Circular No. 60/2024/TT-NHNN stipulates cash management services for credit institutions and foreign bank branches. This Circular applies to commercial banks, foreign bank branches, and cooperative banks providing services, as well as organizations using such services. Notable points include provisions on implementation principles, service networks, service supply contracts, service fees, and responsibilities of related parties.
Scope of application
Commercial banks, foreign bank branches, cooperative banks (service providers); other credit institutions and foreign bank branches (service users); and relevant agencies, organizations, and individuals.
Key points
- Commercial banks, foreign bank branches, and cooperative banks may only provide cash management services if they have an operating license and internal regulations ensuring asset safety (Article 4).
- Service providers must enter into contracts with service users specifying terms regarding the scope of service provision, duration, cash management, applicable fees, and payment (Article 6).
- Cash management services include asset transportation, cash and foreign currency receipts and payments, money processing, replenishment, and centralized fund collection, all of which are detailed in the implementation content according to the State Bank's regulations (Articles 7-10).
- Service fees for cash management services are established and publicly displayed at transaction locations by the service provider (Article 11).
- The responsibility of relevant units under the State Bank is to inspect and audit the implementation of this Circular for credit institutions and foreign bank branches within their authority and according to legal provisions (Article 13).
🌐 Social impact of this document
- Positive impact: Enhancing asset management efficiency for credit institutions and foreign bank branches through professional cash management services.
- Negative impact: Increased operational costs due to contract signing and compliance with service fee regulations (Article 11).
❓ Frequently asked questions
What conditions must commercial banks meet to provide cash management services?
Commercial banks may only provide cash management services if they have an operating license and internal regulations ensuring asset safety (Article 4).
What contents should be included in a cash management service supply contract?
The contract must specify information of the parties involved, scope of service provision, duration of the contract, cash management during transactions, applicable fees, and payment (Article 6).
What does cash management services include?
Cash management services include asset transportation, cash and foreign currency receipts and payments, money processing, replenishment, and centralized fund collection (Articles 7-10).
How are cash management service fees regulated?
Service fees are established and publicly displayed at transaction locations by the service provider (Article 11).
What are the responsibilities of relevant units under the State Bank?
Relevant units under the State Bank are responsible for inspecting and auditing the implementation of this Circular for credit institutions and foreign bank branches within their authority and according to legal provisions (Article 13).
Full text
CIRCULAR
REGULATIONS ON CASH MANAGEMENT SERVICES FOR
CREDIT ORGANIZATIONS AND FOREIGN BRANCHES OF BANKS
Pursuant to the Law on the State Bank of Vietnam dated June 16, 2010;
Pursuant to the Law on Credit Organizations dated January 18, 2024;
Pursuant to Decree No.102/2022/ND-CPOF THE GOVERNMENT ON THE FUNCTIONS, TASKS, POWERS, AND ORGANIZATIONAL STRUCTURE OF THE STATE BANK OF VIETNAM; 12 the 12 Pursuant to Decree No. 32/2019/NĐ-CP dated April 10, 2019 of the Government on assigning tasks, procurement or tendering for the supply of products and services using state budget from regular operating expenses;22 40/2012/ND-CP OF MAY 2, 2012
Decree No. OF THE GOVERNMENT ON CURRENCY ISSUANCE OPERATIONS; STORAGE AND TRANSPORTATION OF VALUABLE ASSETS AND SECURITIES IN THE SYSTEM OF THE STATE BANK OF VIETNAM, CREDIT ORGANIZATIONS, AND FOREIGN BRANCHES OF BANKS; AT THE PROPOSAL OF THE DIRECTOR OF THE ISSUE AND TREASURY DEPARTMENT
REGULATES CASH MANAGEMENT SERVICES FOR CREDIT ORGANIZATIONS AND FOREIGN BRANCHES OF BANKS.;
The Governor of the State Bank of Vietnam promulgates this Circular THIS CIRCULAR REGULATES THE PROVISION OF CASH MANAGEMENT SERVICES BY COMMERCIAL BANKS, FOREIGN BRANCHES OF BANKS, AND COOPERATIVE BANKS TO OTHER CREDIT ORGANIZATIONS AND FOREIGN BRANCHES OF BANKS.
PART I
GENERAL PROVISIONS
Article 1. Scope of Regulation
1. COMMERCIAL BANKS, FOREIGN BRANCHES OF BANKS, AND COOPERATIVE BANKS PROVIDE CASH MANAGEMENT SERVICES TO OTHER CREDIT ORGANIZATIONS AND FOREIGN BRANCHES OF BANKS (HEREINAFTER REFERRED TO AS THE SERVICE PROVIDER).
Article 2. Applicability
2. CREDIT ORGANIZATIONS AND FOREIGN BRANCHES OF BANKS THAT USE CASH MANAGEMENT SERVICES (HEREINAFTER REFERRED TO AS THE SERVICE USER).
3. OTHER RELATED AUTHORITIES, ORGANIZATIONS, AND INDIVIDUALS.
CASH MANAGEMENT SERVICES
Article 3. Explanation of Terms
In this Circular, the following terms are understood as follows:
1. ARE SERVICES INCLUDING CASH TRANSPORTATION; CASH AND FOREIGN CURRENCY COLLECTION AND PAYMENT SERVICES; CASH PROCESSING SERVICES; AND CONCENTRATED CASH SUPPLY AND GATHERING SERVICES. CASH TRANSPORTATION SERVICES
2. ARE SERVICES WHERE THE SERVICE PROVIDER TRANSPORTS CASH, VALUABLE ASSETS, AND SECURITIES FOR THE SERVICE USER IN ACCORDANCE WITH AGREEMENTS BETWEEN THE PARTIES. CASH AND FOREIGN CURRENCY COLLECTION AND PAYMENT SERVICES
3. ARE SERVICES WHERE THE SERVICE PROVIDER COLLECTS AND PAYS CASH AND FOREIGN CURRENCY FOR THE SERVICE USER AT LOCATIONS SPECIFIED IN CLAUSE 2, ARTICLE 8 OF THIS CIRCULAR. CASH PROCESSING SERVICES
4. ARE SERVICES WHERE THE SERVICE PROVIDER COUNTS, SELECTS, CLASSIFIES CASH INTO CIRCULATION QUALITY, NON-CIRCULATION QUALITY, AND FAKE CASH, PACKAGES, AND SEAL CASH AND FOREIGN CURRENCY FOR THE SERVICE USER IN ACCORDANCE WITH AGREEMENTS BETWEEN THE PARTIES. CONCENTRATED CASH SUPPLY AND GATHERING SERVICES
5. ARE SERVICES WHERE THE SERVICE PROVIDER SUPPLIES AND GATHERS CASH AND FOREIGN CURRENCY FOR BRANCHES, TRANSACTION OFFICES, AUTOMATED TELLER MACHINES, AND FIXED TRANSACTION POINTS OF THE SERVICE USER IN ACCORDANCE WITH AGREEMENTS BETWEEN THE PARTIES. CASH MANAGEMENT SERVICE FEES
6. ARE AMOUNTS PAID BY THE SERVICE USER TO THE SERVICE PROVIDER IN ACCORDANCE WITH AGREEMENTS BETWEEN THE PARTIES. GUARD
7. IS THE GENERAL RESPONSIBLE PERSON DURING TRANSPORTATION, CHARGED WITH ENSURING THE SAFETY OF CASH, VALUABLE ASSETS, AND SECURITIES; IMPLEMENTING HANDOVER, TRANSPORTATION PROCEDURES IN ACCORDANCE WITH THE STATE BANK OF VIETNAM'S REGULATIONS ON HANDOVER, STORAGE, AND TRANSPORTATION OF CASH, VALUABLE ASSETS, AND SECURITIES (HEREINAFTER REFERRED TO AS THE STATE BANK). ARTICLE 4. PRINCIPLES FOR PROVIDING CASH MANAGEMENT SERVICES
1. THE SERVICE PROVIDER SHALL ONLY PROVIDE CASH MANAGEMENT SERVICES IF:
a) THE LICENSE FOR ESTABLISHMENT AND OPERATION OF COMMERCIAL BANKS, COOPERATIVE BANKS, AND FOREIGN BRANCHES OF BANKS INCLUDES PERMISSION TO PROVIDE CASH MANAGEMENT SERVICES TO OTHER CREDIT ORGANIZATIONS AND FOREIGN BRANCHES OF BANKS;
b) INTERNAL RULES AND PROCEDURES FOR EACH TYPE OF CASH MANAGEMENT SERVICE ARE ESTABLISHED TO ENSURE THE SAFETY OF ASSETS FOR BOTH THE SERVICE PROVIDER AND THE SERVICE USER.
2. WHEN PROVIDING CASH MANAGEMENT SERVICES, THE SERVICE PROVIDER MUST HAVE MATERIAL RESOURCES MEETING REQUIREMENTS FOR CASH MANAGEMENT SERVICE OPERATIONS, INCLUDING:
a) IN CASE OF CASH TRANSPORTATION SERVICES, VEHICLES FOR CARRYING MONEY MUST BE EQUIPPED IN ACCORDANCE WITH THE STATE BANK'S STANDARDS. IF OTHER MEANS (OTHER THAN MONEY CARRIAGE VEHICLES) ARE USED TO TRANSPORT CASH, VALUABLE ASSETS, AND SECURITIES, THE SERVICE PROVIDER MUST DEFINE SUCH PROCEDURES IN WRITING AND PROVIDE GUIDELINES FOR TRANSPORTATION AND SECURITY; MEASURES TO ENSURE ASSET SAFETY;
b) IN CASE OF ASSET STORAGE, A SAFE WITH TECHNICAL STANDARDS AS PER THE STATE BANK'S REGULATIONS MUST BE USED;
c) EQUIPMENT SUITABLE FOR EACH TYPE OF CASH MANAGEMENT SERVICE MUST BE PROVIDED;
d) A PAYMENT, ACCOUNTING, AND CASH MANAGEMENT SYSTEM MUST BE IN PLACE WHEN PROVIDING CASH MANAGEMENT SERVICES.
d) Have a payment system, accounting, and cash capital management when providing treasury services.
Article 5. Network for Providing Treasury Services
The head office, branches, and transaction offices of commercial banks, cooperative banks; foreign bank branches that meet the provisions of Article 4 of this Circular shall provide treasury services.
Article 6. Contract for Providing Treasury Services
1. When providing treasury services, the service provider must enter into a contract with the service user. The contract must comply with the provisions of this Circular and other relevant laws.
2. The contract for providing treasury services must include at least the following contents:
a) Information of the parties to the contract;
b) Scope of service provision, duration of the contract;
c) Management method of cash in treasury service transactions;
d) Fee level and payment method;
đ) Handling errors, shortages, disputes resolution, and contract violations;
e) Rights and obligations of the parties to the contract.
Chapter II
SPECIFIC PROVISIONS
Article 7. Asset Transportation Service
1. The service provider receives the needs of the service user and enters into a contract for asset transportation service with the service user.
2. When providing asset transportation service, the service provider is responsible for arranging transportation means and security forces; the service user is responsible for arranging personnel to hand over or receive and escort the assets.
3. The transportation of assets when providing treasury services shall be carried out in accordance with the State Bank's regulations on receiving, storing, and transporting cash, valuable assets, and negotiable instruments.
Article 8. Cash and Foreign Currency Collection and Disbursement Service
1. The service provider receives the needs of the service user and enters into a contract for cash and foreign currency collection and disbursement service with the service user.
2. The collection and disbursement of cash and foreign currency by the service provider can be conducted at transaction locations within the legal network of the service provider and the service user or at another agreed location.
3. The collection and disbursement of cash and foreign currency by the service provider shall be carried out in accordance with the State Bank's regulations on receiving, storing, and transporting cash, valuable assets, and negotiable instruments.
Article 9. Currency Processing Service
1. The service provider receives the needs of the service user and enters into a contract for currency processing service with the service user.
2. The handover, counting, sorting, selection, packaging, and sealing of cash and foreign currency between the service provider and the service user shall be carried out in accordance with the State Bank's regulations on receiving, storing, and transporting cash, valuable assets, and negotiable instruments.
Article 10. Deposit and Concentrated Fund Consolidation Service
1. The service provider receives the needs of the service user and enters into a contract for deposit and concentrated fund consolidation service with the service user.
2. When providing deposit and concentrated fund consolidation service, the service provider is responsible for arranging transportation means, security forces, and escorts.
3. Bundles/packets/boxes of money for deposit and consolidation must be sealed bundles/packets/boxes from the service provider or the service user.
4. The transportation and handover of the service provider with fixed deposit points of the service user shall be carried out in accordance with the State Bank's regulations on receiving, storing, and transporting cash, valuable assets, and negotiable instruments.
Article 11. Service Fund Fees
1. The service provider shall establish fees for each type of service, negotiate directly with the service user, and specify such fees in the service provision contract on the principles of equality, voluntariness, and compliance with relevant laws.
2. The fee levels must be publicly displayed at transaction locations within the legal network of the service provider.
Article 12. Handling Excess and Shortage of Cash, Valuable Assets, and Securities
The handling of excess and shortage of cash, valuable assets, and securities during the provision of service fund services shall be carried out in accordance with the State Bank's regulations on the receipt, storage, and transportation of cash, valuable assets, and securities.
Chapter III
IMPLEMENTING PROVISIONS
Article 13. Responsibilities of Relevant Units under the State Bank
Relevant units under the State Bank shall be responsible for inspecting and auditing the implementation of this Circular by credit institutions and foreign bank branches within their authority and in accordance with the law.
Article 14. Responsibilities of Service Providers
1. Based on this Circular and related laws, the service provider shall formulate internal regulations and procedures for each type of service fund provision and bear responsibility for ensuring asset safety. Such internal regulations and procedures must be submitted to the State Bank (Currency Issuance and Treasury Department) within ten days from the date of issuance.
2. Fulfill other responsibilities as stipulated in the service fund provision contract and in accordance with relevant laws.
Article 15. Implementation Provisions
1. This Circular takes effect from February 14, 2025.
2. Heads of units under the State Bank, credit institutions, and foreign bank branches are responsible for organizing the implementation of this Circular./.
DEPUTY DIRECTOR
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