Headlines 07/01/2020 09:15 SA

Regulations on permitted users of bank cards are amended

Quý Tân

The State Bank of Vietnam has just issued the Circular No. 28/2019/TT-NHNN on amendments to the Circular No. 19/2016/TT-NHNN on bank card services.

The Circular prescribes several amendments and supplements to certain regulations regarding users of bank cards (primary and secondary cardholders), including:

- If a primary cardholder is an entity:

+ An entity fully meeting requirements for opening of checking accounts will have access to debit card services;

+ A legal entity established and operated in compliance with Vietnamese laws will be entitled to credit or prepaid cards;

+ An institutional cardholder may authorize any natural person in writing to use their cards or use other secondary cards in accordance with regulations in force.

- If a secondary cardholder is a natural person aged 15 to under 18 years whose civil capacity is not lost or restricted, he/she may use debit cards, credit cards and prepaid cards (the requirement under which a cardholder in this case must obtain written consent from his/her legal representative).  

Circular No. 28/2019/TT-NHNN is entering into force on April 1, 2020, including clause 14 of Article 1 in effect on January 1, 2020.

>> CLICK HERE TO READ THE ARTICLE IN VIETNAMESE

More headlines

Address: 17 Nguyen Gia Thieu street, Ward 6, District 3, Ho Chi Minh City, Vietnam.
Phone: (+84)28 3930 3279 (06 lines)
Email: info@ThuVienPhapLuat.vn

Copyright© 2019 by THƯ VIỆN PHÁP LUẬT
Editorial Director: Mr. Bui Tuong Vu

DMCA.com Protection Status