Procedures for account depository opening/closing for financial instrument of credit institution at state bank of Vietnam

Procedures for account depository opening/closing for financial instrument of credit institution at state bank of Vietnam (Internet image)

1. Procedures for account depository opening for financial instrument of credit institution at state bank of Vietnam

1.1.  Application for account depository opening for financial instrument of credit institution at state bank of Vietnam

- The application form made according to Appendix 1a/LK enclosed with Circular 16/2022/TT-NHNN (03 copies);

- The list of specimen seals and signatures for using depository account at the SBV which is made according to Appendix 1b/LK enclosed with Circular 16/2022/TT-NHNN (03 copies);

- The documentary evidences of the lawful establishment and operation of the applicant, including: the charter, license for establishment and operation, enterprise registration certificate or other documents of equivalent validity as prescribed by laws;  

- The documentary evidences of the legal status of the legal representative of the applicant (such as the SBV’s decision on approval for provisional position holders and/or appointment decision) accompanied by ID card or Citizen Identity Card or unexpired passport of the representative;

- The document or decision on appointment and ID card or Citizen Identity Card or unexpired passport of the chief accountant or the person in charge of accounting works, person in charge of managing documents concerning transactions made with the SBV;

- If another person is authorized by the legal representative or chief accountant (including re-authorization (if any)), the applicant shall submit the appointment decision of the authorized person and the power of attorney made according to Appendix 7/LK enclosed with Circular 16/2022/TT-NHNN, accompanied by the ID card or Citizen Identity Card or unexpired passport of the authorized person.

The power of attorney made by the chief account must also bear signature of the representative of the account holder;

2.2. Procedures for account depository opening for financial instrument of credit institution at state bank of Vietnam

- Step 1: Deposit Insurance of Vietnam, credit institutions, foreign bank branches (FBBs) and other organizations as decided by the SBV’s Governor (hereinafter referred to as “members”) to carry out money market activities, they are required to make 1 set of application and send them to the State Bank

- Step 2: The State Bank appraises the application.

Within 05 (five) working days from the receipt of an adequate and valid application, the SBV (the SBV’s Operations Center) shall open a financial instrument depository account and notify the number and validity start date of the depository account to the applicant

If the received application is inadequate or invalid, the SBV (the SBV’s Operations Center) shall request the applicant to complete the application

If an application is refused, the SBV (the SBV’s Operations Center) shall provide the applicant with reasons for such refusal.

2. Procedures for account depository closing for financial instrument of credit institution at state bank of Vietnam

2.1. Application for account depository closing for financial instrument of credit institution at state bank of Vietnam

Application for closure of financial instrument depository account made according to Appendix 4/LK enclosed with Circular 16/2022/TT-NHNN

2.2. Procedures for account depository closing for financial instrument of credit institution at state bank of Vietnam

- Step 1: Deposit Insurance of Vietnam, credit institutions, foreign bank branches  and other organizations as decided by the SBV’s Governor, when a member no longer has demand for depositing financial instruments at SBV or before the termination of its existence due to split-off, split-up, merger, consolidation, dissolution or bankruptcy, it shall prepare and send an application to the SBV’s head office.

- Step 2: The State Bank shall appraise the application.

Within 05 (five) working days from the receipt of the application, the SBV (the SBV’s Operations Center) shall close the applicant’s depository account, or request VSDC to close the corresponding account on financial instruments deposited on SBV’s client account opened at VSDC, and send a notification thereof to the applicant.

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