Press release on issuance of Circular No. 23/2023/TT-NHNN
Hanoi, December 29, 2023 – The Governor of the State Bank of Vietnam (SBV) has issued Circular No. 23/2023/TT-NHNN stipulating the technical standards for money vaults and cash-in-transit vehicles of the credit institutions and the foreign bank branches.
The new Circular is composed of 04 Chapters and 13 Articles, specifically as follows:
- Chapter I: General provisions (Article 1 to Article 3), stipulating the scope of application, the subjects of application, the interpretation of terms.
- Chapter II: Technical standards for money vaults (Article 4 to Article 7), comprising of general requirements for money vaults; the structure and technical standards of a money vault; the entrance to a money vault; the requirements for the equipment installations in a money vault, including specific requirements on (i) the quantities of required equipment; (ii) the areas and zones required equipment installations; (iii) the basic technical requirements for the installed locations, the alarming, counter-theft and tracking capabilities of each type of equipment installed.
- Chapter III. Cash-in-transit vehicles (Article 8), comprising of the technical requirements regarding cash-in-transit vehicles and the cash cabins on the vehicles.
- Chapter IV: Implementation arrangements (Articles 9 to Article 13), comprising of the regulations on the transitional period, the responsibilities of the credit institutions and the foreign bank branches, the responsibilities of the SBV entities, the entry into force, and the responsibilities for the implementation.
For the responsibilities of the credit institutions and the foreign bank branches, based on their practical capabilities, the requirements for the preservation of cash money, valuable assets and papers, they can establish requirements and provide guidance throughout their systems for such substances as: the area and the arrangements of a money vault; the standards of a money vault, the equipment system of a money vault at a transaction office; the archive period of a surveillance camera footage; other transport vehicles apart from cash-in-transit vehicles; the regulations on the management, use and operation of the equipment systems; taking consideration and applying technological advances to the construction of their money vaults, and installing the equipment systems, acquiring appropriate transport vehicles for their systems, and taking responsibility for ensuring the safety and security of the cash money and assets in their systems.
For the people’s credit funds and the micro finance institutions, in case of sufficient capabilities, they are encouraged to fulfill the requirements as stated in this Circular. In case of insufficient capabilities or conditions for the application, they are requested to take responsibility for arranging the construction, rehabilitation or upgrading of their money vaults; arranging appropriate transport vehicles and safeguard measures for their cash money in order to ensure the safety and security of the cash money in storage and in transit.
The new Circular will enter into force on February 12, 2024.
Translated by Le Hang