On Jun. 14, VIE CB proposed circular on safe online banking services.
VIE CB proposed regulations on safety and security for the provision of online services in the banking industry; the draft regulation replaces circular 35/2016/TT-NHNN.
Aims to update legal regulations on ensuring security, information safety, electronic transactions and electronic authentication, in accordance with the current situation.
Background
Currently, many credit institutions and payment intermediaries have deployed online customer identification and verification solutions (eKYC) using biometric signs.
However, in Vietnam, there is no technical standard for regulating such content.
Provisions
Draft circular regulates services such as payment intermediary, credit information and banking activities including receiving deposits, granting credit and payment services.
Supplements regulations on forms of electronic authentication that are not electronic signatures, forms of customer confirmation and approval by electronic means.
Adds new regulations to enhance safety, security, and prevent information security incidents like those that have occurred recently, such as by deploying firewall solutions.
Provisions cover general principles on ensuring safety and security of IT systems, server systems, database management systems, mobile banking application software.
Authentication of electronic transactions and IT vulnerabilities, customer protection.
Consultation End
Comments to be sent to VIE CB Information Technology Department; no deadline set.
Oct. 2024 Circular on Finalized Regulations
On Oct. 31, 2024, VIE CB issued circular outlining finalized Regulations on safety and security for providing online servicesin the banking industry, re the proposal above.
Circular's terms of implementation include provisions with respect to entry into force.
Which state circular takes effect on Jan. 1, 2025, except for certain cases specified, where entry into force is Jul. 1, 2025, Jan. 1, 2026, or Jul. 1, 2026, respectively.
Implementation provisions state certain circulars cease to be effective Jan. 1, 2025.
Including Circular no. 35/2016/TT-NHNN of Dec. 29, 2016; Circular no. 35/2018/TT-NHNN of Dec. 24, 2018; and art 25 of Circular no. 09/2020/TT-NHNN of Oct. 21, 2020.
Document dated Oct. 31, 2024, received from VIE CB Nov. 19, summarized Nov. 22.
