The State Bank of Vietnam (SBV) issued Document No. 1126/NHNN-TTGSNH on February 23, 2018 requiring credit institutions, foreign bank branches (hereinafter referred to as credit institutions) to strictly implement and ensure the safety of depository services at the credit institutions.
Accordingly, the SBV required credit institutions to implement the following substances:
First, strictly complying with the legal documents, including Directive No. 07/CT-NHNN dated October 11, 2017 on strengthening the control and prevention of violations in monetary and banking fields, ensuring security, safe and sound banking operations, thereby contributing to financial and monetary stabilization, as well as the SBV’s directions with regard to the depository services, the safety and confidentiality in the provision of banking services, especially the regulations on processes, procedures, and locations of transactions.
Second, reviewing, amending and supplementing the internal regulations in order to make sure of sufficient internal rules related to deposits and savings transactions in compliance with applicable laws.
Third, disseminating, making sure of full understanding and implementing at all units of the credit institutions and staff members to consistently implement and strictly comply with the applicable laws and the internal regulations on depository services; organizing frequent training courses to improve professional skills and the practice of law observance for officials and employees of the credit institutions.
Fourth, promoting technological innovation to enhance security, safety and confidentiality in banking activities; considering the application of authentication measures for the depository services.
Fifth, enhancing coordination with the authorities to acquire timely information, promptly notify and warn the banking system in order to take measures of preventing and minimizing risks that may occur to the credit institutions; Effectively implementing the communication activities so that the customers can understand and comply with the regulations and procedures for confidentiality of customer information and carry out transactions at the credit institutions in accordance with the regulations.
Sixth, strengthening the self-inspection (especially cross-checking), control and rotation of staff involved in depository services in order to prevent possible risks; promptly detecting and strictly handling with cases of violating the provisions of the law, the internal procedures and regulations of the credit institutions.
Seventh, promptly reporting to the SBV, the SBV municipal and provincial branches and competent authorities in case of a violation or violations of the provisions of the law; at the same time, appropriate measures must be taken in accordance with the law with a view to ensuring the legitimate rights and interests of the customers.
Le Hang