Specifically, according to the above document, the State Bank of Vietnam (SBV) stipulates the scope of application on online channels, including Internet Banking and Mobile Banking.
Regarding the target group: Applicable to individual customers.
According to the SBV, transactions subject to a waiting period are domestic online money transfer transactions with a value equal to or greater than the customer's registered limit and transferred to a beneficiary account that has never received an amount equal to or exceeding the registered limit from that customer within the one year immediately preceding the time the customer makes the transaction.
The waiting period is the time it takes for the customer's transaction to be transferred to the beneficiary's account.
Regarding the applicable limit and waiting period:
The limit is calculated per transaction on each individual payment account of the customer. The waiting period is calculated from the time the customer makes the transaction.
Customers can choose the transaction limit and the waiting period (minimum 24 hours) for which the waiting period will apply.
In cases where customers do not register for the service, banks and branches of the State Bank of Vietnam will proactively apply a limit of VND 400 million and a minimum waiting time of 24 hours.
Regarding principles and implementation procedures, the State Bank of Vietnam requires:
Firstly, banks and branches of the State Bank of Vietnam are responsible for developing internal procedures and guiding customers in registering transaction limits subject to waiting times, which include:
Procedures for registering and adjusting transaction limits subject to waiting times and waiting times for transactions; in which, each registration or adjustment of the limit must apply: (i) Transaction confirmation methods as prescribed in Clauses 4, 5, 7, 8, and 9 of Article 11 of Circular No. 50/2024/TT-NHNN (as amended and supplemented) and account holder information verification measures proactively implemented by the bank; or (ii) Applying confirmation via a Level 2 electronic identification account (VNeID).
The procedure for handling customer requests to stop a transaction with a waiting period (in cases where the customer suspects the transaction is fraudulent, deceptive, or changes their transaction needs...) requires the bank or State Bank of Vietnam branch to apply measures to verify customer information and apply confirmation methods similar to the registration or limit adjustment process.
Secondly, the bank or State Bank of Vietnam branch agrees with the customer on providing this service, and simultaneously informs and publicly discloses the terms and conditions of the service (including scope, applicable subjects, limits, rights and responsibilities of the parties...) to the customer. The customer will access the system to independently select the applicable limit and waiting period.
Thirdly, for each transaction subject to a waiting period, the bank or State Bank of Vietnam branch must:
(i) Display a public, clear, and easily recognizable notice to the customer before the transaction is executed.
(ii) Implement technical measures and mechanisms to confirm that the customer has read, understood, and agreed to the waiting period for that transaction. The confirmation method must comply with the regulations in Article 11 of Circular No. 50/2024/TTNHNN (as amended and supplemented).
(iii) Maintain transaction logs (in accordance with the law on electronic transactions in banking activities) to ensure the ability to retrieve relevant information, serving the purpose of resolving inquiries, complaints, disputes, or providing information upon request from competent state agencies.
SBV/VNBA News
