Thanh Trúc
THƯ VIỆN PHÁP LUẬT would like to introduce new Monetary – Banking policies that will come into force from the beginning of July, 2019 (1st– 10th of July, 2019):
1. Foreigners no longer allowed to make term deposits
This is a new regulation specified in Circular No. 48/2018/TT-NHNN on saving deposits.
According to the Circular, the following people are eligible to make term deposits:
- Vietnamese citizens who are aged or older and have the full legal capacity according to regulations and law.
- Vietnamese citizens aged from 15 to under 18 whose legal capacity is not limited or lost according to regulations and law.
- Vietnamese citizens who have had limited legal capacity or are incapacitated according to regulations and law or are underage may make term deposits through their lawful representatives.
- Vietnamese citizens who have limited cognitive and behavioral capability according to regulations and law may make term deposits through their lawful guardians.
Compared with the current regulation, the eligible depositors specified in Circular No. 48 no longer include foreigners who are living and legally operating in Vietnam.
Circular No. 48/2018/TT-NHNN will come into force from July 05, 2019 and supersede Decision No. 1160/2004/QĐ-NHNN dated September 13, 2004.
2. Terms deposits of foreigners not to exceed visa duration
This is mentioned in Circular No. 49/2018/TT-NHNN on term deposits.
According to the Circular, the term deposits made by resident and non-resident foreigners shall have a maturity date not later than the expiry date of the following documents:
Visa or other unexpired papers determining the stay duration of the foreigners in Vietnam issued by the competent authority.
Circular No. 49/2018/TT-NHNN will come into force from July 05, 2019.
3. Internet banking application not allowed to save password
This is a new regulation in Circular No. 35/2018/TT-NHNN which amends Circular No. 35/2016/TT-NHNN on safety, confidentiality over provision of banking services on the Internet and comes into force from July 01, 2019.
According to the Circular, an Internet Banking application on mobile devices shall:
- verify the user’s identity upon logging in and not save the password (previously the Internet banking applications were allowed to save passwords).
- Temporarily block the access if the user fails to log in after an excessive number of times prescribed by the service provider (previously 5 times).
4. “Professional” money laundering explained
On May 24, 2019, the Council of Judges of the Supreme People’s Court promulgates Resolution No. 03/2019/NQ-HĐTP providing guidelines on the application of Article 324 of the Criminal Code on money laundering.
According to the Resolution, money laundering committed in a professional manner specified in Point đ Clause 2 Article 324 of the Criminal Code is interpreted as follows:
The offender:
- Has committed money laundering 05 times or more, whether he/she has been prosecuted or his/her previous conviction has been spent).
- Uses the illegal profit of the money laundering as a source of income.
Resolution No. 03/2019/NQ-HĐTP will come into force from July 07, 2019.
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