From July 1, stop transactions with business accounts that have not been biometrically authenticated

Starting from July 1, 2025, organizations and businesses will only be allowed to transfer and withdraw money via e-banking after completing the verification of identification documents and biometric information of the legal representative. This is the content stipulated in Point c, Clause 5, Article 17 of Circular 17/2024/TT-NHNN issued by the State Bank.

Bank staff assist individual customers in authenticating biometric information (illustrative photo)

To avoid transaction disruptions, many banks have recently sent notices to customers who are organizations and businesses so that they can proactively complete identification documents and biometric information of legal representatives before July 1, 2025. Updating can be done easily via the banking application for representatives with electronic bank accounts, or directly at branches and transaction offices.

If after July 1, 2025, organizations and businesses have not completed biometric authentication of legal representatives, banks will be forced to suspend electronic transaction services such as money transfers and withdrawals. This may affect production and business activities, especially for businesses with large transaction volumes and frequent use of electronic banking.

With the goal of both complying with legal regulations and ensuring customer rights, banks recommend that organizations and businesses urgently review and complete information updates before the deadline, and should not wait until July 1, 2025 to do so, to avoid system overload.

Verification of identity documents and biometrics is not only a legal requirement, but also an important solution to ensure the safety of electronic transactions. In the context of increasingly sophisticated and unpredictable fraud, accurately authenticating the legal representative of a business helps banks prevent risks, protect customers' assets and ensure uninterrupted transactions. This is also a necessary step to build a safe and reliable digital payment environment.

Previously, according to the State Bank's regulations, individual customers were also temporarily suspended from transactions if they had not completed biometric information authentication before January 1, 2025.

Source: https://baophuyen.vn/kinh-te/202505/tu-ngay-17-dung-giao-dich-voi-tai-khoan-doanh-nghiep-chua-xac-thuc-sinh-trac-hoc-d0610b4/