Intensifying control and prevention of bank card operations-related violations in Vietnam

Le Hai

09:05, 11/01/2021

This is the most featured content of the Directive No. 02/CT-NHNN enhancing prevention and handling of violations related bank card operations, issued by the State Bank of Vietnam on January 07, 2021.

According to the Directive No. 02/CT-NHNN, in order to minimize risks and continue intensifying control and prevention of bank card operations-related violations, the Governor of the State Bank of Vietnam (“SBV”) requests card issuers, acquirers to adopt the following measures:

- Inspect and review all procedures and regulations on application and contracts for opening and use of payment accounts and bank cards, and then amend and revise their internal regulations on these contents to ensure safety and confidentiality of clients’ information and compliance with laws;

- Review the scope of use of bank card specified in contracts for issuance of use of bank card, payment limits and exchange rates of card transactions which must be conformable with regulations of law;

- Strictly comply with SBV’s directives and warnings about supervision and control of bank card operations with attaching special importance to identification and verification of information about clients and merchants;

- Request all relevant officials within their systems to strictly comply with relevant regulations of law as well as their internal regulations and guidelines.

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More details at the Directive No. 02/CT-NHNN issued by the State Bank of Vietnam on January 07, 2021.

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