1. LEGAL DOCUMENTS ARE EFFECTIVE FROM 01/03/2021
Circular No. 16/2020/TT-NHNN amendments to Circular No. 23/2014/TT-NHNN dated August 19, 2014 of the Governor of the State bank of Vietnam providing guidelines for opening and use of checking accounts at payment service providers
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Name of legal document: Circular No. 16/2020/TT-NHNN issued on 04/12/2020 by the State Bank amendments to Circular No. 23/2014/TT-NHNNdated August 19, 2014 of the Governor of the State bank of Vietnam providing guidelines for opening and use of checking accounts at payment service providers (referred to as the “Circular No. 16/2020TT-NHNN”).
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Effective date: 05/03/2021.
The content should be noted: Amending and supplementing regulations on the application for checking account opening for a personal checking account and a corporate checking account.
Specifically, Clause 2 Article 1 Circular No. 16/2020/TT-NHNN stipulates: “Article 1. Amendments to Circular No. 23/2014/TT-NHNN dated August 19, 2014 of the Governor of the State Bank of Vietnam providing guidelines for opening and use of checking accounts at payment service providers
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2. Article 12 is amended as follows:
“Article 12. Application for checking account opening
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With regard to a personal checking account, the bank or foreign bank branch is allowed to stipulate and instruct the client to prepare an application for checking account opening which must, inter alia, include the following documents:a) The application form for checking account opening which is made using the form provided by the bank or foreign bank branch where the checking account is opened and complies with Clause 1 Article 13 of this Circular;b) The applicant’s identity papers, including the citizen identity card or ID card or unexpired passport or birth certificate (if the applicant is a Vietnamese citizen aged under 14 years), or unexpired entry visa or certificate of visa exemption (if the applicant is a foreigner), except a checking account opened by a foreigner as prescribed in Clause 4 Article 14 of this Circular;
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c) If a checking account is opened by a person’s guardian or legal representative (hereinafter referred to as the “applicant’s legal representative”), in addition to the documents specified in Point a, b Clause 1 of this Article, the application for checking account opening must also include the following documents:
– If the applicant’s legal representative is an individual: his/her identity papers and documents proving his/her capacity as a legal representative of the applicant for the checking account;
– If the applicant’s legal representative is a juridical person: its establishment decision, operation license, enterprise registration certificate or other documents as prescribed by law; documents proving its capacity as a legal representative of the applicant for the checking account; identity papers and documents proving the representative capacity of its legal representative.
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With regard to a corporate checking account, the bank or foreign bank branch is allowed to stipulate and instruct the client to prepare an application for checking account opening which must, inter alia, include the following documents:a) The application form for checking account opening which is made using the form provided by the bank or foreign bank branch where the checking account is opened and complies with Clause 2 Article 13 of this Circular;b) Documents proving that the organization opening the checking account is duly established and legally operating, including: establishment decision, operation license, enterprise registration certificate or other documents as prescribed by law;c) Documents proving the capacity of legal representatives of the organization and their identity papers;d) Decision on appointment of chief accountant or person in charge of accounting works or accounting service contract (if outsourced accounting is used) and identity papers of chief accountant or person in charge of accounting works.””
