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Biometric Authentication Required for ATM and e-Wallet Account Opening
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The State Bank of Vietnam (SBV) has issued Circular 18, regulating bank card activities (debit and credit cards), with certain provisions taking effect later, from October 1st. These provisions pertain to card issuance procedures and the electronic means of card issuance.
Specifically, card-issuing organizations must collect documents, information, and biometric data to identify customers, including biometric information of cardholders for individual customers and legal representatives for organizational customers.
Card issuers are required to verify and ensure the accuracy of biometric information against the encrypted data stored in the citizen identity card or residence card, or against previously collected and verified biometric data.
Card-issuing organizations must securely store and maintain comprehensive and detailed customer identification information during the card issuance and usage process. This includes customer identification data, biometric data, audio and video recordings, transaction logs, and phone numbers used for transactions.
As per the regulations, the information and data must be securely stored, backed up, and kept confidential. It should also be readily available for inspection, dispute resolution, complaint handling, and provision to authorized state management agencies upon request.
Similar regulations apply to customers registering for e-wallets electronically. E-wallet providers must collect, verify, and authenticate the biometric information of e-wallet holders for individual customers and legal representatives for organizational customers.
Previously, from the beginning of July, the State Bank also made mandatory the initial biometric authentication for online transfers of VND 10 million per transaction or VND 20 million per day, according to Decision 2345.
Additionally, according to Circular 18, starting January 1, 2025, account holders will be required to provide biometric authentication to banks before conducting transactions. Furthermore, from July 1, 2025, accounts will be suspended from transactions if the citizen identity card expires.
Specifically, the biometric data must be accurately verified against the encrypted data stored in the citizen identity card or residence card issued by the police, or through the authentication of the individual’s electronic identity account created by the Electronic Identification and Authentication System.
Biometric data can also be collected through in-person meetings for foreign individuals who do not use electronic identities and for overseas Vietnamese who have not yet determined their citizenship.
Biometric data may be considered valid if it has been previously collected and verified, ensuring accuracy against the encrypted data on the citizen identity card or residence card, or against the individual’s biometric data through electronic identity account authentication.
Banks are mandated to disclose all types of fees, applicable rates for each type of card and card service, and ensure compliance with legal regulations. The fee schedule must be publicly displayed and provided to cardholders before use, with updates provided in case of changes.
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