CIRCULAR

AMENDMENTS TO CIRCULAR NO. 32/2016/TT-NHNN, WHICH AMENDS CIRCULAR NO. 23/2014/TT-NHNN ON OPENING AND USING CHECKING ACCOUNTS AT PAYMENT SERVICE PROVIDERS

Pursuant to the Law on the State bank of Vietnam dated June 16, 2010;

Pursuant to the Law on credit institutions dated June 16, 2010; the Law on amendments to the Law on credit institutions dated November 20, 2017;

Pursuant to the Government's Decree No. 101/2012/ND-CP dated November 22, 2012 on non-cash payment; the Government's Decree No. 80/2016/ND-CP dated July 01, 2016 on amendments to Decree No. 101/2012/ND-CP;

Pursuant to the Government's Decree No. 16/2017/ND-CP dated February 17, 2017 on functions, tasks, entitlements and organizational structure of the State bank of Vietnam;

At the request of Director of Payment Authority;

The Governor of the State bank issues amendments to Circular No. 32/2016/TT-NHNN , which amends Circular No. 23/2014/TT-NHNN on opening and using checking accounts at payment service providers (hereinafter referred to as Circular No. 32/2016/TT-NHNN).

Article 1. Amendments to some Articles of Circular No. 32/2016/TT-NHNN

Clause 2 Article 4 of Circular No. 32/2016/TT-NHNN is amended as follows:

“2. Banks and foreign branch banks (FBB) shall review applications and contracts for opening checking accounts before the effective date of this Circular with the clients that are households, artels and other organizations that are not juridical persons and follow these instructions:

a) Inform the clients of the conversion of their checking accounts specified in Point b of this Clause before June 01, 2018;

b) Within 24 months from the effective date of this Circular, sign new account opening contracts with the clients to convert their checking accounts to checking accounts of individuals, checking accounts of juridical persons or shared checking accounts, or to close the accounts.”.

Article 2. Effect

This Circular comes into force from February 12, 2018.

Article 3. Implementation

Chief of Office, Director of Payment Authority, heads of affiliates of the State bank, Chairpersons of the Executive Boards, Chairpersons of the Boards of members, General Directors (Directors) of banks and FBBs are responsible for the implementation of this Circular.

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