ANTD.VN - It is expected that the Uniform Code of Conduct and Practice for Document Verification for International Money Transfers by Individual Customers to Credit Institutions will be issued by the end of the second quarter of 2024.
The Vietnam Banks Association (VNBA) has just held a Conference to announce the Decision to establish a Drafting Committee to develop a set of unified rules and practices for document examination for international money transfer transactions of individual customers to credit institutions (CIs).
Accordingly, Dr. Nguyen Quoc Hung - Vice Chairman and General Secretary of Vietnam Banks Association is the Head of the Committee.
Ms. Nguyen Thi Van Hoai, Vice President of the Banking Law Club (VNBA) is the Standing Deputy Head; Mr. Le Trung Thanh, Deputy General Director of BIDV is the Deputy Head and the members are representatives of a number of banks such as: Agribank , BIDV, Vietcombank, Vietinbank, VPBank, Techcombank, HSBC, Standard Chartered Bank and representatives of the Legal & Professional Affairs Department (VNBA).
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Banks will unify document checking for international money transfers |
According to Mr. Nguyen Quoc Hung, this is the first time in Vietnam that a meeting has been held to discuss the development of a set of common rules on unified practice for checking documents for international money transfer transactions for credit institutions. Currently, regulations on international money transfer in Vietnam are available, but their implementation and application in credit institutions are not yet consistent.
For example, bilateral payments between Vietnam and Thailand using QR codes, Thai tourists can easily make payments using QR codes in Vietnam. However, Vietnamese tourists have difficulty paying using QR codes in Thailand. The reason is that there is no unified common processing procedure, but only individual operations of each credit institution.
"Therefore, it is necessary to develop a set of common rules to unify the international money transfer process for implementation and application in credit institutions," Mr. Nguyen Quoc Hung emphasized.
The leaders of the Banking Association also noted that the development of the Common Code must be based on the most common points and not violate legal regulations.
Mr. Dao Xuan Tuan - Director of the Foreign Exchange Management Department ( State Bank of Vietnam ) also said that the Unified Common Code must provide regulations with a comprehensive and general framework. Therefore, the Unified Common Code includes basic general principles for all credit institutions to easily implement and should not include specific details.
Mr. Tuan also hopes that the unified Common Code will be issued soon and credit institutions also need to have a specific plan so that when put into implementation, it will achieve maximum efficiency.
According to the Drafting Committee, the expected completion date of the preliminary draft is around January 30, 2024. After sending for comments from ministries and branches, the expected completion date of the Common Code is the end of the second quarter of 2024.
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