What are details of procedures for opening checking accounts at banks and foreign bank branches in Vietnam?
What are details of procedures for opening checking accounts at banks and foreign bank branches in Vietnam?
Pursuant to Article 15 of Circular 17/2024/TT-NHNN, the procedure for opening a checking account at a bank is carried out as follows:
- When needing to open a checking account, the customer provides the bank or the foreign bank branch where the checking account is requested to be opened with documents, information, and data to verify customer identification information as stipulated in Article 12 of Circular 17/2024/TT-NHNN.
- The bank or foreign bank branch checks the legality, validity, and accuracy of the documents, information, and data provided by the customer and verifies customer identification information as per the legal regulations on anti-money laundering.
- Upon completing the verification, the bank or foreign bank branch proceeds as follows:
+ If the documents, information, and data are complete, accurate, and legal, the bank or foreign bank branch provides the customer with the content of the agreement on opening and using the checking account as stipulated in Article 13 of Circular 17/2024/TT-NHNN;
+ If the documents, information, and data are incomplete, inaccurate, or inconsistent, the bank or foreign bank branch informs the customer to review and complete the records or refuse to open a checking account, stating the reasons to the customer;
- In case the customer is found to use forged, illegal documents, information, or data, or the customer is on the blacklist as per anti-money laundering law, the bank or foreign bank branch reports to the competent authority and handles it according to legal regulations.
- After the customer agrees with the terms on opening and using the checking account, the bank or foreign bank branch opens the checking account and notifies the customer of the checking account number, name, and the starting date of the account's activity.
- The bank or foreign bank branch, based on its conditions and supply capability, guides the documents, procedures, and process for opening a checking account for customers with disabilities while ensuring the collection of sufficient documents, information, and data to verify customer identification information as stipulated in Circular 17/2024/TT-NHNN.
- The bank or foreign bank branch, based on its conditions and supply capability, guides customers on the documents, process, and procedures for opening a checking account, including cases of refusal to open a checking account in accordance with Circular 17/2024/TT-NHNN, anti-money laundering law, and takes responsibility for the accuracy, rigor, and completeness of the checking account opening records with customers.
NOTICE:
Regulations in Articles 12, 13, 14, 15, 16, and 19 (excluding the provisions of clause 3) of Circular 17/2024/TT-NHNN are effective from October 1, 2024.
What are details of procedures for opening checking accounts at banks and foreign bank branches in Vietnam? (Internet image)
What are the types of checking accounts in Vietnam?
Pursuant to Article 3 of Circular 17/2024/TT-NHNN, the types of checking accounts in Vietnam include:
(1) Types of checking accounts include: individual checking accounts, organizational checking accounts, and joint checking accounts.
(2) An individual checking account is a checking account opened by an individual customer at a payment service provider organization.
(3) An organizational checking account is a checking account opened by an organizational customer at a payment service provider organization. The account holder of the organizational checking account is the organization that opened the checking account.
(4) A joint checking account is a checking account opened by at least two parties. The account holder of the joint checking account can be either an organization or individual.
Who can open a checking account at Banks and Foreign Bank Branches in Vietnam?
Pursuant to Article 11 of Circular 17/2024/TT-NHNN, eligible entities to open a checking account at a bank in Vietnam include:
(1) Individuals opening checking accounts at banks and foreign bank branches include:
- Persons aged 15 and above who are not restricted or incapacitated in terms of civil act capacity under Vietnamese law;
- Persons under 15, persons with restricted or incapacitated civil act capacity according to Vietnamese law open checking accounts through their legal representatives;
- Persons with cognitive or behavioral difficulties under Vietnamese law open checking accounts through their guardians.
(2) Organizations legally established and operating under Vietnamese law, including: legal entities (Vietnamese and foreign legal entities), private enterprises, household businesses, and other organizations are eligible to open checking accounts at banks and foreign bank branches according to legal regulations.
Circular 17/2024/TT-NHNN is effective in Vietnam from July 1, 2024, except for the provisions of clauses 2, 3, 4, and 5 of Article 23 of Circular 17/2024/TT-NHNN.
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