Ensuring safety and compliance with laws on payment intermediary services

Accordingly, in order to ensure safety, security and compliance with laws on intermediary payment services, the SBV requires intermediary payment providers to implement these services within the scope written in the license and strictly comply with the contents prescribed in the License on providing intermediary payment services granted by the SBV.

Concurrently, these providers have to ensure meeting adequate conditions of intermediary payment services as stipulated in Article 15, Decree No.101/2012/ND-CP dated November 22, 2012 of the Government on non-cash payment and Decree No.80/2016/ND-CP dated July 1, 2016 of the Government on revising Decree No.101/2012/ND-CP, ensuring the compliance with laws in the progress of providing intermediary payment services.

Any changes relating to the conditions of intermediary payment services of the above-mentioned regulations including: changing charter capital, owners; changing legal representatives, General Director (Director); changing on the facilities, technical infrastructure, technical process, operation, internal monitoring, risk management, safe and secured ensure, etc. might have to be reported to the SBV for management and supervision purposes.

Particularly, for e-wallet service providers, SBV requires them to promptly coordinate with affiliated banks to inspect, review in order to complete the Know Your Customer (KYC) process to obtain the effective implementation and compliance with regulations; to check and review all e-wallet accounts to ensure the combination with banking accounts and activation of e-wallets; E-wallets providers shall have to reactive or close all those e-wallets that are not linked to bank accounts or improperly activated or failed to be identified.

The SBV shall strictly handle all the cases of violating the laws on intermediary payment service activities.

Thoa Le