Powers of Public Postal Service Enterprises from February 19, 2020

Article 7 of Circular 38/2019/TT-NHNN stipulates that enterprises providing public postal services (hereinafter referred to as service providers) are allowed to exercise the following rights:

Illustrative image (source: internet)

- Have the right to refuse or terminate the provision of payment services to customers when customers do not fully comply with legal regulations or violate contracts or agreements between parties, violate regulations on anti-money laundering and counter-terrorism financing.- Equip facilities, technical systems, and information technology infrastructure at service provision locations to ensure smooth, confidential, and secure payment services.- Implement measures to ensure payment capacity within the system and maintain the total balance of payment accounts at banks and the cash amount at the unit to always exceed the amount payable to customers at the time of executing payment transactions.- Issue risk management mechanisms: identify risks, classify types of risks for each type of provided service, ensure the security and integrity of information and data related to transactions, implement measures to assess, control, prevent risks, and comply with legal regulations.- Establish procedures and processes for resolving queries, complaints, and disputes; mechanisms for compensation and indemnification for risks and incidents arising during the service provision process.- Issue regulations on receipt, storage, and equipping safes at transaction points within the system, collection, and transportation of cash to ensure it is deposited into payment accounts at banks by the end of the day, and have firefighting plans in accordance with legal regulations; ensure the security and safety of cash circulation and determine the end-of-day cash reserve limit suitable for each transaction point's management capacity and liquidity for customers using the service.- Publicly post at transaction points and upload on the service provider's website at least the following contents: procedures for each type of service between the service provider and customers; processes and procedures for resolving queries, complaints, and disputes; compensation and indemnification mechanisms; types of fees (for services with fees).- Specify contents ensuring compliance with anti-money laundering and counter-terrorism financing regulations.- Provide payment transaction-related information, personal information of customers, and other relevant information at the request of customers, competent state agencies, or as per legal provisions.- Perform other rights and responsibilities as stipulated in this Circular and relevant legal regulations.

View the full text of regulations in Circular 38/2019/TT-NHNN, effective from February 19, 2020.

Thu Ba

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