Shall the payment account of a person committing prohibited acts concerning payment accounts be closed in Vietnam?

Shall the payment account of a person committing prohibited acts concerning payment accounts be closed in Vietnam?

Pursuant to Article 12 of the Circular 23/2014/TT-NHNN stipulating payment account closing:

Payment account closing

1. Payment account closing shall be carried out when:

a) Owners of payment accounts submit requests and have adequately fulfilled obligations concerning payment accounts;

b) Owners of payments accounts have died or are announced to be dead;

c) Organizations with payment accounts terminate their operations as prescribed by the law;

d) Owners of payment accounts commit prohibited acts concerning payment accounts prescribed in Clause 5 and Clause 8 Article 8 of this Decree.

dd) There are prior written agreements between owners of payment accounts and payment service providers;

e) Other cases as prescribed by the law.

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As regulated above, owners of payment accounts committing following prohibited acts concerning payment accounts shall have their payment account closed:

- 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.

- 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.

Shall the payment account of a person committing prohibited acts concerning payment accounts be closed in Vietnam? - 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:

- 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.

- 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.

- Providing untruthful information related to the provision or use of payment services and payment intermediary services.

- 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.

- 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.

- Issuing, providing, and using illegal payment instruments.

- Providing payment intermediary services without licenses to provide payment intermediary services issued by SBV. Providing payment services without being payment service providers.

- 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.

- Erasing and altering contents of licenses to provide payment intermediary services and purchasing, selling, transferring, leasing, lending, and forging such licenses.

- Authorizing or assigning other organizations or individuals to carry out licensed operations of agents according to licenses to provide payment intermediary services.

- Falsifying or forging documents proving eligibility for the issuance of licenses to provide payment intermediary services in applications for licenses.

- Operating contrary to contents prescribed in licenses to provide payment intermediary services.

- 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.

Are owners of payment accounts allowed to authorize the use of their accounts in Vietnam?

Pursuant to Article 10 of the Decree 52/2024/ND-CP stipulating use and authorized use of payment accounts:

Use and authorized use of payment accounts

1. Owners of payment accounts may use their payment accounts to deposit or withdraw cash and request payment service providers to implement valid payment transactions. Owners of payment accounts may request payment service providers to provide information on transactions and the balances of their accounts under agreements with payment service providers where they open such accounts.

2. Owners of payment accounts may authorize the use of their accounts. The authorization shall be made in writing and conformable with the law on authorization.

3. Owners of payment accounts shall adequately and truthfully provide information and comply with regulations on the opening, use, and authorization in the use of payment accounts of payment service providers and ensure the sufficient amount (available balance) on their payment accounts for the implementation of payment orders, excluding cases where there are agreements on overdraft loans with payment service providers.

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As regulated above, owners of payment accounts may authorize the use of their accounts. The authorization shall be made in writing and conformable with the law on authorization.

Best regards!