MONTHLY LEGAL UPDATE – 03/2021: LEGAL UPDATE RELATING TO FINANCE AND CREDIT
v 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-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 (referred to as the “Circular No. 16/2020TT-NHNN”).v 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
…
2. Article 12 is amended as follows:
“Article 12. Application for checking account opening
1. 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;
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.
2. 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.””
