Are payment account holder allowed to lease, lend his payment account in Vietnam? When shall the termination of payment account freeze in Vietnam be carried out?
Are payment account holder allowed to lease, lend his payment account in Vietnam? When shall the termination of payment account freeze in Vietnam be carried out?
Are payment account holder allowed to lease, lend his payment account in Vietnam?
Pursuant to Clause 2.h Article 5 of the Circular 23/2014/TT-NHNN stipulating obligations of payment account holder:
Rights and obligations of payment account holder
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2. Payment account holder shall have following obligations:
a) To maintain available balance on the payment account to service the set up payment orders. In case where there exists an overdraft agreement with the payment service supplier where the payment account is opened, related obligations must be fulfilled upon paying in excess of the Credit balance on the account;
b) To implement regulations on opening and use of payment accounts as provided for in this Circular;
c) To timely notify the payment service supplier, where his payment account is opened, upon finding out any errors, mistakes on his account or having a doubt that his account is misused;
d) To refund or coordinate with the payment service supplier in refunding the amounts which were credited to his account by virtue of errors, mistakes;
dd) To supply full, clear and accurate information relating to the opening and use of payment account. To timely notify and send related documents to the payment service supplier, where his account is opened, upon arising any change in the information of the payment account opening documents;
e) To maintain a minimum balance on the payment account as stipulated by the payment service supplier;
g) To take responsibility for any damage caused by the mistakes or being misused, defrauded upon using payment service via account at his fault;
h) Not to lease, lend his payment account;
i) Not to use the payment account for transactions in relation to money laundering, terrorism financing, swindling, fraud or any other illegal acts.
As regulated above, payment account holder are not allowed to lease, lend his payment account.
Are payment account holder allowed to lease, lend his payment account in Vietnam? When shall the termination of payment account freeze in Vietnam be carried out? - image from internet
What are prohibited acts regarding cashless payments in Vietnam?
Pursuant to Article 8 of the Decree 52/2024/ND-CP stipulating prohibited acts regarding cashless payments in Vietnam:
1. Altering and erasing payment instruments and payment documents contrary to the law; forging payment instruments and payment documents; storing, selling, transferring, and using counterfeit payment instruments.
2. Infiltrating or attempting to infiltrate, steal data, sabotage, or make illegal changes to software programs or databases used in payment; taking advantage of computer network errors for profiteering purposes.
3. Providing untruthful information related to the provision or use of payment services and payment intermediary services.
4. Disclosing or providing information on the balances of payment accounts, bank cards, or e-wallets and payment transactions of clients at payment service providers or payment intermediary service providers contrary to relevant laws.
5. Opening or maintaining anonymous or impersonating payment accounts or e-wallets; purchasing, selling, hiring, leasing, borrowing, and lending payment accounts or e-wallets; hiring, leasing, purchasing, and selling bank cards or opening bank cards on behalf of others (excluding cases of anonymous prepaid cards); stealing or colluding with others to steal, purchase, or sell information on payment accounts, bank cards, or e-wallets.
6. Issuing, providing, and using illegal payment instruments.
7. Providing payment intermediary services without licenses to provide payment intermediary services issued by SBV. Providing payment services without being payment service providers.
8. Performing, organizing, or enabling the following acts: using or taking advantage of payment accounts, payment instruments, payment services, or payment intermediary services to commit gambling, organize gambling, rig, deceive, and commit illegal trading and other illegal acts.
9. Erasing and altering contents of licenses to provide payment intermediary services and purchasing, selling, transferring, leasing, lending, and forging such licenses.
10. Authorizing or assigning other organizations or individuals to carry out licensed operations of agents according to licenses to provide payment intermediary services.
11. Falsifying or forging documents proving eligibility for the issuance of licenses to provide payment intermediary services in applications for licenses.
12. Operating contrary to contents prescribed in licenses to provide payment intermediary services.
13. An owner of a payment account at a specific payment service provider that provides information for or commits to not having a payment account at another provider of payment services for parties with relevant rights and obligations according to the law on the disbursement of loans of credit institutions and foreign bank branches.
When shall the termination of payment account freeze in Vietnam be carried out?
Pursuant to Clause 2 Article 11 of the Decree 52/2024/ND-CP, the termination of payment account freeze shall be carried out when:
- There are written agreements between owners of payment accounts and payment service providers or requests from owners of payment accounts;
- There are decisions to terminate the freeze of competent authorities as prescribed by the law;
- The mistakes and errors in money transfer payment are processed according to Point c Clause 1 of the Decree 52/2024/ND-CP;
- There are requests for the termination of the freeze from all of the owners of a general payment account or prior written agreements between the payment service provider and owners of such a general payment account.
