A number of banks, including LPBank, Ocean Bank, NCB, and Saigonbank (SGB), have recently advised customers to supplement their identity documents and complete biometric authentication before January 1, 2025.
According to these banks, based on the Law on Identity Cards No. 26/2023/QH15, passed by the National Assembly of the Socialist Republic of Vietnam on November 27, 2023, and taking effect from July 1, 2024, along with Circular No. 17/2024/TT-NHNN regulating the opening and use of payment accounts with payment service providers and Circular No. 18 regulating bank card activities, from January 1, 2025, customers will no longer be able to use their Identification Cards (including the 9-digit and 12-digit types) for transactions at banks.
Additionally, customers will not be able to conduct online transactions if they have not completed biometric authentication.
To avoid transaction disruptions, banks recommend that customers promptly update their biometric information and e-ID/CCCD chip data (still valid) at the bank before January 1, 2025. (Source: LPBank)
LPBank also warned that customers who do not have biometric data, or whose identity documents have expired, or whose data at the bank does not match the data of the Ministry of Public Security, will face disruptions in their card and payment account transactions at the bank.
Regarding payment accounts, customers will not be able to open new online payment accounts or cards if they do not provide biometric data from October 1, 2024. Additionally, customers will not be able to continue using their payment accounts or cards if their identity documents or residence confirmation have expired, or if they have not updated their identity documents to the e-ID/Chipped ID Card from January 1, 2025. Cards can only be used for face-to-face transactions when the cardholder’s biometric data and identity documents have been verified and matched.
Previously, a series of banks, including Agribank, Vietcombank, SHB, Sacombank, ACB, VietBank, NCB, TPBank, VPBank, and Nam Á Bank, had also announced that they would temporarily suspend transactions for customers using ID cards who have not supplemented their biometric data.
These announcements aim to urge account holders to promptly comply with the State Bank’s requirements regarding enhanced security in digital payment activities.
Customers performing biometric authentication at a bank counter.
At the workshop “Hanoi – Smart City and Open Banking Ecosystem” held on October 2, 2024, Mr. Pham Tien Dung, Deputy Governor of the State Bank of Vietnam, requested that bank leaders expedite the update of data information on bank accounts.
Mr. Dung emphasized that the banking industry has set a target for January 1, 2025, to ensure that all bank account data is alive and fully matched with the e-ID chip. This helps eliminate and reduce account rentals and loans, contributing to fraud prevention. Accounts without authentication will be suspended from transactions.
Accounts without biometric data collection will only be provided with services at the counter. This new regulation aims to eliminate non-owner bank accounts and enhance security for customers using electronic banking services.
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