Vietnam: Guidelines for online opening of a personal checking account

Le Hai

15:59, 08/12/2020

This is a notable content of the Circular No. 16/2020/TT-NHNN on amendments to Circular No. 23/2014/TT-NHNN providing guidelines for opening and use of checking accounts at payment service providers.

According to Clause 6 Article 1 of the Circular No. 16/2020/TT-NHNN of the State Bank of Vietnam supplementing Article 14a of Circular No. 23/2014/TT-NHNN on online opening of a personal checking account shall include at least the following steps:

- Collect information concerning the application for checking account opening as prescribed in Clause 1, 4, 5 Article 12, Clause 1 Article 13 of the Circular No. 23/2014/TT-NHNN;

- Check, examine and verify the client’s identity information;

- Warn clients about acts which they are prohibited to perform during the online opening and use of checking account;

- Provide clients with contents of the agreement on opening and use of checking account as prescribed in Clause 1 Article 13a of Circular No. 23/2014/TT-NHNN and enter into the agreement on opening and use of checking account with the client;

- Notify the client of the number and name of the checking account, limit on transactions made via the checking account, and effective date of the checking account.

View more details at the Circular No. 16/2020/TT-NHNN of the State Bank of Vietnam, effective from March 05, 2021.

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