From October 01, 2024, How is the Process of Opening a Payment Account by Electronic Means Implemented?
Process for Opening a Payment Account via Electronic Means from October 1, 2024
Based on Clause 1, Article 16 of Circular 17/2024/TT-NHNN, the steps to open a payment account via electronic means from October 1, 2024, are as follows:
Banks, branches of foreign banks, shall issue internal regulations on the procedures and processes for opening payment accounts via electronic means in accordance with the provisions of Circular 17/2024/TT-NHNN, laws on anti-money laundering, electronic transactions, personal data protection, ensuring safety and security, and shall include at least the following steps:
Step 1: Collect documents, information, and data to verify the customer identification information as prescribed in Clauses 2 and 3 of Article 12 of Circular 17/2024/TT-NHNN and:
- Biometric information of the account holder for individual customers;
- Biometric information of the legal representative for organizational customers;
Step 2: Verify the legality and validity of the documents, information, and data used to verify the customer identification information and perform matching of the biometric information of the payment account holder (for individual customers) or legal representative (for organizational customers) with:
- Biometric data stored in the encrypted information storage unit of the citizen identification card or the accurately authenticated card issued by the Police agency or through the electronic identity account authenticated by the Electronic Identification and Authentication System; or
- Biometric data that has been collected and verified (ensuring the match between the person's biometric data with the biometric data in the encrypted information storage unit of the citizen identification card or the accurately authenticated card issued by the Police agency, or with the person's biometric data through the electronic identity account authenticated by the Electronic Identification and Authentication System);
Step 3: Display warnings to customers about actions that are not permitted when opening and using payment accounts via electronic means, and implement technical solutions to ensure confirmation that customers have thoroughly read the warnings;
Step 4: Provide customers with the terms of the agreement for opening and using a payment account in accordance with Article 13 of Circular 17/2024/TT-NHNN and confirm the customer's acceptance of the agreement to open and use the payment account as stipulated at Point b, Clause 2, Article 16 of Circular 17/2024/TT-NHNN;
Step 5: Notify customers of the account number, payment account name, transaction limit through the payment account, and the start date of the account's operation.
From October 1, 2024, how is the process for opening a payment account via electronic means implemented? (Image from the Internet)
What are the forms of payment accounts?
Based on Article 3 of Circular 17/2024/TT-NHNN, the forms of payment accounts are defined as follows:
Forms of Payment Accounts
1. The forms of payment accounts include: individual payment accounts, organizational payment accounts, and joint payment accounts.
Individual payment accounts are payment accounts opened by individual customers at payment service providers.
Organizational payment accounts are payment accounts opened by organizations at payment service providers. The account holder of the organizational payment accounts is the organization that opens the payment account.
Joint payment accounts are payment accounts with at least two holders opening the account together. The account holders of joint payment accounts can be both organizations and individuals.
Thus, the forms of payment accounts include: individual payment accounts, organizational payment accounts, and joint payment accounts.
In which cases does the opening of a payment account via electronic means not apply?
Based on Clause 3, Article 16 of Circular 17/2024/TT-NHNN, the opening of payment accounts via electronic means does not apply in the following cases:
Opening Payment Accounts via Electronic Means
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3. The opening of payment accounts via electronic means does not apply in the following cases:
a) Joint payment accounts;
b) Payment accounts in foreign currency;
c) Individual customers as prescribed at Points b, c, Clause 1, Article 11 of this Circular, individual customers aged 15 to under 18 years old.
Thus, the opening of payment accounts via electronic means does not apply to the following cases:
- Joint payment accounts
- Payment accounts in foreign currency
- Individual customers who are:
+ Under 15 years old, or those who are restricted or lack the capacity to perform civil acts according to Vietnamese law, opening payment accounts through their legal representatives
+ Those with difficulties in understanding, or managing behavior according to Vietnamese law, opening payment accounts through their guardians.
+ Individual customers aged 15 to under 18 years old
