Hanoi-Vietnam: Provision of information and handling of violations related to bank card operations

04:18, 11/07/2024

This content is specifically stipulated in Circular 19/2016/TT-NHNN issued by the State Bank of Vietnam on June 30, 2016.

The provision of information in Vietnam is regulated by Circular 19 as follows:

- Card issuers, acquirers, merchants, switching companies, clearing houses and international card associations must ensure the confidentiality of card information, cardholders, card transactions and provide information only at the request of the cardholder, competent authorities or as prescribed by law.

- Card issuers and acquirers shall enter into agreements on information sharing in line with card operation as prescribed by law.

- International card associations shall provide information about transactions of cards whose BINs are issued by international card associations at the request of the State Bank for state management

Additionally, Circular 19 stipulates that organizations or individuals violating regulations on banking card operations shall, depending on the nature and severity of their violations, be administratively handled or, in case of a serious violation, liable to criminal prosecution; if causing damage, they shall pay compensations therefor by law.

Details may be found in Circular 19/2016/TT-NHNN effective from August 15, 2016.

- Thao Uyen -

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