Prohibited acts on cashless payment in Vietnam from July 1, 2024

Prohibited acts on cashless payment in Vietnam from July 1, 2024

Prohibited acts in cashless payment include:

- Altering, erasing payment instruments or payment documents that are not in compliance with the law; counterfeiting payment instruments or payment documents; storing, circulating, transferring, or using counterfeit payment instruments.

- Intruding or attempting to intrude, stealing data, sabotaging, illegally altering software programs or electronic data used in payments; exploiting computer network system errors for profiteering.

- Providing untruthful information related to the provision or use of payment services, intermediary payment services.

- Disclosing or providing information about account balances in payment accounts, bank card balances, e-wallet balances, and customers' payment transactions at payment service providers, intermediary payment service providers contrary to relevant legal provisions.

- Opening or maintaining anonymous or fraudulent payment accounts, e-wallets; buying, selling, renting, leasing, borrowing, lending payment accounts, e-wallets; renting, leasing, buying, selling, opening bank cards on behalf (except for anonymous pre-paid cards); stealing, conspiring to steal, buying, selling information of payment accounts, bank card information, e-wallet information.

- Issuing, supplying, and using illegal payment instruments.

- Providing intermediary payment services without the State Bank's operational permit for intermediary payment services. Providing payment services without being a payment service provider.

- Conducting, organizing, facilitating acts of: using, exploiting payment accounts, payment instruments, payment services, intermediary payment services for gambling, organizing gambling, fraud, deception, illegal business activities, and other unlawful acts.

- Altering, changing the content, buying, selling, transferring, leasing, lending, counterfeiting the operational permit for intermediary payment services.

- Mandating, delegating agency for other organizations, individuals to perform activities permitted according to the operational permit for intermediary payment services.

- Committing fraud, forging documents proving qualifications to be granted an operational permit for intermediary payment services in the application dossier for the permit.

- Operating not in accordance with the content prescribed in the operational permit for intermediary payment services.

- The account holder has a payment account at a payment service provider but provides information or commits that they do not have a payment account at a payment service provider to parties with rights, obligations related according to the law on disbursement of loan funds of credit institutions, foreign bank branches.

More details can be found in Decree 52/2024/ND-CP, effective from July 1, 2024, and replacing Decree 101/2012/ND-CP and Decree 80/2016/ND-CP.

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE