From October 1, opening a bank account requires biometric authentication

From October 1, customers opening bank accounts and online e-wallets are required to undergo biometric authentication according to regulations. This was stated in Circular 18/2024/TT-NHNN of the State Bank of Vietnam regulating bank card activities (referred to as Circular 18), iis effective from July 1, 2024. However, some provisions in this circular take effect from October 1, 2024, including provisions on card issuance procedures (Article 9) and provisions on card issuance by electronic means (Article 10).

Specifically, card issuers must collect documents, information, and data to identify customers and cardholder biometric information for individual customers, and biometric information of legal representatives for organizational customers. The card issuing organization must conduct a comparison to ensure the correct match between the cardholder's biometric information for individual customers or legal representatives for corporate customers with the biometric data stored in the encrypted information storage part of the citizen identification card or identification card; or match with the biometric data that has been collected and checked. The card issuing organization saves and preserves fully and in detail the information and data identifying customers during the process of customers using the card, such as: customer identification information; customer biometrics; audio, video, audio recordings; transaction phone number; transaction log.

Similar regulations also apply to customers who register to open an e-wallet by electronic means. Also according to Circular 18, from January 1, 2025, account holders must authenticate their biometrics with the bank to be able to make transactions; from July 1, 2025, accounts will be suspended when their citizen identification card expires...

Reported by Thanh Hong - Translated by Ngoc Huynh