In order to meet the payment demands at the 2024 year-end and the 2025 Lunar New Year, the State Bank of Vietnam (SBV) has issued Document No. 10182/NHNN-TT dated December 12, 2024 requesting the SBV entities, the credit institutions, the National Payment Corporation of Vietnam (Napas), and the payment intermediary service providers,… to implement a number of measures in order to ensure safe and smooth payment operations.
Strengthening risk management, fraud prevention
The SBS has requested the credit institutions to strictly implement the measures for risk management and fraud prevention in the payment operations, focusing on reviewing and ensuring the effectiveness of the internal regulations on opening and using payment accounts, bank cards, the provision of payment services, as well as the risk management, etc.
Strictly implementing the new regulations as stated in Circular No. 15, Circular No. 17, Circular. No. 18 of the SBV; promoting the communication activities; completing the authentication of the biometric data for individual customers by January 1, 2025; completing the authentication of the biometric data for the legal representatives of institutional customers by July 1, 2025 to allow customers to continue withdrawing money and making online transactions using their accounts and bank cards.
Checking the validity of all identification documents for customers opening payment accounts and bank cards; From January 1, 2025, for customers whose ID documents are invalid or expired, online payment transactions and money withdrawals from their payment accounts and banking cards will be suspended.
Promoting the communication and warning about fraudulent methods/scams; providing customers with instructions on how to ensure personal data security, and how to use payment services and make online transactions safely.
Strictly implementing the procedures for opening and using payment accounts, bank cards in accordance with the new regulations and the measures to ensure the safety and security in payment operations.
Strengthening the supervision of the interbank payment operations, ensuring the safety and the smoothness in order to meet the customers' payment demands at the 2024 year-end and the 2025 Lunar New Year.
Proactively developing and implementing the plans for the ATM operations for each location; closely monitoring the ATMs to promptly detect cash shortages, replenish cash and handle with any incidents that may arise.
Taking appropriate measures to ensure stable and smooth payment services to meet all payment demands; promptly handling with and responding to the requests for tracing, and complaints from the customers in line with the applicable regulations.
Ensuring safe and stable payment operations
The SBV has also requested the payment intermediary service providers to review and ensure the effectiveness of the internal procedures and regulations on opening and using e-wallets, providing payment intermediary services, the risk management procedures, the agreements on opening and using e-wallets in line with the new substances as stated in Circular No.40.
Strictly implementing the procedures of opening and using e-wallets in line with the new regulations and the measures to prevent, combat and minimize the risks of exploitation for illegal purposes in accordance with the directive documents of the SBV.
Promoting the communication activities targeting all customers, aimed to complete the authentication of the biometric identification data of the e-wallets’ owners or owners’ representatives (for individual customers), and the legal representatives (for institutional customers) before January 1, 2025.
Warning customers against fraudulent methods and tricks; providing customers with instructions on how to ensure personal data security and how to use payment services and to make online transactions safely at the 2024 year-end and the 2025 Lunar New Year.
For intermediary payment service providers already engaged in the state revenue collection, they are requested to effectively implement the state revenue collection during the final days of the year, and to provide guidance and support to their customers on the processes and procedures in line with the provisions of laws.
The SBV municipal and provincial branches are requested to proactively monitor the situation, the public opinions in their areas related to payment operations; supervise the commercial banks and the foreign bank branches in their local jurisdiction in order to improve their service quality, and to ensure the payment security and safety; coordinating with the relevant authorities to handle with any violations related to payment operations in line with the provisions of laws.
Directing the commercial banks and the foreign bank branches to collaborate effectively in the state revenue collection; creating favorable conditions for the people and businesses to pay their taxes through the banking system, etc.
HY