Customers borrowing over 100 million VND may be required to provide related person information (Illustration) |
According to the draft Circular amending and supplementing some articles of Circular No. 39/2016/TT-NHNN on lending activities of credit institutions, foreign bank branches, customers borrowing over 100 million VND must provide related person information to credit institutions.
Related person information for individuals includes: full name, personal identification number, nationality, passport number, date and place of issue for foreigners, relationship with the customer.
Related person information for organizations includes: name, enterprise registration number, main office address of the enterprise, Certificate of Business Registration or equivalent legal documents, legal representative, relationship with the customer.
In an exchange with a reporter from Bao Nguoi Lao Dong (Laborers Newspaper), a representative of the State Bank of Vietnam said that through the incident of Van Thinh Phat Company, the regulatory agency saw that this company established multiple affiliated companies to borrow money from banks excessively and misused the borrowed capital for improper purposes, causing market instability. Therefore, the Law on Credit Institutions 2024 that was recently approved by the National Assembly stipulates that borrowers must provide information about related persons who are organizations or individuals.
“Therefore, the draft Circular amending and supplementing some articles of Circular No. 39/2016/TT-NHNN on lending activities of credit institutions stipulates that borrowers over 100 million VND must provide related person information to credit institutions to synchronize with the provisions of the Law on Credit Institutions 2024. The specific definition of related persons will be detailed in the upcoming amendments and supplements to Circular No. 39/2016/TT-NHNN,” said the representative of the State Bank of Vietnam.
By Thy Tho
