What are the methods for requesting and providing client information of a credit institution in Vietnam?
- What contents are included in client information of a credit institution in Vietnam?
- What are the methods for requesting and providing client information of a credit institution in Vietnam?
- What are the principles of protection of confidentiality of client information of credit institutions and foreign bank branches?
What contents are included in client information of a credit institution in Vietnam?
Pursuant to Clause 1, Article 3 of Decree No. 117/2018/ND-CP stipulating client information of credit institutions, foreign bank branches as follows:
“client information of a credit institution or foreign bank’s branch” (hereinafter referred to as “client information”) means information provided by a client and information generated while the client requests or is provided with licensed banking operations, products and services and includes client identification information, account information, deposit information, property information, transaction information and information about organizations and individuals that are guarantors at a credit institution or foreign bank’s branch and other relevant information.
According to the above provisions, client information of a credit institution includes account information, deposit information, property information, transaction information and information about organizations and individuals that are guarantors at a credit institution or foreign bank’s branch and other relevant information.
What are the methods for requesting and providing client information of a credit institution in Vietnam?
What are the methods for requesting and providing client information of a credit institution in Vietnam?
Pursuant to Clause 1, Article 6 of Decree No. 117/2018/ND-CP stipulating the methods for requesting and providing client information as follows:
Methods for requesting and providing client information
1. Methods for requesting and providing client information:
a) Indirect method: client information is requested or provided through post service providers or electronic means, telecommunications network and computer network system.
The request for and provision of client information through electronic means, telecommunications network and computer network system shall adhere to regulations of law on electronic transaction, guidelines from credit institutions and foreign banks' branches and technical requirements laid down by parties;
b) Direct method: client information is requested or provided at the credit institutions and foreign banks’ branches and through representatives of parties.
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Thus, the request for and provision of client information of a credit institution is made in the indirect and direct methods specified in Clause 1, Article 6 above.
What are the principles of protection of confidentiality of client information of credit institutions and foreign bank branches?
Pursuant to Article 4 of Decree No. 117/2018/ND-CP stipulating the principles of confidentiality of client information as follows:
Principles of protection of confidentiality and provision of client information
1. Client’s information of credit institutions and foreign banks’ branches shall be kept confidential and shall be only provided in accordance with regulations of the Law on Credit Institutions 2010 amended in 2017, this Decree and relevant regulations of law.
2. Credit institutions and foreign banks’ branches must not provide client’s authentication information upon access to banking services, including client’s secret key, biometric data, access password and client’s authentication information to any entity, organization or individual unless such provision is authorized in writing by that client or in any other form as agreed upon.
3. Regulatory authorities, other organizations or individuals may request credit institutions and foreign banks’ branches to provide client information for right purposes, within the scope and power only if required by laws or accepted by clients and must be responsible for that request.
4. Regulatory authorities, other organizations or individuals must protect confidentiality of client information and use client information to serve the predetermined purposes upon request and must not provide such information to the third party without the client's consent unless otherwise prescribed by law.
5. Organizations and individuals must, according to regulations of law on storage and preservation of documents, store and preserve client information, applications for provision of client information, delivery and receipt of client information.
Client information of credit institutions, foreign bank branches must be kept confidential and provided only in a few cases, while ensuring the above-mentioned principles are properly implemented.
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