Bank code already issued cannot be reused for another unit

Illustrative Image (Source: Internet)

To be specific, in Article 4 of Circular 17/2015/TT-NHNN, the five principles for allocating and cancelling bank codes are stipulated as follows:

1. Each banking code is uniquely allocated to each unit subject to the allocation of banking codes as specified in Clause 1, Article 2 of this Circular.

2. The banking code remains unchanged and stable throughout the actual existence of the unit that has been allocated the code.

3. The allocated banking code cannot be reused for another unit.

4. The allocation of banking codes is carried out when the entity eligible for a banking code is established, merged, divided, or split.

5. The cancellation of banking codes is carried out when the entity that has been allocated a banking code dissolves, goes bankrupt, or ceases operations.

Additionally, the Circular also regulates the activities and operations via the State Bank, which are the activities and operations of credit institutions, foreign bank branches, the State Treasury, and other organizations with activities related to the State Bank, including:

- Payment activities through payment accounts;- Treasury bill and bond bidding operations and open market operations;- Credit information activities;- Anti-money laundering information activities;- Other activities and operations as stipulated by the State Bank.

For further details, refer to Circular 17/2015/TT-NHNN, effective from July 1, 2016.

Le Hai

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