Vietnam’s new regulation on authorization to use the current account

16:59, 05/03/2019

On February 28, 2019, the State Bank of Vietnam issued Circular No. 02/2019/TT-NHNN on amendments to Circular No. 23/2014/TT-NHNN, providing guidelines for opening and maintenance of current accounts at payment service providers.

According to Vietnam’s new regulations, the authorization to use the current account shall be carried out as follows:

- The current account holder is entitled to authorize another person to use its/his/her current account.

- The authorization to use the current account must be made in writing in accordance with applicable regulations on authorization.

- To authorize the use of a current account, the account holder must submit to the service provider where the account is opened a written authorization letter accompanied by a specimen signature registration form and a copy of the valid identification card or passport of the authorized person.

Also according to Circular No. 02/2019/TT-NHNN of the State Bank of Vietnam, the account holder must provide sufficient, clear and accurate information concerning the opening and use of the current account. Any changes in information provided in the application for current account opening must be notified to the payment service provider where the current account is opened in a timely manner and supported by relevant documents.

View other provisions at Circular No. 02/2019/TT-NHNN of the State Bank of Vietnam, effective from March 01, 2019.

- Thanh Lam -

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