Guidelines for collection and storage of application for account opening at payment service providers in Vietnam

Guidelines for collection and storage of application for account opening at payment service providers in Vietnam (Internet image)

1. Guidelines for collection and storage of application for account opening at payment service providers in Vietnam

According to the provisions of Clause 6, Article 12 Circular 17/2024/TT-NHNN, the collection and storage of payment account opening dossiers at payment service providers must meet the following requirements:

- Documents in the payment account opening dossier must be original documents, certified copies, copies issued from original books, or copies with the original documents for comparison to comply with the legal provisions on issuance of copies from original books, certification of copies from original documents, signature certification, and certification of contracts and transactions.

- In the case of presenting original documents for comparison, banks or foreign bank branches must confirm the copies and bear responsibility for the accuracy of the copies against the original documents. For documents issued by competent foreign authorities, legalization according to the provisions of law on consular legalization is required;

- For electronic data in the payment account opening dossier, banks or foreign bank branches must check, compare, authenticate to ensure complete, accurate content and store according to the legal provisions on electronic transactions;- In cases where documents, information, or data in the payment account opening dossier as specified in points a and b, Clause 6, Article 12 Circular 17/2024/TT-NHNN are in a foreign language, banks or foreign bank branches can negotiate with customers about transacting or not transacting in Vietnamese but must ensure the following principles:

+ Banks or foreign bank branches must check, control and bear responsibility for confirming the content of documents, information, and data in a foreign language to ensure that it meets the information required to be provided in Circular 17/2024/TT-NHNN;

+ Documents, information, and data in a foreign language must be translated upon request by competent authorities; the translation must be confirmed by an authorized person of the bank or foreign bank branch or must be notarized or certified;

- Documents, information, and data in the payment account opening dossier as specified in Clauses 1, 2, 3, 4, Article 12 Circular 17/2024/TT-NHNN must remain valid and effective during the account opening and usage process.

2. Entities eligible to open checking accounts at payment service providers in Vietnam

Entities eligible to open payment accounts at payment service providers are regulated in Article 11 Circular 17/2024/TT-NHNN as follows:

- Individuals opening payment accounts at banks or foreign bank branches include:

+ Persons aged 15 and older who are not restricted or incapacitated according to Vietnamese law;+ Persons under 15 years old, persons whose civil act capacity is restricted or lost according to Vietnamese law, opening payment accounts through their legal representatives;

+ Persons with difficulties in cognition or behavior control according to Vietnamese law, opening payment accounts through guardians.

- Organizations legally established and operating under Vietnamese law, including: legal entities (Vietnamese and foreign legal entities), private enterprises, business households, and other organizations entitled to open payment accounts at banks or foreign bank branches according to legal regulations.

Vo Tan Dai

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