shall open a payment account through a guardian or legal representative.

2. Organizations established and operating legally according to Vietnamese law, including juristic organizations, private enterprises, individual business households, and other organizations, may open accounts at banks and foreign bank branches as prescribed by law.

1. For individual payment accounts:

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

b) Identity card or passport still valid, birth certificate (for Vietnamese citizens under fourteen years of age), entry visa or document proving exemption from entry visa (for 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 dossier must include the identity card or passport still valid of the guardian or legal representative and documents proving their lawful representative status towards the account holder.

2. For organizational payment accounts:

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

b) Documents proving that the organization 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 legal representative status or authorized representative status of the person registering as the account holder accompanied by their identity card or passport still valid;

d) In cases where the organization opening a payment account is required by law to have the signature of the chief accountant or accounting supervisor on accounting transaction documents with the bank, in addition to the documents mentioned in points a, b, and c of Clause 2 of this Article, the account opening dossier must include the appointment decision along with the identity card or passport still valid of the chief accountant (or accounting supervisor) of the organization opening the payment account.

3. For joint payment accounts:

a) An application form for opening a payment account prepared according to the model of the bank or foreign bank branch where the account is opened and consistent with the provisions of Clause 3, Article 13 of this Circular;

b) Documents of the subjects whose names are listed to open joint payment accounts:

- In cases where the subject named to open a joint payment account is an individual, the account opening dossier includes the documents as stipulated in Clause 1 of this Article;

- In cases where the subject named to open a joint payment account is an organization, the account opening dossier includes the documents as stipulated in Clause 2 of this Article.

c) Agreement (or contract) on management and use of joint payment accounts among account holders.

4. The documents in the account opening dossier specified in points b and c of Clause 1 of this Article and points b, c, and d of Clause 2 of this Article must be original or certified copies. If the documents in the account opening dossier are in a foreign language, they must be translated into Vietnamese and notarized as prescribed by law.

1. An application for opening an individual payment account must include the following main contents:

a) Information about the account holder, including:

- For Vietnamese individuals: full name, date of birth, nationality; occupation, position; telephone number; identification card number or valid passport number, issuance date, issuing authority; registered permanent residence address and current residence address; whether they are resident or non-resident persons;

- For foreign individuals: full name, date of birth, nationality; occupation, position; telephone number; identification card number or valid passport number, issuance date, issuing authority, entry visa; registered residence address abroad and registered residence address in Vietnam; whether they are resident or non-resident persons.

b) Information about the guardian or legal representative of the account holder (in cases where an individual opens an account through a guardian or legal representative), including:

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

- In cases where the guardian of the account holder is an organization, the information includes: full trading name and abbreviation; headquarters address, business address, telephone number, fax number; field of operation, business; legal representative of the organization.

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

2. An application for opening a payment account of an organization must include the following main contents:

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

b) Information about the legal representative registering as the account holder of the organization according to the provisions of point a, Clause 1 of this Article;

c) Information about the chief accountant or accounting supervisor (in cases where the organization opens an account that requires the appointment of a chief accountant according to the law) according to the provisions of point a, Clause 1 of this Article;

d) Sample signature of the account holder, chief accountant or accounting supervisor (in cases where the organization opens an account that requires the appointment of a chief accountant according to the law) and sample seal (if any) on transaction documents with banks, foreign bank branches;

đ) Signature, full name of the legal representative and stamp (if any) of the organization opening the account.

3. An application for opening a joint payment account must include the main contents regarding the subjects named as account holders of the joint payment account, specifically:

a) In cases where the subject named as the account holder of the joint payment account is an individual, the information according to the provisions of Clause 1 of this Article;

b) In cases where the subject named as the account holder of the joint payment account is an organization, the information according to the provisions of Clause 2 of this Article.

4. In addition to the main contents prescribed in Clauses 1, 2, and 3 of this Article, banks, foreign bank branches may supplement additional contents on the application form for opening a payment account at their own units to meet management requirements and suit different customer categories, but they must clearly notify and provide detailed guidance to customers.

1. When there is a need to open a payment account, the customer shall prepare one (1) set of documents in accordance with Article 12 of this Circular and submit it directly or send it via postal service or electronic means to the bank or foreign bank branch where the request to open the payment account is made.

2. Upon receipt of the application documents for opening a payment account from the customer, the bank or foreign bank branch must check the documents in the file, compare them with the information declared on the account opening application form, and proceed as follows:

a) In case the customer submits the documents directly or sends them via postal service:

- If the documents in the account opening file are incomplete, or if the declared information on the account opening application does not match the documents in the account opening file, the bank or foreign bank branch shall notify the customer to complete and resubmit the file;

- If the documents in the account opening file are complete, and the declared information on the account opening application matches the documents in the account opening file, but the documents in the account opening file are unattested copies rather than certified copies or copies issued from the original book, the bank or foreign bank branch shall notify the customer to submit certified copies, copies issued from the original book, or present the originals for comparison. In the case of presenting the originals for comparison, the bank or foreign bank branch must certify the copies and be responsible for their accuracy compared to the originals;

- If the documents in the account opening file are complete, legal, and valid according to regulations, and the declared information on the account opening application matches the documents in the account opening file, the bank or foreign bank branch shall proceed to sign the contract for opening and using the payment account with the customer in accordance with Clause 3 of this Article.

b) For cases where the customer sends the documents via electronic means:

- If the documents in the account opening file are incomplete, or if the declared information on the account opening application does not match the documents in the account opening file, the bank or foreign bank branch shall notify the customer to complete the file;

- If the documents in the account opening file are complete, and the declared information on the account opening application matches the documents in the account opening file, the bank or foreign bank branch shall notify the customer to submit certified copies, copies issued from the original book, or present the originals for comparison. In the case of presenting the originals for comparison, the bank or foreign bank branch must certify the copies and be responsible for their accuracy compared to the originals.

c) In case the bank or foreign bank branch refuses to open a payment account, it must notify the customer of the reasons.

3. After completing the verification and comparison process to ensure that the documents in the account opening file are complete, legal, and valid according to regulations, the bank or foreign bank branch shall proceed to sign the contract for opening and using the payment account with the customer as follows:

a) For individual payment accounts: the bank or foreign bank branch must meet face-to-face with the account holder (or the guardian or legal representative of the account holder) when signing the contract for opening and using the payment account;

b) For organizational payment accounts: the bank or foreign bank branch does not need to meet face-to-face with the account holder when signing the contract for opening and using the payment account, but must verify and ensure that the stamp (if any) and signature of the account holder on the contract match the sample stamp and signature of the account holder in the account opening file;

c) For joint accounts:

- In case one or more individuals named as account holders for a joint payment account, the bank or foreign bank branch must meet face-to-face with the account holder (or the guardian or legal representative of the account holder) when signing the contract for opening and using the payment account;

- In case organizations named as account holders for a joint payment account, the bank or foreign bank branch does not need to meet face-to-face with the account holder when signing the contract for opening and using the payment account, but must verify and ensure that the stamp (if any) and signature of the account holder on the contract match the sample stamp and signature of the account holder in the account opening file.

4. The contract for opening and using the payment account with the customer must clearly state the account number and the date of commencement of the account's operation and provide the customer with one (1) copy.

5. The bank or foreign bank branch shall guide the customer on the procedures for receiving and processing the account opening file and the location for signing the contract for opening and using the payment account, in accordance with the conditions and capacity of its own unit.

Article 15. Use of Payment Accounts

1. The account holder may use the payment account to deposit, withdraw cash, and request the service provider to provide payment services through the account such as providing payment instruments, performing check services, payment orders, mandate payments, collection mandates, bank cards, letters of credit, money transfers, agency collections, agency payments, and other value-added services in accordance with current laws.

Banks and foreign bank branches shall guide customers on the principles and conditions for using payment accounts in traditional transactions or electronic transactions in compliance with current laws, ensuring that there is sufficient information to verify, reconcile, and identify customers during the use of payment accounts.

2. The use of payment accounts by individuals under 15 years old, individuals aged 15 to under 18 without personal property, individuals with limited or lost civil capacity must be carried out through guardians or legal representatives. Guardians and legal representatives shall conduct transactions through the payment accounts of the wards or those they represent in accordance with civil law regulations on guardianship and representation.

3. Individuals aged 15 to under 18 who use payment accounts must have personal property to ensure the fulfillment of obligations as stipulated by civil law when using payment accounts.

4. The use of joint payment accounts must be carried out strictly in accordance with the contents of the agreement (or contract) on the management and use of joint payment accounts among account holders and must comply with the following principles:

a) Joint account holders have equal rights and obligations towards the joint payment account, and the use of the joint payment account must be approved by all joint account holders. Each joint account holder is responsible for paying all debts arising from the use of the joint payment account;

b) Notifications related to the use of the joint payment account must be sent to all joint account holders, except where the service provider and the joint account holders have agreed otherwise;

c) Each joint account holder may authorize another person to use the joint payment account on their behalf but must obtain written consent from all remaining joint account holders;

d) When one of the entities named as account holders in a joint payment account is an individual who has died, been declared dead, or missing, or lost civil capacity; or the entity named as account holder is an organization that has been dissolved, bankrupted, or ceased operations according to the law, the use of the account and obligations arising from the use of the joint payment account shall be resolved in accordance with the law.

Chapter IV
TEMPORARY LOCKING, FREEZING AND CLOSING OF PAYMENT ACCOUNTS

Article 16. Temporary Locking of Payment Accounts

1. Service providers shall temporarily lock the payment account of the customer (temporarily suspending transactions) partially or entirely based on a written request from the account holder (or the lawful representative of the account holder) or according to a prior written agreement between the account holder and the service provider, except as provided in point c, Clause 1, Article 6 of this Circular.

2. The termination of the temporary locking of the payment account and the handling of outgoing and incoming payment orders during the temporary locking period shall be carried out at the request of the account holder (or guardian, lawful representative of the account holder) or according to the written agreement between the account holder and the service provider.

Article 17. Freezing of Payment Accounts

1. Service providers shall freeze part or all of the funds in a customer's payment account in the following cases:

a) Upon receipt of a written request from an authorized agency as provided for by law;

b) Upon discovery of errors or mistakes when crediting funds to a customer's payment account, or upon request to return funds from the service provider that transferred the funds;

c) Upon discovery of fraudulent activities or violations of the law related to the payment account;

d) Upon receipt of a written notification from one of the account holders regarding disputes arising among joint account holders concerning the joint payment account.

2. Immediately after freezing the payment account, the service provider must notify the account holder (or the legal guardian or authorized representative of the account holder) in writing about the reasons and scope of the account freeze, and ensure that the frozen funds are preserved and strictly controlled according to the terms of the freeze. If only part of the account is frozen, the unfrozen portion may still be used normally.

3. In the case of freezing a payment account as stipulated in point b, Clause 1 of this Article, the amount frozen on the payment account shall not exceed the amount on the erroneous transfer order.

4. The service provider shall terminate the freeze on the payment account when any of the following conditions are met:

a) The freeze period has ended;

b) Upon receipt of a written request from an authorized agency to terminate the freeze on the payment account;

c) The service provider has resolved the errors or mistakes in the transfer;

d) After verification, it is confirmed that there is no fraud or violation of the law in the payment account;

e) Upon receipt of a written notification from all joint account holders that disputes concerning the joint payment account have been resolved.

Article 18. Closing Payment Accounts

1. Service providers shall close a customer's payment account in the following cases:

a) Upon receipt of 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, between 15 and 18 years old without personal property, a person with limited civil capacity, or a person who has lost their civil capacity, the closure of the account shall be carried out at the request of the legal guardian or authorized representative of the account holder;

b) When the individual account holder dies, is declared dead, is missing, or loses their civil capacity;

c) When the organization holding the payment account ceases operations as prescribed by law;

d) When the account holder breaches commitments or agreements in the contract for opening and using the payment account with the service provider;

đ) Other cases as prescribed by law.

2. The time limit for closing a payment account due to insufficient minimum balance and lack of transactions over a long period, the notice period before closing the payment account, and other specific issues related to closing the payment account in such cases shall be determined and publicly announced by the service provider.

3. After closing the payment account, the service provider must notify the account holder, legal guardian, or lawful heir in cases where the individual account holder dies, is declared dead, or is missing.

4. The remaining balance after closing the payment account shall be handled as follows:

a) Payment at the request of the account holder, legal guardian, or authorized representative of the account holder (in cases where the account holder is under 15 years old, between 15 and 18 years old without personal property, a person with limited civil capacity, or a person who has lost their civil capacity), or the heir or representative heir in cases where the individual account holder dies, is declared dead, or is missing;

b) Payment according to a court decision;

c) The service provider shall handle the situation according to the provisions of the law if the rightful recipient of the balance on the account does not come to claim it after being notified, or according to a prior written agreement with the account holder, in compliance with current laws.

5. After closing the payment account, the customer wishing to use the payment account must follow the procedures for opening a payment account as stipulated in this Circular.

Chapter V
IMPLEMENTATION ORGANIZATION

Article 19. Effective Date

1. This Circular takes effect from October 15, 2014.

2. From the date this Circular takes effect, Decision No. 1284/2002/QĐ-NHNN dated November 21, 2002 issued by the Governor of the State Bank of Vietnam on the Regulations for Opening and Using Deposit Accounts at the State Bank and Credit Institutions, and Article 4 of Circular No. 23/2011/TT-NHNN dated August 31, 2011 issued by the Governor of the State Bank of Vietnam on Implementing Simplification of Administrative Procedures in Payment Activities and Other Areas According to the Government Resolution on Simplifying Administrative Procedures within the Scope of Management Functions of the State Bank of Vietnam shall cease to be effective.

Article 20. Implementation

1. Banking inspection and supervision agencies are responsible for inspecting, auditing, and supervising the implementation of this Circular and handling violations within their authority.

2. Heads of units under the State Bank; Directors of State Bank Branches; Governors of State Bank branches in provinces and centrally-administered cities; Chairmen of Boards of Directors, Chairmen of Boards of Members, General Managers (Directors) of banks, foreign bank branches are responsible for organizing the implementation of this Circular.

 

Appendix No. 01

 APPLICATION FOR OPENING A PAYMENT ACCOUNT AT THE STATE BANK OF VIETNAM

Respectfully submitted to:...

Name of organization opening the payment account: ................................................................

+ Full name in Vietnamese: ...

+ Full name in English: ...

+ Trading name: ...

Decision on establishment number: ...Date of issue ...

Issuing authority: …

Certificate of Business Registration Number: ........................................

Date of Issue: …Issuing Authority: |||: ..........................................................

Tax code: .............................................................................................................

Address: ...Phone number: ...

Website: …Email: …

Legal representative's full name (Account Holder): …

Date of Birth: …Gender (Male/Female): …

Nationality: …Resident/Non-resident: …

Place of Permanent Residence Registration:…

Current Address: …Phone: …

Appointment Decision Number …Date …Month …Year …

Identity Card Number (or Passport): …

Date of Issue: …Issuing Authority: |||: ................................................................

Name of Chief Accountant (or person responsible for accounting or person controlling transaction documents with the State Bank): …

Date of Birth: …Gender (Male/Female): …

Identity Card Number (or Passport): …

Date of Issue: …Issuing Authority: |||: ..................................................................

Appointment Decision Number: …Date …

Request to open a settlement account at: .....................................................................

Currency Type:          □ VND             □ USD             □ Other …

We commit:

- The above information is true and we fully accept responsibility for the accuracy and truthfulness of all documents attached in the account opening application.

- Comply strictly with all current laws and regulations for when opening and using a settlement account at the State Bank and hereby accept responsibility for for any issues arising if we fail to comply fully with the regulations on account opening and usage as stipulated by the State Bank.

- Provide written notice (with relevant documents) to the State Bank whenever there is any change in the account opening information or registered stamp and signature samples.

 

 

PART FOR THE STATE BANK

After reviewing and determining that the account opening documentation of …is complete and valid, the State Bank …agrees to open settlement account number: …for …

Date of commencement of operations: …

 

 

 

Appendix No. 02

APPLICATION FOR REGISTRATION OF STAMP AND SIGNATURE SAMPLES
FOR USE WITH SETTLEMENT ACCOUNT AT THE STATE BANK

(Attached to the request for opening an accountnumber …date …of …)

Name unit: ...............................................................................................................

Transaction address: …Transaction phone: …

Name of the Settlement Account: ...

Number of the Settlement Account: ...

Place where the Settlement Account was Opened: ...

Registered stamp and signature samples will be use used on transaction documents with the State Bank …as follows:

1. Signature sample

2. Stamp sample