ANTD.VN - The Uniform Code of Practice on Document Examination for International Money Transfer Transactions by Individual Customers to Credit Institutions is expected to be issued by the end of the second quarter of 2024.
The Vietnam Banking Association (VNBA) recently held a conference to announce the decision to establish a drafting committee to develop a unified code of conduct and practice for document verification of international money transfer transactions by individual customers to credit institutions.
Accordingly, Dr. Nguyen Quoc Hung - Vice President and General Secretary of the Vietnam Banking Association - will serve as the Head of the Committee.
Ms. Nguyen Thi Van Hoai, Vice Chair of the Vietnam Banking Law Club (VNBA), is the Standing Vice Chairman; Mr. Le Trung Thanh, Deputy General Director of BIDV, is the Vice Chairman; and the members are representatives from several banks such as Agribank , BIDV, Vietcombank, Vietinbank, VPBank, Techcombank, HSBC, Standard Chartered Bank, and representatives from the Legal & Professional Affairs Department (VNBA).
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Banks will standardize the document verification process for international money transfer transactions. |
According to Mr. Nguyen Quoc Hung, this is the first time in Vietnam that a meeting has been held to develop a common code of conduct for unified document verification in international money transfer transactions for credit institutions. Currently, regulations on international money transfers exist in Vietnam, but their implementation and application among credit institutions are not consistent.
For example, with bilateral payments between Vietnam and Thailand using QR codes, Thai tourists can easily make payments using QR codes in Vietnam. However, Vietnamese tourists face difficulties making payments using QR codes in Thailand. This is because there is no unified processing procedure; instead, each credit institution operates independently.
"Therefore, it is necessary to develop a unified set of rules for international money transfer procedures to be implemented and applied in credit institutions," Mr. Nguyen Quoc Hung emphasized.
The leaders of the Banking Association also noted that the development of the common code of conduct must be based on the most common points and must not violate legal regulations.
Mr. Dao Xuan Tuan, Director of the Foreign Exchange Management Department ( State Bank of Vietnam ), also believes that the unified general code of conduct should provide a comprehensive and general framework. Therefore, the unified general code of conduct should include basic general principles that all credit institutions can easily implement and should not include specific details.
Mr. Tuan also hopes that the unified set of regulations will be issued soon, and that credit institutions will have specific plans to ensure maximum effectiveness when implemented.
According to the drafting committee, the preliminary draft is expected to be completed around January 30, 2024. After soliciting feedback from relevant ministries and agencies, the final version of the Code of Conduct is expected to be completed by the end of the second quarter of 2024.
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