What are the responsibilities of credit institutions in protection of client interests and confidentiality of client information in Vietnam?
What are the responsibilities of credit institutions in protection of client interests in Vietnam?
Pursuant to Article 10 of the 2010 Law on Credit Institutions in Vietnam stipulating as follows:
Protection of client interests in Vietnam
Credit institutions and foreign bank branches shall:
1. Preserve and insure deposits at relevant institutions under law and publicize their deposit preservation and insurance in their head offices and branches;
2. Create favorable conditions for clients to deposit and withdraw money and guarantee the full and due payment of principals and interests of deposits;
3. Refuse the investigation, blocking, seizure or transfer of deposits of clients, unless it is so requested by competent state agencies under law or so consented by clients;
4. Publicize deposit interest rates, service charges and rights and obligations of clients for each product and service provided;
5. Publicize official transaction time and may not halt transactions during this time. When halting transactions during official transaction time, a credit institution or foreign bank branch shall post up notices of such halt at transaction places at least 24 hours before the halt. Credit institutions and foreign bank branches may not halt transactions for more than one working day, except the case defined at Point f. Clause 1, Article 29 of this Law.
Thus, for the protection of the client interests, credit institutions shall:
- Preserve and insure deposits at relevant institutions under law and publicize their deposit preservation and insurance in their head offices and branches;
- Create favorable conditions for clients to deposit and withdraw money and guarantee the full and due payment of principals and interests of deposits;
- Refuse the investigation, blocking, seizure or transfer of deposits of clients, unless it is so requested by competent state agencies under law or so consented by clients;
- Publicize deposit interest rates, service charges and rights and obligations of clients for each product and service provided;
- Publicize official transaction time and may not halt transactions during this time.
When halting transactions during official transaction time, a credit institution or foreign bank branch shall post up notices of such halt at transaction places at least 24 hours before the halt. Credit institutions and foreign bank branches may not halt transactions for more than one working day unless otherwise provided by law.
What are the responsibilities of credit institutions in protection of client interests and confidentiality of client information in Vietnam?
What are the responsibilities of credit institutions in the confidentiality of client information in Vietnam?
Pursuant to the provisions of Article 14 of the 2010 Law on Credit Institutions in Vietnam stipulating as follows:
Confidentiality of information
1. Employees, managers and executives of credit institutions and foreign bank branches may not disclose business secrets of these institutions and branches.
2. Credit institutions and foreign bank branches shall keep secret information relating to accounts, deposits, deposited assets and transactions of their clients.
3. Credit institutions and foreign bank branches may not provide information relating to accounts, deposits, deposited assets and transactions of their clients for other organizations and individuals unless it is so requested by competent state agencies under law or consented by clients.
Thus, credit institutions shall keep secret information relating to accounts, deposits, deposited assets and transactions of their clients.
Credit institutions and foreign bank branches may not provide information relating to accounts, deposits, deposited assets and transactions of their clients for other organizations and individuals unless it is so requested by competent state agencies under law or consented by clients.
Who is the representative at law of the credit institution?
Pursuant to the provisions of Article 12 of the 2010 Law on Credit Institutions in Vietnam stipulating as follows:
Representatives at law of credit institutions
1. The representative at law of a credit institution shall be defined in the charter of that credit institution and must be one of the following persons:
a/ Chairman of the Board of Directors or Members' Council of the credit institution;
b/ General Director (Director) of the credit institution.
2. The representative at law of a credit institution must reside in Vietnam. When absent from Vietnam, he/she shall authorize in writing another person who must be a manager or an executive of the credit institution currently residing in Vietnam to perform his/her rights and obligations.
Thus, the representative at law of a credit institution may be the Chairman of the Board of Directors or Members' Council of the credit institution or General Director (Director) of the credit institution.
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