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THE
STATE BANK
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SOCIALIST
REPUBLIC OF VIET NAM
Independence
- Freedom - Happiness
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No:
1557/2001/QD-NHNN
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Hanoi,
December 14, 2001
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DECISION
PROMULGATING THE REGULATION ON INTER-BANK ELECTRONIC CLEARING
THE STATE BANK GOVERNOR
Pursuant to Law No.01/1997/QH10 on Vietnam
State Bank and the Law on Credit Institutions of December 12, 1997;
Pursuant to the Government’s Decree No.15/CP of March 2, 1993 on the tasks,
powers and State management responsibilities of the ministries and ministerial-level
agencies;
Pursuant to the Government’s Decree No.64/2001/ND-CP of September 20, 2001 on
payment activities through payment service-providing organizations;
Pursuant to the Prime Minister’s Decision No.196/TTg of April 1, 1997 on the
use of data on information carriers as accounting and payment vouchers of banks
and credit institutions;
At the proposal of the director of the Accountancy and Finance Department of
the State Bank,
DECIDES:
Article 1.- To
promulgate together with this Decision the Regulation on inter-bank electronic
clearing.
Article 2.- This
Decision takes effect as from January 1, 2002.
Article 3.- The director
of the Office, the director of the Accountancy and Finance Department, the
director of the Banking Information Technology Department, the heads of the
units of the State Bank of Vietnam, the director of the State Bank’s
Transaction Bureau, the directors of the State Bank provincial/municipal
branches, the general directors (directors) of banks or other organizations licensed
to provide payment services shall have to implement this Decision.
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FOR STATE BANK GOVERNOR
DEPUTY GOVERNOR
Nguyen Thi Kim Phung
REGULATION
ON INTER-BANK ELECTRONIC CLEARING
(Issued together with Decision No. 1557/2001/QD-NHNN of December 14, 2001 of
the State Bank Governor)
Chapter I
GENERAL PROVISIONS
Article 1.- Governing
scope
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All transferred debit amounts in inter-bank
electronic clearing must be effected under prior authorization: Member banks
shall have to sign debt transfer contracts with one another and notify in
writing the main responsible bank before effecting the transfer.
2. Electronic money transfer; payment amounts
between Vietnam
and foreign countries and other international payment modes shall not be
subject to this Regulation.
Article 2.- Subjects
allowed to participate in electronic clearing
1. Banks and other organizations (hereinafter
called banks for short) licensed to provide payment services and operating on
the Vietnamese territory, which fully meet the member banks’ criteria and
conditions for participating in the inter-bank electronic payment according to
the regulations of the State Bank Governor, file applications for permits for
participation in electronic clearing and obtain written approvals of the main
responsible bank.
2. Banks other than subjects specified in Clause
1 of this Article, which wish to participate in the electronic clearing, shall
have to choose one of their member banks to act as a direct representative
(authorized member bank) to open a payment deposit account and effect the
inter-bank electronic clearing through such bank.
Authorized member banks must make written
commitments with the main responsible bank and other direct member banks on the
reception of clearing documents from indirect member banks represented by them
and shall have to fulfill all obligations toward such payment amounts.
Authorized member banks shall have to pay material compensations if the
authorization, for any reasons, cause damage to the concerned parties. Payment
relationships between an authorized member bank and an authorizing bank shall
be determined by these two banks according to the current regulations on
payment between banks.
Article 3.- Interpretation
of terms and expressions used in this Regulation
- Inter-bank electronic clearing (hereinafter
called electronic clearing for short) means the transfer and payment effected
through computer networks between accounts opened at banks of different systems
or at branches of the same bank within a certain geographical area. By means of
electronic clearing technique, banks shall, through computer networks, transfer
to one another payment documents, clear mutual debt amounts and pay differences
to one another.
- Bank assuming the main responsibility for
electronic clearing (hereinafter called the main responsible bank for short) is
a State Bank unit responsible for organizing the electronic clearing and
dealing with results thereof. The main responsible bank may participate in
electronic clearing like a member bank.
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- Member banks directly participating in
electronic clearing (hereinafter called direct member banks for short) are
banks directly connected with the computer network of the main responsible bank
or the center for technical handling of electronic clearing (in cases where the
center for technical handling of electronic clearing is an independent unit) to
effect the electronic clearing transactions. In electronic clearing, each
direct member bank shall concurrently be the payment order-sending bank (called
sending bank for short) and the payment order-receiving bank (called receiving
bank for short).
- An authorized member bank is a direct member
bank authorized to represent one or several indirect member banks to effect
electronic clearing transactions.
- Member banks indirectly participating in
electronic clearing (hereinafter called indirect member banks for short) are
banks effecting on-line electronic clearing transactions through one authorized
member bank. Indirect member banks may be affiliates of authorized member banks
or banks of other systems, which open payment deposit accounts at authorized
member banks.
- Payment order means an indication in form of
encoded elements of accounting documents sent by sending banks to the main
responsible bank, the center for technical handling of electronic clearing and
receiving banks in order to effect the electronic clearing.
- Credit transfer order means a payment order
considered to be a payable amount of the sending bank to the receiving bank in
the electronic clearing.
- Authorized debit transfer order means a
payment order considered to be a collectible amount of the sending bank from
the receiving bank in electronic clearing.
- Debit transfer order-cancelling order means a
telegraph valued as a credit transfer order, made and sent by the sending bank
to the receiving bank to cancel a previously sent debit transfer order (to
cancel part or the whole of the money amount).
- Credit transfer order-cancelling request means
a telegraph made and sent by the sending bank to the receiving bank requesting
the cancellation of a previously sent credit transfer order (to cancel part or
the whole of the money amount depending on each specific error), which services
as basis for the recei-ving bank to make a credit transfer order for return to
the sending bank after retrieving the already paid money amount.
- Electronic clearing transaction day (called
transaction day for short) means a definite period of time in a working day,
lasting from the beginning of the working day to the time of stopping the
sending of payment orders of direct member banks according to the State Bank’s
regulations.
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- Electronic clearing result sheet means a data
sheet made by the main responsible bank or the center for technical handling of
electronic clearing (in case it is an independent unit) for each direct member
bank after a clearing transaction session ends and at the time of electronic
clearing final settlement, reflecting the general collectible amounts and
payable amounts on the payment orders sent or received by member banks, and
showing the actual amounts to be paid or enjoyed by each member bank. The
electronic clearing result sheet is considered to be one kind of accounting
documents.
- Solvency of member banks means the balance on
deposit accounts of direct member banks at the main responsible bank.
Chapter II
SPECIFIC PROVISIONS
Article 4.- Procedures
for applying for participation and considering and approving member banks to
participate in electronic clearing
1. Banks, when fully satisfying the member
banks’ conditions and criteria for participation in inter-bank electronic
clearing, and wishing to participate in inter-bank electronic clearing, shall
have to compile and submit the following dossiers to the State Bank where they
open accounts:
- An application for participation in inter-bank
electronic clearing;
- Written commitment to comply with relevant
regulations as soon as they become member banks participating in inter-bank electronic
clearing.
2. Upon receiving the applications and dossiers
of banks applying for participation in electronic clearing, the main
responsible bank shall examine and verify such dossiers; if the member banks
conditions and criteria for participation in the inter-bank electronic clearing
are fully satisfied and the procedures for applying for participation in
electronic clearing are carried out strictly according to regulations, it shall
accept and admit member banks to participate in the inter-bank electronic
clearing and notify in writing all member banks thereof for conducting payment
transactions.
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Article 5.- Documents
used in inter-bank electronic clearing
1. Book-entry documents in the inter-bank
electronic clearing are payment orders and lists of electronic clearings as
prescribed by the State Bank. Original documents to serve as basis for making
payment orders are payment vouchers used for money transfer according to the
current regulations. The compilation, control, circulation, processing, keeping
and preservation of documents used in the inter-bank electronic clearing must
strictly comply with the provisions of the accounting document regime
applicable to banks and credit institutions, promulgated by the State Bank
Governor.
2. Member banks shall have to convert the paper
documents into electronic documents or vice versa when necessary in
compatibility with the technical process of electronic clearing operation. The
document conversion must ensure the consistency between the documents used as
conversion basis and the converted documents, the conformity with the set forms
and legality of documents.
3. Sending banks (including direct member banks
and indirect member banks) shall have to preserve and keep the valid payment
documents which are used as basis for making payment orders in strict
compliance with the current regulations.
Article 6.- Transaction
time in electronic clearing
1. The time of commencing transactions, the time
of stopping the sending of payment orders by member banks, the time of handling
of an electronic clearing session and the time of final settlement of
electronic clearing of a transaction day shall be prescribed by the main
responsible bank on the following bases:
- The handling capability of the center for
technical handling of electronic clearing and the requests of direct member
banks;
- The connection of the computer network of the
electronic clearing system with other relevant professional banking operations
of direct member banks.
2. When there is a change in the time of
electronic clearing transaction, the main responsible bank shall promptly
notify the direct member banks thereof.
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1. When being transmitted via the computer
network, the electronic clearing data must be encoded and subject to
confidentiality-keeping measures according to the current regulations on
electronic documents and other relevant regulations on information transmission
and data processing through the computer network in banking activities
promulgated by the State Bank.
2. The main responsible bank or the center for
technical handling of electronic clearing (in cases where it is an independent
unit) and the member banks shall have to comply with the regulations on modes
of transmitting, receiving and processing data in the electronic clearing. The
modes of transmitting, receiving and processing data in electronic clearing
shall be prescribed by the main responsible bank or the center for technical
handling of electronic clearing after consulting member banks and must accord
with regulations on transmission, reception and processing of data on money
payment and transfer, promulgated or recognized by the State Bank.
3. In case of a technical problem, transmission
error or other force majeure circumstances, which render the transmission and
reception of electronic clearing data via the computer network impossible, the
main responsible bank or the center for technical handling of electronic
clearing (in cases where it is an independent unit) and member banks shall have
to devise appropriate remedial measures; if conditions permit, measures of
transferring and receiving data directly on information-carrying objects
(magnetic tapes and discs, etc.) may be applied according to the current
regulations of the State Bank and at the same time, all remedial measures must
be sought to overcome the technical problem as soon as possible.
Article 8.- Ensuring of
safety for computer systems, facilities, equipment and database in service of
electronic clearing activities
1. The main responsible bank and member banks
must lay down strict regulations on installation, use, preservation and
maintenance of facilities, equipment and computer programs in service of
electronic clearing activities under their respective management.
2. The main responsible bank and member banks
must have their own reserve computer systems, facilities, equipment and
databases for electronic clearing activities and shall have to organize the
keeping of reserve data together with data in current use. Reserve computer
systems, facilities, equipment and database must be located at safe places
separate from the official operating systems and there must be concrete use
plans to ensure safe and uninterrupted electronic clearing activities.
Article 9.- Confidentiality
in electronic clearing
1. The main responsible bank and each member
bank shall have to prescribe appropriate confidentiality-keeping measures to be
applied within their respective units.
2. The main responsible bank shall have to
prescribe electronic autographs to be used for protection and control of
electronic clearing data when such data are transmitted and/or received via the
computer network between the main responsible bank and direct member banks. In
case of necessity, the main responsible bank may additionally prescribe other
confidentiality-keeping measures to ensure the safety of already encoded
document elements.
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4. Provisions on electronic autographs and
computer passwords in electronic clearing in Clauses 2 and 3 of this Article
must be compliant with the current regulations of the State Bank on
formulation, allocation, use, maintenance and management of electronic
autographs and computer passwords in electronic money payment and transfer.
Article 10.- Handling
at electronic clearing sessions
1. At the time of clearing handling prescribed
for each electronic clearing payment session, the center for technical handling
of electronic clearing (if it is an independent unit) or the main responsible
bank shall:
- Make clearing handling of valid payment orders
already received from member banks.
- Make and send electronic clearing result
sheets to serve the control, comparison and cost-accounting at the main
responsible bank and direct member banks according to the State Bank’s
regulations.
2. The main responsible bank shall base itself
on electronic clearing result sheet to make payment and accounting according to
payable or enjoyable differences of each direct member bank.
3. Upon receiving clearing results sent from the
main responsible bank or the center for technical handling of electronic
clearing, direct member banks shall have to control or compare in a tight manner
payment orders and electronic clearing results as prescribed before handling or
accounting.
Article 11.- Final
settlement of electronic clearing
1. Final settlement of electronic clearing is
the final electronic clearing handling on a transaction day and at the
prescribed time after the main responsible bank and member banks complete the
accurate comparison of collectible and payable amounts and actual amounts to be
paid or enjoyed by each member bank on such transaction day. In cases where the
main responsible bank and member banks have not yet dealt with errors and data
disparity before the prescribed time of final settlement, the main responsible
bank may set back the final settlement time of the transaction day and notify
all member banks thereof so that appropriate remedial measures can be applied.
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- Handle by clearing and adjusting payment
orders of direct member banks, which have supplemented enough capital sources
to offset deficits arising in electronic clearing.
- Return or cancel payment orders which are
beyond the solvency of direct member banks at the main responsible bank.
- Send clearing final settlement results to
direct member banks.
- Base itself on the already readjusted clearing
final settlement results to conduct the accounting, making debit and credit
entries for direct member banks according to actual amounts to be paid or
enjoyed for the last time on the transaction day. After completing the final
settlement, its clearing accounts must have a zero balance.
3. Direct member banks shall have to:
- Strictly inspect and compare according to
regulations their payment orders, collectible, payable or enjoyable amounts for
the last time on the transaction day with the electronic clearing final
settlement results received before the handling and accounting.
- If the compared amounts match, they shall send
certification telegraphs to the main responsible bank or the center for
technical handling of electronic clearing (if it is an independent unit). In
cases where errors or mistakes are detected, they shall have to make prompt
inspection and check and coordinate with the main responsible bank, the center
for technical handling of electronic clearing and the concerned member banks in
readjusting them according to regulations.
- After the accounting of actual amounts to be
paid or enjoyed for the last time on the transaction day according to clearing
payment final settlement results is completed, the clearing accounts of direct
member banks must have a zero balance.
Article 12.- Measures
to prevent and deal with cases of lack of solvency of direct member banks in
electronic clearing
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2. From the time of stopping the sending of
payment orders to the time of making electronic clearing final settlement,
direct member bank(s) with insufficient solvency shall have to apply measures
to seek sources for offsetting their deficits.
3. In cases where a direct member bank with
insufficient solvency, upon making electronic clearing final settlement or
after a notified period of time, still fails to create a source to offset
deficit in its clearing, the main responsible bank may return or cancel
(according to the technical process of inter-bank electronic clearing operation)
payment orders beyond this bank�s
solvency and shall suspend its clearing participation if such a situation
occurs thrice consecutively, and at the same time notify such to the concerned
member banks.
Article 13.- Control
and comparison in electronic clearing
1. The main responsible bank or the center for
technical handling of electronic clearing (in cases where it is an independent
unit), and direct member banks shall have to strictly observe regulations on
control and comparison in electronic clearing operation, with a view to
ensuring accurate and consistent figures, detecting and promptly handling
errors.
2. Direct member banks, the main responsible
banks or the center for technical handling of electronic clearing (in case
according to regulations it is an independent unit) shall have to strictly
inspect electronic autographs, passwords and other secret signs (if any),
payment orders, electronic clearing result sheets and other relevant documents
used in electronic clearing.
3. The main responsible bank and direct member
banks shall have to regularly inspect and compare figures of deposit accounts
of member banks at the main responsible bank.
4. The main responsible bank shall calculate,
strictly control and compare results of each time of handling the electronic
clearing on the transaction day, thus ensuring accurate and consistent figures.
Article 14.-
Organization of accounting, and handling and readjusting of errors in
electronic clearing
1. Organization of accounting: The main
responsible bank and member banks shall have to strictly observe the accounting
regime in electronic clearing prescribed by the State Bank.
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2. Errors and readjustment thereof: Upon
detecting errors or disparity of figures in electronic clearing (collectively
referred to as errors), the main responsible bank or the center for technical
handling of electronic clearing (in case it is an independent unit) and the
concerned member banks shall have to devise measures to deal with and readjust
them according to regulations, so as to ensure the accuracy and consistency of
figures and safety of assets, not to let them adversely affect electronic
clearing activities and cause damage to clients. The readjustment of errors in
electronic clearing must ensure the following principles:
a/ Strict compliance with regulations on and
methods of readjusting errors in accountancy and electronic clearing. Errors
arising in a certain process shall be corrected and readjusted in such process.
It is strictly prohibited to arbitrarily readjust figures and correct errors.
b/ Individuals and units that cause errors or
violate the principles and regulations on error readjustment shall, depending
on the nature and seriousness of their violations, be disciplined, administratively
handled and liable to pay material compensations for damage caused by them to
the concerned parties according to the current law provisions.
Article 15.- Cancellation
of payment orders
1. At the time of final settlement, the main
responsible bank may return or cancel direct member banks payment orders, which
are ineligible for payment. In these cases, direct member banks shall have to
unconditionally accept the returned or canceled payment orders.
2. Prior to the time of final settlement, the
payment process under a payment order may be ceased by a cancellation order
(for cancellation of authorized debit transfer orders) or a cancellation
request (for cancellation of credit transfer orders) of the sending bank. A
cancellation order or cancellation request of the sending bank shall be valid
only in the following specific cases where:
- Authorized debit transfer order shall be
canceled only when the sending bank has not yet paid money to clients under wrong
order or it has retrieved the already paid amount.
- Credit transfer order shall be canceled only
when the receiving bank has not yet made credit entry to client’s account or
though it had made credit entry to the client’s account, but the latter has
returned it.
Article 16.-
Regulations on charges in electronic clearing
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a/ Charge for participation in electronic
clearing payment, which is a lump-sum money amount paid by banks before being
admitted as direct member banks. Such a charge shall be prescribed by the
Central State Bank or proposed by the main responsible bank and approved by the
Central State Bank.
b/ Annual charges are money amounts annually
paid by direct member banks to maintain the system’s operation. The application
of annual charges shall be decided by the main responsible bank after
consulting with the direct member banks.
2. The main responsible bank and the center for
technical handling of electronic clearing (in case it is an independent unit)
are entitled to collect electronic clearing service charges from direct member
banks according to the current regulations of the State Bank on collection of
via-bank payment service charges.
3. Direct member banks are entitled to collect
electronic clearing service charges from clients, indirect member banks and
concerned banks according to the current regulations of the State Bank on
collection of via-bank payment service charges.
Chapter III
RIGHTS AND
RESPONSIBILITIES OF SUBJECTS PARTICIPATING IN ELECTRONIC CLEARING
Article 17.- Rights and
responsibilities of direct member banks
1. Direct member banks have the following
rights:
- To use electronic clearing service and related
services prescribed and provided by the main responsible bank or the center for
technical handling of electronic clearing payment.
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- To reject the following cases: invalid payment
orders, orders with wrong addresses; non-authorized or over-authorized debit
transfer orders; requests for cancellation of credit transfer orders when
accounts of individuals or units receiving payment orders have not enough money
or cannot retrieve money.
- To request the main responsible bank to notify
balance and operation of their deposit accounts at the main responsible bank.
- To claim compensations for damage caused to
them by faults of the main responsible bank or other member banks. The
compensation level shall be limited within the payable amount plus fine for
late payment, calculated on payable amount multiplied by the late payment fine
interest rate applied according to the current regulations.
2. Direct member banks have the following
responsibilities:
- To ensure the solvency to promptly and fully
settle their payable amounts in electronic clearing (as well as those for
indirect member banks they are representing).
- To promptly and fully pay charges in
electronic clearing as prescribed.
- To ensure safety for the computer systems,
facilities, equipment and databases in service of electronic clearing
activities under their respective management. To strictly observe all regulations
on data transmission, reception and processing as well as confidentiality in
electronic clearing.
- To be subject to inspection conducted by the
main responsible bank or the center for technical handling of electronic
clearing payment regarding the observance of regulations on ensuring safety for
computer systems, facilities, equipment and databases in service of electronic
clearing activities and regulations on confidentiality in electronic clearing.
- To be responsible for the truthfulness,
accuracy and completeness of payment orders, lists and relevant documents
compiled by themselves.
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- To inquire into the sending banks, the main
responsible bank and the center for technical handling of electronic clearing
payment when detecting errors, doubtful or unclear details on received payment
orders.
- To certify and answer inquiries about payment
orders at the requests of the concerned parties.
- To make accurate, prompt and complete
accounting of valid payment orders already received.
- To immediately notify beneficial individuals
or units, and units with payment obligation of the forwarded payment orders as well
as the handling results. To be liable to make payments to receiving individuals
or units as soon as they accept payment orders.
- To notify individuals or units receiving
payment orders of detected erroneous payment or overpayment, so that they can
promptly apply the prescribed measures to retrieve the wrongly paid or overpaid
amounts.
- To pay compensations for damage caused by or
fines for, their errors and delays. The compensation levels for transferred
money amounts shall be limited within payable amounts plus fines for delayed
payment according to the current regulations.
- Even when they withdraw from electronic
clearing, direct member banks shall still be responsible for all electronic
clearing transactions already conducted by them (including their payments and
payments made under authorization of indirect member banks) during the period
of their electronic clearing participation.
Article 18.- Rights and
responsibilities of the main responsible bank
1. The main responsible bank has the following rights:
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- To collect charges in electronic clearing as
prescribed.
- To prescribe time for transaction and handling
of electronic clearing results.
- To deduct part of payment deposit accounts of
direct member banks to offset payable differences according to electronic
clearing results. To apply other measures prescribed by the State Bank to
prevent and deal with cases of lack of solvency of direct member banks.
- To return or cancel payment orders beyond the
solvency of direct member banks at the time of electronic clearing final
settlement.
- To decide on sanctions against violations
committed by direct member banks in electronic clearing according to its
competence provided for by the State Bank.
2. The main responsible bank has the following
responsibilities:
- To work out plan on organization of electronic
clearing; to disseminate and provide guidance and organize training courses on
electronic clearing operation for direct member banks.
- To ensure safety for computers, facilities,
equipment and databases in service of electronic clearing activities under
their respective management; to strictly observe regulations on reception and
processing of data in electronic clearing.
- To strictly and fully observe regulations on
confidentiality in electronic clearing.
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- To manage and supervise the solvency of direct
member banks; to account electronic clearing results in an accurate, prompt and
complete manner.
- To put forward measures and organize regular
and irregular inspections and supervisions of the center for technical handling
of electronic clearing and direct member bank regarding their observance of
regulations on ensuring safety for computer systems, facilities, equipment and
databases in service of electronic clearing activities, as well as regulations
on confidentiality in electronic clearing.
- To pay compensations for damage caused by or
fines for, their errors and delays. The compensation levels shall be limited
within payable amounts plus fines for delayed payment according to the current
regulations.
3. Other rights and responsibilities of the main
responsible bank:
a/ When participating in electronic clearing as
a direct member bank, the main responsible bank shall have to comply with
regulations applicable to direct member banks.
b/ When the main responsible bank concurrently
assumes the role of the center for technical handling of electronic clearing,
it shall also have the following rights and responsibilities of the center for
technical handling of electronic clearing:
- To strictly and fully observe regulations on
ensuring safety for computer systems, facilities, equipment and databases in
service of electronic clearing activities, as well as regulations on
confidentiality in electronic clearing.
- To prescribe and guide modes of transmitting,
receiving and processing data between the section for technical handling of
electronic clearing and direct member banks as well as the main responsible
bank.
- To ensure that the archival of electronic
clearing data is safe and timely.
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- To conduct the inspection, control and
comparison in electronic clearing as prescribed. To make inquiries and answer
inquiries into direct member banks and the main responsible bank regarding
errors and disparity of relevant figures.
- To conduct inspection and supervision of
direct member banks regarding their observance of regulations on ensuring
safety for computer systems, facilities, equipment and databases in service of
electronic clearing activities.
- To pay compensations for damage caused by or fines
for, their errors and delays. The compensation levels for the transferred money
amounts shall be limited within payable amounts plus fines for delayed payment
according to the current regulations.
Chapter IV
HANDLING OF VIOLATIONS
IN ELECTRONIC CLEARING
Article 19.- Violations
and handling thereof
1. Violation acts in electronic clearing
include:
a/ Failing to strictly observe regulations
relevant to the electronic clearing operation promulgated by the State Bank.
b/ Direct member banks fail to maintain
sufficient solvency for timely and full payment of payable amounts at the time
of electronic clearing final settlement under all payment orders they send and
receive on a transaction day.
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2. Handling of violations:
a/ Individuals and organizations that commit
acts of violating the provisions in Clause 1 of this Article shall, if causing
material damage to their clients or other member banks, have to pay
compensations to the damage sufferers.
b/ Suspension of participation in electronic
clearing activities:
- Temporary suspension: A direct member bank
which violates one of the provisions in Clause 1 of this Article thrice
consecutively shall be temporarily suspended from participation in inter-bank
electronic clearing for at least 6 months for rectification. After 6 months, if
it still wishes to participate in electronic clearing, this bank shall have to
file written application to the main responsible bank for consideration.
- Indefinite suspension: If it violates the
provisions in Clause 1 of this Article for the fourth time, a direct member bank
shall be indefinitely suspended from participation in electronic clearing and
have its name deleted from the list of banks participating in electronic
clearing.
Chapter V
IMPLEMENTATION PROVISIONS
Article 20.- The heads
of the departments, bureaus and units attached to Vietnam State Bank, the
directors of the State Bank’s provincial/municipal branches shall, within the
ambit of their functions and tasks, have to guide, disseminate, and supervise
the implementation of this Regulation.
The general directors (directors) of banks and
other organizations licensed to provide payment services shall have to organize
and direct the implementation of this Regulation within their respective
systems in strict compliance with the provisions of this Regulation.
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FOR THE STATE BANK GOVERNOR
DEPUTY GOVERNOR
Nguyen Thi Kim Phung