On Dec. 14, VIE CB issued notice re payment operations at year-end.
VIE CB issued notice asking payment providers to ensure safe payment activities.
Recommended that credit institutions implement strict risk management measures, review procedures for payment accounts, bank cards, and payment services.
Follows VIE CB issued regulations on opening, using payment account, see #204892.
Measures
Customers should be warned about fraud risks, guided on securing personal data for safe online transactions; ATM operations must be planned to ensure cash availability.
Payment intermediaries must enforce circular 40 (#207256), ensure strict processes for e-wallet openings, complete biometric verification for individuals by Jan. 1, 2025.
By Jul. 1, 2025, they should complete biometric verification for legal representatives of institutional customers to continue to making payment transactions electronically.
Interbank payment systems must be closely monitored to avoid overloads and ensure smooth operation during peak transaction periods in year-end Lunar New Year.
Efforts must ensure smooth state budget collection, assist taxpayers with guidelines.
VIE CB branches will monitor local credit institutions, ensure payment security, and address fraud or criminal activities in coordination with relevant authorities.
Payment infrastructure must be reviewed, technical readiness ensured, and system failures addressed promptly to maintain seamless operations during peak periods.
