Press Release on issuance of Circular No.32/2016/TT-NHNN
Press Release on issuance of Circular No.32/2016/TT-NHNN
The Governor of the State Bank of Vietnam (SBV) issued Circular No. 32/2016/TT-NHNN on December 26, 2016 revising a number of articles included in Circular No.23/2014/TT-NHNN, dated August 19, 2014 on guiding the opening and the utilization of payment accounts at institutions as payment-service providers.
The issuance of the Circular aims at guiding the opening and utilization of payment accounts in better compliance with applicable laws, as well as continuing to further simplify the procedures for opening a payment account, thereby better meeting the practical requirements. The main substance of the Circular is as follows:
- Revising the definition of the holder of an institution's payment account as follows: “the holder of the payment account of an institution is the institution opening the payment account”, in line with Decree No.80/2016/ND-CP;
- Permitting individuals from the age of 15 and over (who do not need to have private assets) with the capacity for civil acts to open payment accounts; and allowing individuals with perception problems to decide the opening of a payment account through their guardian, in accordance with Decree No. 80/2016/ND-CP and the 2015 Civil Code;
- Minimizing the amount of translation into Vietnamese required for documents before opening a payment account;
The Circular will take effect from March 01, 2017.