Press Release on the issuance of Circular No.35/2016/TT-NHNN
The Governor of the State Bank of Vietnam (SBV) issued Circular No. 35/2016/TT-NHNN on December 29, 2016 with regard to the safety and confidentiality of internet banking service provisions. This Circular replaces Circular No.29/2011/TT-NHNN, dated September 21, 2011.
This Circular is intended to guide credit institutions, foreign bank branches and intermediary payment service providers in proactively implementing administrative and technical measures in order to minimize risks in the provision of internet banking services. The Circular supplements implementers as intermediary payment service providers, providing regulations of measures for confirming transactions, the utilization of internet banking applications via mobile phones, and specific guidance on the safety and confidentiality of internet banking services.
The Circular includes 3 Chapters, 23 Articles with the following main elements:
- Chapter I – General provisions: Stipulating the governing scope, implementers, interpretation, and general principles for ensuring the safety and confidentiality of I.T. systems in the provision of internet banking services.
- Chapter II – Regulations on ensuring the safety and confidentiality of information technology systems: Stipulating specific articles with regard to the management of internet systems and confidential security; server systems and system software; the database management system; internet banking application software; mobile phone application software; confirmation of customer’s access to internet banking services; the requirements for methods of transaction confirmation; management of human resources employed in internet banking systems; management of technical vulnerabilities; the management and monitoring systems in the operations of internet banking systems; the management of information confidentiality problems; ensuring smooth operations; guidance for customers using internet banking services; ensuring the confidentiality of customer information.
- Chapter III – Regulation on implementation: Stipulating responsibilities of SBV entities; effectiveness and implementers.
The implementers of this Circular are credit institutions, foreign bank branches and payment intermediary service providers.
The Circular will take effect from July 1, 2017
Translated by Le Hang