What are internal regulations on negotiable instrument rediscount among credit institutions and foreign bank branches in Vietnam?

What are internal regulations on negotiable instrument rediscount among credit institutions and foreign bank branches in Vietnam?

Pursuant to Article 11 of Circular 18/2021/TT-NHNN regulating the internal regulations on negotiable instrument rediscount among credit institutions and foreign bank branches are as follows:

1. Based on this Circular, the Law on Credit Institutions, the Law on Negotiable Instruments and relevant law provisions, credit institutions and FBBs shall promulgate Internal regulations on negotiable instrument rediscount depending on their management model, characteristics and business conditions in order to ensure operational safety for credit institutions and FBBs.

2. Internal regulations must specify responsibilities of every department and individual related to rediscounting of negotiable instrument.

3. Internal regulations must contain professional procedures for rediscounting negotiable instruments, risk management in negotiable instrument rediscount, and appraisal of the beneficiary and negotiable instrument to be rediscounted.

Best Regards!