Hanoi, Vietnam: Application for opening a checking account at the bank in Vietnam from October 1, 2024

Application for opening a checking account at the bank in Vietnam from October 1, 2024 (Internet image)

On 28/6/2024, the Governor of the State Bank of Vietnam issued Circular 17/2024/TT-NHNN stipulating the opening and use of checking accounts at payment service providers.

Application for opening a checking account at the bank in Vietnam from October 1, 2024

(1) The application for opening a checking account includes the following documents, information, data:

• Agreement on opening and using the checking account according to the regulations at Article 13 of Circular 17/2024/TT-NHNN;

• Documents, information, data to verify customer identification according to Clauses (2), (3);

• Agreement on the management and use of the joint checking account between the entities named as the account holders (if any) in case of opening a joint checking account.

(2) Documents, information, data regarding the customer's identity for individuals:

• For Vietnamese citizens: National ID card, Citizen ID card, or electronic Citizen ID (through access to the level 02 electronic identification clause) or Birth Certificate for individuals under 14 years old;

• For individuals of Vietnamese origin who have not yet determined their nationality: Citizenship certificate;

• For foreigners:

(i) Passport, for foreigners residing in Vietnam, must have an entry visa or documents substituting the visa or documents proving visa exemption; or

(ii) Electronic identification (through access to the level 02 electronic identification clause).

(3) Documents, information, data of customer organizations: Documents, information, data to verify customer identification as stipulated at point b Clause 1 Article 12 of Anti-Money Laundering Law 2022; including the documents, information, data of the legal representative according to Clause (2).

(4) In case an individual opens a checking account through a representative as stipulated at points b, c Clause 1 Article 11 of Circular 17/2024/TT-NHNN, besides the documents, information, data stated at Clause (1), the application for opening a checking account must additionally include:

• For individual representatives: documents, information, data for identifying and verifying the legal representative's identity according to Clause (2) and documents proving the representative's lawful status regarding the individual opening the checking account;

• For legal entity representatives: documents, information, data for identifying and verifying the legal entity's identity according to Clause (3) and documents proving the representative's lawful status regarding the individual opening the checking account.

(5) Banks, foreign bank branches are allowed to stipulate additional documents, information, data in the application for opening a checking account besides the documents, information, data prescribed in Clauses (1), (2), (3), (4), but must notify and specifically guide the customers.

(6) The collection and storage of the application for opening a checking account must meet the following requirements:

• The documents in paper format in the application for opening a checking account must be the original or certified copies or copies issued from the original register or copies accompanied by the originals for comparison according to laws on issuing copies from the original register, certification of copies from originals, notarization of signatures, and notarization of contracts and transactions.

For cases that present the original for comparison, banks, foreign bank branches must confirm the copy and take responsibility for the accuracy of the copy compared to the original. For documents issued by competent foreign authorities, consular legalization must be applied according to the laws on consular legalization;

• For documents, information, data in the application for opening a checking account in electronic data format, banks, foreign branch banks must check, compare, authenticate, ensuring full and accurate content, and store in accordance with laws on electronic transactions;

• If the documents, information, data in the application for opening a checking account are in a foreign language, banks, foreign branch banks can agree with customers on translating or not translating into Vietnamese, but must ensure the following principles:

(i) Banks, foreign branch banks must verify, control, and confirm the content of foreign language documents, information, data ensuring they meet the information requirements stipulated in Circular 17/2024/TT-NHNN;

(ii) Foreign language documents, information, data must be translated upon request of competent authorities; translations must be certified by authorized persons at banks, foreign branch banks or must be notarized;

• The documents, information, data in the application for opening a checking account stipulated in Clauses (1), (2), (3), (4) must remain valid and usable during the process of opening and using the checking account.

(Article 12 of Circular 17/2024/TT-NHNN)

Nguyen Ngoc Que Anh

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE