Circular No. 25/2025/TT-NHNN amending and supplementing certain Articles of Circular No. 17/2024/TT-NHNN dated June 28, 2024 on the opening and use of payment accounts at service providers.

CIRCULAR
Amending and supplementing certain Articles of Circular No. 17/2024/TT-NHNN
on the opening and use of payment accounts
at service providers

 

Pursuant to the Law on the State Bank of VietnamLaw No. 46/2010/QH12;

Pursuant to the Law on Credit Institutions No. 32/2024/QH15Pursuant to the Law on Anti-Money Laundering No. 14/2022/QH15;;

Pursuant to Decree No. 52/2024/NĐ-CP of the Government on cashless payments;

Pursuant to Decree No. 19/2023/NĐ-CP of the Government detailing certain provisions of the Law on Anti-Money Laundering;

The Governor of the State Bank of Vietnam issues this Circular amending and supplementing certain Articles of Circular No. 17/2024/TT-NHNN

Pursuant to Decree No. 26/2025/NĐ-CP of the Government stipulating the functions, tasks, powers, and organizational structure of the State Bank of Vietnam;

At the proposal of the Payment Department Director;

on the opening and use of payment accounts at service providers.Article 1. Amending and supplementing Clause 2 of Article 7

"2. The State Bank of Vietnam branch in the Region shall open payment accounts for units of the National Treasury, credit institutions, and foreign bank branches."

Article 2. Amending, supplementing, and abolishing certain Points and Clauses of Article 9

1. Abolish the provisions at Point a(iv) and Point b(iv) of Clause 3 of Article 9.

2. Replace the phrase "State Bank of Vietnam branch" with "State Bank of Vietnam branch in the Region" in Clause 3 and Clause 4 of Article 9.

Article 3. Amending and supplementing certain Points and Clauses of Article 12

1. Amending and supplementing Point a of Clause 2 of Article 12 as follows:

"a) In the case of individuals who are Vietnamese citizens: Citizen identification card, citizen card, or electronic citizen card, or birth certificate for persons under 14 years old who have not yet obtained a citizen identification card;"

2. Amending and supplementing Point c(i) of Clause 2 of Article 12 as follows:

"(i) Passport or other documents proving identity issued by competent authorities abroad, together with entry visa or documents equivalent to visa or documents proving exemption from entry visa for foreigners residing in Vietnam;"

3. Amending and supplementing Clause 3 of Article 12 as follows:

"3. Customer information of organizations: Documents, information, and data to verify customer identification information as prescribed in the Law on Anti-Money Laundering, along with documents, information, and data of the legal representative, chief accountant, or person responsible for accounting (if any) as prescribed in Clause 2 of this Article. In cases where organizations use electronic identity account, banks and foreign bank branches do not require the provision of documents, information, and data already available in the organization's electronic identity account."

Article 4. Supplementing Point c1 after Point c of Clause 1 of Article 13

"c1) Payment account number, payment account name. Among which, the payment account name shall be set as follows:

(i) For individual payment accounts, the payment account name shall be set according to the name on the customer's personal identification documents;

(ii) For organizational payment accounts, the payment account name must include the name of the organization on the establishment license, establishment decision, or business registration certificate or other documents proving the establishment and lawful operation of the organization;

(iii) For joint payment accounts, the payment account name shall be set by the bank or foreign bank branch based on the representation of the names of the account holders and without duplication with the names of payment accounts of other individuals or organizations."

(iii) For joint settlement accounts, the name of the settlement account shall be established by the bank or foreign bank branch to reflect the names of the account holders and shall not be identical with the settlement account names of other individuals or organizations.

Article 5. Amending and supplementing some clauses of Article 15

1. Amending and supplementing Clause 2 of Article 15 as follows:

"2. The bank, foreign bank branch shall conduct checks on the legality and validity; ensure the accuracy and correctness of the documents, information, and data provided by the customer; proceed to verify customer identification information in accordance with the laws on preventing and combating money laundering and the following provisions:

a) For individual account holders: 

(i) In cases where the account holder or their representative uses a citizen identity card or electronic citizen identity card or citizen identity card (with information storage section) or electronic identity, the bank, foreign bank branch must meet the account holder or their representative in person and carry out verification and comparison of personal identification documents, ensuring the accuracy of biometric information of the account holder or their representative in accordance with Point b, Clause 1 of this Circular;

(ii) In cases where the account holder or their representative uses a citizen identity card (without information storage section) or birth certificate for individuals under 14 years old who have not yet obtained a citizen identity card or passport, the bank, foreign bank branch must meet the account holder or their representative in person and carry out verification and comparison of personal identification documents, ensuring the accuracy of biometric information of the account holder or their representative with the biometric information displayed on their personal identification documents; 

(iii) In cases where the account holder is an individual from another country who is not present in Vietnam, the bank, foreign bank branch may verify customer identification information through a third party or by hiring another organization;

(iv) In cases where the representative is an organization, it shall be carried out in accordance with the provisions of Point b of this clause.

b) For organizational account holders: 

(i) In cases where the account holder is an organization established and operating in Vietnam (except in cases stipulated in Point d of this clause), the bank, foreign bank branch must meet the legal representative of the account holder in person, and carry out verification and confirmation of the legal representative of the account holder in accordance with Points a(i), a(ii), a(iii) of this clause.

(ii) In cases where the account holder is a foreign legal entity (except in cases stipulated in Point d of this clause), the bank, foreign bank branch may verify the legal representative of the account holder through a third party or by hiring another organization but must ensure that the third party or organization meets the legal representative of the account holder in person and carries out verification and comparison of personal identification documents, ensuring the accuracy of biometric information of the legal representative with the biometric information displayed on their personal identification documents.

c) For joint accounts: 

(i) In cases where the joint account holder is an individual, it shall be carried out in accordance with the provisions of Point a of this clause;

(ii) In cases where the joint account holder is an organization, it shall be carried out in accordance with the provisions of Point b of this clause.

d) The bank, foreign bank branch is not required to comply with the provisions of Point b of this clause for the following organizations:

(i) State agencies, public service units;

(ii) Credit institutions, foreign bank branches;

(iii) Listed organizations under the Securities Law;

(iv) Organizations listed in the Fortune Global 500 published by Fortune Magazine in the previous year; 

(v) Other organizations selected by the bank, foreign bank branch and bear full responsibility for risks arising from such selection. The list of organizations selected by the bank, foreign bank branch must comply with the criteria set forth in internal regulations on opening and using payment accounts. The bank, foreign bank branch must ensure accurate verification of customers opening accounts and bear full responsibility for identifying customers opening payment accounts at their own unit.

đ) In cases where customers register transactions on software applications providing online banking services, the bank, foreign bank branch must check the information about the account holder's or their representative's phone number (for individual customers), the legal representative of the account holder (for organizational customers) to ensure that the user's phone number matches the information on their personal identification documents."

2. Supplement Clause 7 as follows:

"7. The provisions of Clause 2 of this Article shall not apply to cases of opening payment accounts in accordance with Article 15a and Article 16 of this Circular."

Article 6. Supplement Article 15a following Article 15

"Article 15a. The opening and use of foreign investors' non-resident settlement accounts for indirect investment activities in Vietnam

1. Foreign investors who are non-residents (hereinafter referred to as foreign investors) conducting indirect investment activities in Vietnam may authorize organizations with securities custody service contracts with such foreign investors to open, close, and use settlement accounts at banks or foreign bank branches. Banks and foreign bank branches must comply with legal provisions on anti-money laundering when identifying foreign investors and authorized organizations.

2. The opening and use of foreign investors' settlement accounts for indirect investment activities in Vietnam shall be carried out in accordance with this Circular, current foreign exchange management regulations, and the following provisions:

a) The legalization requirement under point a, Clause 6, Article 12 of this Circular shall not apply. For documents in the account opening application of foreign investors issued by competent authorities of foreign countries, they must be notarized or certified in compliance with Vietnamese or foreign laws within twelve months from the date the bank or foreign bank branch receives the application;

b) Banks and foreign bank branches shall verify the legality and validity of the provided documents and information, ensure their accuracy, and conduct customer due diligence in accordance with legal provisions on anti-money laundering.

c) The provisions under point b, Clause 1, Article 5; Clause 3, Article 19; and point b, Clause 2, Article 21 of this Circular shall not apply.

3. Banks and foreign bank branches may use the SWIFT system for opening and using settlement accounts for foreign investors to conduct indirect investment activities in Vietnam. The process of opening settlement accounts through the SWIFT system shall be carried out in accordance with this Article."

Article 7. Amend and supplement some points and clauses of Article 16

1. Amend and supplement point c, Clause 2, Article 16 as follows:

"c) Properly store and preserve all customer identification documents, information, and data during the opening and use of electronic settlement accounts, including: customer identification information; biometric factors of individual settlement account holders and legal representatives of organizations opening settlement accounts; audio, video, recorded images, and recordings; registered phone numbers for online banking transactions; unique device transaction identifiers; transaction logs; results of biometric factor verification as stipulated in point b, Clause 1 of this Article. Such information and data must be securely stored, backed up, and maintained to ensure completeness and integrity for use in account holder verification, dispute resolution, complaints, and providing information upon request from competent authorities. The retention period shall comply with legal provisions on anti-money laundering and electronic transactions."

2. Amend and supplement Clause 3, Article 16 as follows:

"3. Opening of electronic settlement accounts does not apply to the following cases:

a) Joint settlement accounts;

b) Individual customers as specified in point b, c, Clause 1, Article 11 of this Circular."

Article 8. Amending and supplementing some points and clauses of Article 17

1. Amending and supplementing point d clause 5 of Article 17 as follows:

"d) Applying forms of electronic transaction confirmation for each type of transaction in electronic payment according to the regulations of the State Bank on safety and security for providing online services in the banking sector."

2. Supplementing point e clause 5 of Article 17 as follows:

"e) The provisions at point c clause 5 of this Circular shall not apply to the following cases:

(i) Customers withdrawing cash using physical cards at ATMs;

(ii) Banks, foreign bank branches deducting funds according to the provisions at point a(iv) clause 1 of Article 21 of this Circular;

(iii) Customers who are organizations as stipulated at point d clause 2 of Article 15 of this Circular;

(iv) Foreign investors opening settlement accounts in accordance with Article 15a of this Circular."

Article 9. Amending and supplementing some points and clauses of Article 19

1. Amending and supplementing point a(i) clause 1 of Article 19 as follows:

"(i) Measures to check the legality and validity and to ensure the accuracy of documents, information, and data in the customer's account opening dossier; periodic verification and rechecking of customer identification information during the use of the settlement account;"

2. Amending and supplementing point b clause 1 of Article 19 as follows:

"b) A minimum set of criteria for identifying suspicious settlement accounts involving fraud, deception, or violation of laws (hereinafter referred to as the Set of Criteria), including signs of suspicion regarding the legality and validity of papers, documents, information, and data in the account opening dossier; the number, value, and frequency of transactions through the settlement account that do not match the customer's identification information (including information related to the profession and position of individual customers); the settlement account holder or the legal representative of the organization opening the account being listed in the warning list of competent authorities; settlement accounts with transactions but unable to contact the customer according to the contact information provided by the customer. Banks, foreign bank branches must regularly review, adjust, supplement, and update the Set of Criteria based on documents, information, and data during the opening and use of customer settlement accounts;"

3. Amending and supplementing point c(iii) clause 1 of Article 19 as follows:

"(iii) Cases where refusal or temporary suspension of cash withdrawals and electronic payment transactions are applied, including situations where there are settlement account transactions but the customer cannot be contacted according to the contact information provided by the customer."

Article 10. Amending and supplementing some points and clauses of Article 21

1. Amending and supplementing point đ clause 2 of Article 21 as follows:

"đ) Updating customer information periodically or when the customer reports changes in the account opening dossier or when there is doubt about the accuracy and completeness of previously collected customer identification information, ensuring that updated information is fully verified according to regulations and promptly updating and verifying customer identification information when determining that the customer has a high risk level according to criteria established by the bank or foreign bank branch. Safeguarding and storing account opening files and transaction documents in compliance with legal regulations;"

2. Amending and supplementing point i clause 2 of Article 21 as follows:

"i) Guiding customers to safely use settlement accounts, using the correct account number and name in the agreement for opening and using the settlement account when conducting transactions, informing and explaining to customers about prohibited actions in opening and using settlement accounts, and promptly addressing and resolving customer inquiries and complaints in accordance with this Circular and agreements between the settlement account holder and the bank or foreign bank branch;"

3. Amending point k clause 2 of Article 21 as follows:

"k) Issuing, organizing implementation, and fully complying with internal regulations on opening and using settlement accounts at banks and foreign bank branches; publicly announcing guidelines and regulations on account opening dossiers, procedures, and processes, and regulations on handling disputes and complaints, and sample dispute resolution request forms for customers to know and follow. Internal regulations must include at least the following contents:

(i) Regulations on account opening dossiers, procedures, and processes, including cases of opening settlement accounts electronically and opening settlement accounts for customers with disabilities, those without full civil capacity, or those who have lost or are restricted in their civil capacity;

(ii) Regulations on agreements for opening and using settlement accounts and naming principles for joint settlement accounts;

(iii) Regulations on using settlement accounts;

(iv) Regulations on handling inquiries, complaints, and complaint forms;

(v) Regulations on managing risks in opening and using settlement accounts in accordance with clause 1 of Article 19 of this Circular;

(vi) Criteria for selecting and the list of organizational customers as stipulated at point d(v) clause 2 of Article 15."

Article 11. Amend and supplement Clause 2 of Article 22

"2. On a regular basis before the 10th day of each month, banks and foreign bank branches shall provide to the State Bank of Vietnam, upon request, information about suspicious accounts related to fraud, deception, and violations of the law according to Appendix 02 and Appendix 03 issued together with this Circular. The provision of information shall be carried out via electronic means in accordance with the technical connection guidelines of the State Bank of Vietnam.

In case there are changes to the information in Appendix 02 and Appendix 03, banks and foreign bank branches must promptly update and submit such information to the State Bank of Vietnam; they shall be responsible for the truthfulness and accuracy of the information and data provided to the State Bank of Vietnam."

Article 12. Amend and supplement Article 25

"Article 25. Responsibilities for Implementation

Heads of units under the State Bank of Vietnam, credit institutions, and foreign bank branches shall be responsible for implementing this Circular."

Article 13. Amend and supplement the Appendices accompanying Circular 17/2024/TT-NHNN

1. Replace Appendix number 02 issued together with Circular 17/2024/TT-NHNN with Appendix 02 issued together with this Circular.

2. Supplement Appendix 03.

Article 14. Responsibility for implementation

Heads of units under the State Bank of Vietnam, credit institutions, and foreign bank branches shall be responsible for implementing this Circular.

Article 15. Implementation Provisions

1. This Circular takes effect from August 31, 2025, except for the cases stipulated in Clauses 2 and 3 of this Article.

2. Article 4 of this Circular takes effect from March 1, 2026.

3. Articles 5, 9, Clause 2, and Clause 3 of Article 10 of this Circular take effect from December 1, 2025.