Ninh Thương
On November 16, 2021, the State Bank of Vietnam issues the Circular No.
17/2021/TT-NHNN, amending the Circular No.
19/2016/TT-NHNN, prescribing bank card operations. According to this Circular, card issuers can issue debit cards, credit cards and prepaid cards bearing names of individual cardholders online.
In order to render these online services, card issuers are required to formulate, issue and communicate procedures and documentation requirements for online issuance of individual cards in accordance with law, including but not limited to the following steps:
- Collect required information and documents before entering into contracts to issue and use cards with clients in order to identify them and determine card transaction limits according to regulations;
- Check, compare and verify client identities;
- Warn clients of any prohibited acts during the period of registration and use of cards issued online.
- Provide clients with contracts to issue and use cards and conclude contracts to issue and use cards with clients under online transaction law;
- Inform clients of the bank issuer’s name, card trade name or trademark, card numbers, expiry date, cardholder's name, scope, functions and use prohibitions in accordance with regulations.
Circular No. 17/2021//TT-NHNN is entering into force as of January 1, 2022.
>> CLICK HERE TO READ THE ARTICLE IN VIETNAMESE
1.832