Cases in Which Payment Accounts Are to Be Frozen from July 01, 2024, According to Decree 52
In which cases will payment accounts be frozen from July 1, 2024, according to Decree 52?
On May 5, 2024, the Government of Vietnam issued Decree 52/2024/ND-CPhttps://thuvienphapluat.vn/van-ban/Tien-te-Ngan-hang/Nghi-dinh-52-2024-ND-CP-thanh-toan-khong-dung-tien-mat-427855.aspx, which regulates cashless payments.
Decree 52/2024/ND-CP regulates cashless payment activities, including: opening and using payment accounts; cashless payment services; intermediary payment services; organization, management, and supervision of payment systems.
Decree 52/2024/ND-CP applies to the following entities:
- Organizations providing cashless payment services.
- Organizations providing intermediary payment services.
- Organizations and individuals involved in providing cashless payment services and intermediary payment services.
- Organizations and individuals using cashless payment services and intermediary payment services (hereinafter referred to as customers).
Article 11 of Decree 52/2024/ND-CP stipulates the freezing of payment accounts as follows:
Freezing of payment accounts
1. Payment accounts will be partially or entirely frozen in the following cases:
a) According to a prior agreement between the payment account holder and the payment service provider, or at the request of the account holder;
b) When there is a decision or written request from a competent authority according to legal regulations;
c) When the payment service provider discovers errors or mistakes in crediting an amount to the customer's payment account or processes a refund request from the transferring payment service provider due to errors or mistakes in the payment order after crediting the customer's payment account. The amount frozen on the payment account should not exceed the mistaken amount;
d) When there is a request to freeze from one of the joint payment account holders unless there is a prior written agreement between the payment service provider and the joint account holders.
2. The termination of the freezing of payment accounts shall be carried out:
a) According to a written agreement between the payment account holder and the payment service provider;
b) When there is a decision to terminate the freezing from a competent authority per legal regulations;
...
Thus, according to the above regulations, the 4 cases where payment accounts will be frozen from July 1, 2024, include:
(1) According to a prior agreement between the payment account holder and the payment service provider, or at the request of the account holder;
(2) When there is a decision or written request from a competent authority according to legal regulations;
(3) When the payment service provider discovers errors or mistakes in crediting an amount to the customer's payment account or processes a refund request from the transferring payment service provider due to errors or mistakes in the payment order after crediting the customer's payment account. The amount frozen on the payment account should not exceed the mistaken amount;
(4) When there is a request to freeze from one of the joint payment account holders unless there is a prior written agreement between the payment service provider and the joint account holders.
How is the termination of the freezing of payment accounts carried out?
Clause 2, Article 11 of Decree 52/2024/ND-CP stipulates the termination of the freezing of payment accounts as follows:
- According to a written agreement between the payment account holder and the payment service provider.
- When there is a decision to terminate the freezing from a competent authority according to legal regulations.
- After resolving errors and mistakes in money transfers stipulated at Point c, Clause 1, Article 11 of Decree 52/2024/ND-CP.
- When there is a request to terminate freezing from all joint payment account holders or according to a prior written agreement between the payment service provider and the joint account holders.
How is the responsibility in the freezing of payment accounts carried out?
Clause 3, Article 11 of Decree 52/2024/ND-CP specifies that the payment service provider, the account holders, and the competent authorities, if performing or requesting the freezing of payment accounts illegally causing damage to the payment account holders, shall be responsible for compensation according to legal regulations.
Decree 52/2024/ND-CP comes into effect on July 1, 2024.
LawNet