Takes effect on March 01, 2017, the Circular No. 32/2016/TT-NHNN dated December 26, 2016 of the State Bank on amending the Circular No. 23/2014/TT-NHNN dated August 19, 2014 of the State Bank of Vietnam guiding the opening and use of payment accounts at payment service suppliers, before March 01, 2018, each payment service provider shall review documents and applications for opening and maintenance of current accounts submitted by customers being juridical persons that are opened and change the account holders’ names without re-concluding the agreements, unless otherwise requested in writing by the current account holder.
Each bank or foreign bank branch shall review documents and applications for opening and maintenance of current accounts submitted by customers being households, co-operative groups, or other organizations without legal status that are opened before March 01, 2017. From March 01, 2018, it shall close current accounts of households, co-operative groups, and other organizations without legal status that fail to complete the change of account forms. The legal representative or authorized representative of the corporate that opens the account who shall perform transactions relating to the current account on behalf of the corporate.
The payment account holder is entitled to authorize another person to use its current account. Such authorization in the use of current account shall be made in writing in accordance with laws and regulations on authorization.
Each bank or foreign bank branch shall receive trace requests and complaints from customers during their use of current accounts. Within 30 working days from the date on which the initial trace request or complaint according to one of the methods of receipt prescribed in Point a Clause 1 of this Article, the bank or foreign bank branch shall initiate the processing of such trace request or complaint; within 05 working days from the notification of results of trace requests and complaints, the bank or foreign bank branch shall reimburse, upon agreement or in accordance with applicable law provisions, damage incurring through no fault of the customer and/or not due to force majeure events agreed upon in the agreement on terms and conditions of opening and maintenance of current account; if it fails to determine reasons or which party at fault while the deadline for trace requests or complaints prescribed in Point 4 of this Clause expires, the provider shall, within succeeding 15 working days, agree with the customer about the solution for processing such request or complaint.
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