From October 1, opening bank cards and online e-wallets must be biometrically authenticated

Circular 18/2024/TT-NHNN (Circular 18) regulating bank card operations takes effect from July 1st, but some regulations will take effect from October 1st; including regulations on card issuance procedures (Article 9) and regulations on issuing cards by electronic means (Article 10).

Accordingly, the card-issuing organization must collect documents, information, and data to identify customers, including biometric information of the cardholder for individual customers and biometric information of the legal representative for corporate customers;

The card-issuing organization must verify and ensure the accuracy of the biometric information between the cardholder (for individual customers) or their legal representative (for corporate customers) and the biometric data stored in the encrypted information storage unit of the citizen identity card or citizen identity card; or ensure it matches the biometric data that has been collected and verified.

The card-issuing organization shall store and preserve complete and detailed information and data identifying customers over time during the process of issuing and using the card, such as: customer identification information; customer biometric data; audio, video, and recordings; transaction phone numbers; and transaction logs.

According to regulations, information and data must be stored securely and confidentially, backed up, and their completeness and integrity ensured to facilitate inspection, verification, resolution of inquiries, complaints, disputes, and the provision of information upon request from competent state management agencies.

The retention period is governed by the laws on anti-money laundering.

Similar regulations also apply to customers registering to open e-wallets electronically as stipulated in Circular 40 of 2024 regulating the provision of payment intermediary services.

Accordingly, e-wallet providers must collect, check, and verify the biometric information of the e-wallet holder for individual customers and of their legal representative for corporate customers.

Previously, from July 1st, according to Decision No. 2345 of the State Bank of Vietnam, people wishing to conduct money transfer transactions of 10 million VND or more, or total daily transactions exceeding 20 million VND, were required to undergo facial biometric authentication.

HQ (according to Vietnamnet)

Source: https://baohaiduong.vn/tu-1-10-mo-the-ngan-hang-va-vi-dien-tu-truc-tuyen-phai-xac-thuc-sinh-trac-hoc-391966.html