Circular 15/2024/TT-NHNN on regulating the provision of non-cash payment services effective from July 1, 2024?
Circular 15/2024/TT-NHNN on the provision of non-cash payment services to be effective from July 1, 2024
On June 28, 2024, the Governor of the State Bank of Vietnam issued Circular 15/2024/TT-NHNN regulating the provision of non-cash payment services.
Circular 15/2024/TT-NHNN regulates the provision of domestic non-cash payment services (hereinafter referred to as payment services) by payment service providers, including the following services: payment orders, authorized payment orders, collection authorizations, authorized collections, money transfers, collection services, and payment services.
Circular 15/2024/TT-NHNN applies to the following subjects:
(1) Payment service providers include:
- The State Bank of Vietnam (hereinafter referred to as the State Bank);
- Commercial banks, policy banks, cooperative banks, branches of foreign banks (hereinafter referred to as banks);
- People's credit funds, microfinance institutions;
- Enterprises providing public postal services.
(2) Organizations providing intermediary payment services.
(3) Organizations and individuals related to payment service provision activities.
(4) Payment acceptance units.
(5) Organizations and individuals using payment services (hereinafter referred to as customers).
Circular 15/2024/TT-NHNN on the provision of non-cash payment services to be effective from July 1, 2024
Regulations on payment documents effective from July 1, 2024, according to Circular 15
Article 4 of Circular 15/2024/TT-NHNN regulates payment documents as follows:
Payment Documents
1. The preparation, signing, control, circulation, management, use, and preservation of payment documents must comply with accounting and electronic transaction laws.
2. Payment documents through the State Bank are performed according to the regulations of the Governor of the State Bank.
3. Payment documents through banks, people's credit funds, microfinance institutions, and enterprises providing public postal services are regulated regarding form, specifications, printing, issuance, and implementation guidelines to ensure compliance with the payment process for each type of service under this Circular and related legal regulations.
4. Authorized payment orders, authorized collections, and money transfers are considered payment documents.
5. Information and data of electronic documents must be fully controlled to ensure legality, compliance, and information integrity. Additionally, documents must be controlled and securely managed to prevent and avoid abuse, exploitation, unauthorized access, and information copying.
Payment documents effective from July 1, 2024, must meet the following requirements:
- The preparation, signing, control, circulation, management, use, and preservation of payment documents must comply with accounting and electronic transaction laws.
- Payment documents through the State Bank are performed according to the regulations of the Governor of the State Bank.
- Payment documents through banks, people's credit funds, microfinance institutions, and enterprises providing public postal services are regulated regarding form, specifications, printing, issuance, and implementation guidelines to ensure compliance with the payment process for each type of service under this Circular and related legal regulations.
- Authorized payment orders, authorized collections, and money transfers are considered payment documents.
- Information and data of electronic documents must be fully controlled to ensure legality, compliance, and information integrity. Additionally, documents must be controlled and securely managed to prevent and avoid abuse, exploitation, unauthorized access, and information copying.
Regulations on electronic payment services effective from July 1, 2024
Article 5 of Circular 15/2024/TT-NHNN regulates electronic payment services as follows:
Organizations providing payment services must meet the following requirements when providing electronic payment services:
- Comply with regulations regarding the preparation, processing, use, preservation, and storage of electronic documents as stipulated by the law on electronic transactions.
- Develop payment processes that ensure sufficient information to verify and identify customers; meet technical infrastructure requirements; manage risks, ensure safety, and maintain security when providing electronic payment services according to the regulations of the Governor of the State Bank and the law on electronic transactions.
- Have a written agreement with customers and related parties, clearly specifying the rights and obligations of the parties and dispute resolution mechanisms (if any) in accordance with the law.
- Banks must provide customers with evidence of electronic payment transactions through electronic media, clearly indicating transaction reference numbers, transaction dates, and transaction amounts. Notification channels must include SMS messages, emails, or other channels and must be detailed in written agreements with customers.
- Comply with anti-money laundering regulations.
Circular 15/2024/TT-NHNN takes effect from July 1, 2024.
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