Circular 18/2024/TT-NHNN (Circular 18) regulating bank card activities takes effect from July 1, but some regulations will take effect from October 1; including regulations on card issuance procedures (Article 9) and regulations on card issuance by electronic means (Article 10).
Accordingly, card issuers must collect documents, information, and data to identify customers and cardholder biometric information for individual customers, and biometric information of legal representatives for organizational customers;
The card issuer must conduct a comparison to ensure the correct match between the biometric information of the cardholder (for individual customers) or legal representative (for corporate customers) with the biometric data stored in the encrypted information storage of the citizen identification card or identification card; or match with the biometric data that has been collected and checked.
The card issuing organization stores and preserves fully and in detail over time the information and data identifying customers during the process of card issuance and use by customers, such as: customer identification information; customer biometric factors; sounds, images, video recordings, audio recordings; transaction phone numbers; transaction logs.
According to regulations, information and data must be stored safely, securely, backed up, ensuring the completeness and integrity of the data to serve the work of inspection, comparison, settlement of inquiries, complaints, disputes and provision of information upon request from competent state management agencies.
The storage period is implemented according to the provisions of the law on anti-money laundering.
This regulation aims to prevent the use of fake documents and eliminate unregistered accounts, helping to clean up bank accounts, minimize fraud risks and ensure genuine bank accounts.
VietNamNet reported that similar regulations are also applied to customers who register to open an e-wallet by electronic means according to the provisions of Circular 40 of 2024 regulating the provision of intermediary payment services.
Accordingly, e-wallet providers must collect, check and verify biometric information of e-wallet owners for individual customers and of legal representatives for institutional customers.
According to Thanh Nien newspaper, since July 1, banks have deployed facial biometric registration applications on digital banks.
In the first week of July, the number of customers registering for biometrics reached 19 million accounts. Data from the State Bank shows that as of July, more than 87% of adults in Vietnam had a payment account at a bank, many banks had over 95% of transactions processed on digital channels. Non-cash payments increased sharply; the number of payment transactions via mobile phones and QR codes averaged over 100% per year from 2017 to 2023. The interbank electronic payment system processed an average of VND 830,000 billion per day (equivalent to USD 40 billion). The financial switching and electronic clearing system processed an average of 20 - 25 million transactions per day.
Since early July, the State Bank has also stipulated that first-time biometric authentication is mandatory if customers want to transfer money online from VND10 million or more at a time or VND20 million in a day, according to Decision 2345.
In addition, according to Circular 18, from January 1, 2025, account holders must authenticate their biometrics with the bank to be able to make transactions. From July 1, 2025, accounts will be suspended when their citizen identification card expires.
Minh Hoa (t/h)
Source: https://www.nguoiduatin.vn/tu-1-10-mo-the-ngan-hang-vi-dien-tu-phai-xac-thuc-sinh-trac-hoc-204240903105302174.htm
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