Nghị định 80/2016/ND-CP

DECREE

ON AMENDMENTS TO GOVERNMENT'S DECREE NO. 101/2012/ND-CP DATED NOVEMBER 22, 2012 ON NON-CASH PAYMENTS

Pursuant to Law on Organization of the Government dated June 19, 2015;

Pursuant to the Law on the State bank of Vietnam dated June 16, 2010;

Pursuant to the Law on credit institutions dated June 16, 2010;

Pursuant to the Law on employment dated November 26, 2005;

Pursuant to the Law on negotiable instruments dated November 29, 2005;

Pursuant to the Law on State budget dated June 25, 2015;

At the request of the Governor of the State bank of Vietnam;

The Government promulgates a Decree on amendments to Government's Decree No. 101/2012/ND-CP dated November 22, 2012 on non-cash payments.

Article 1. Amendments and repeal of a number of articles of Government's Decree No. 101/2012/ND-CP dated November 22, 2012 on non-cash payments

1. Clauses 4, 5, 6, 7 and 8 Article 4 shall be amended as follows:

“4. Providers of payment intermediary services are:

a) Organizations other than banks that are issued with the licenses to provide payment intermediary services by the State bank;

b) Commercial banks, branches of foreign banks that are permitted to provide digital wallets.

5. Payment account owner (hereinafter referred to as account owner) is the person that opens an individual's account or the organization that opens an organization’s account.

6. Non-cash payment instruments in payment transactions (hereinafter referred to as payment instruments), including: Cheques, payment orders, collection orders, bank cards and other payment instruments as prescribed by the State Bank.

7. Illegal payment instruments are payment instruments not included in Clause 6 of this Article.

8. Digital wallet service is the practice that a provider of payment intermediary services provides a customer with an nominal electric account on an information carrier (such as electronic chip, mobile phone sim, computer, etc.) that enables the customer to store a sum of money in the form of deposit equivalent to the sum of money transferred from the customer’s payment account at a bank to a secured payment account of the provider of digital wallet service with the ratio of 1:1.”

2. Clause 6 Article 6 shall be amended as follows:

“6. Issuing, providing or using illegal payment instruments.”

3. Clause 1 Article 8 shall be amended as follows:

“1. The State bank shall open payment accounts for State Treasuries, credit institutions, and branches of foreign banks as prescribed in Clause 2 and Clause 3 Article 27 of the Law on the State bank of Vietnam, Clause 4 Article 55 of the Law on State budget and Article 101, Article 109, Article 114, Clause 4d Article 118, and Article 121 of the Law on credit institutions."

4. Clause 2 Article 10 shall be amended as follows:

“2. The account openers being individuals must have legal personality and legal capacity; or persons aged 15 to under 18. Persons aged under 15, legally incapacitated persons, limited legal capacity persons, person with limited recognition and behavior control as prescribed in Vietnamese law may open payment accounts with their guardians or legal representatives.”

5. Point b Clause 2 Article 12 shall be amended as follows:

b) The provider of non-cash payment intermediary services finds mistakes during the money transfer. The sum of money that is blocked on the payment account may not exceed the mistaken sum of money.”

6. Point c Clause 2 Article 12 shall be annulled.

7. Clause 3 Article 14 shall be amended as follows:

“3. Payment services not via customers’ payment accounts, including: money transfer, collection order, and payment order.”

8. Points a, b, dd, e, g, and h Clause 2 Article 15 shall be amended as follows:

"a) Having an establishment license or enterprise registration certificate issued by a competent authority;

b) Having an approved plan for payment intermediary service provisions in accordance with the regulations on investment authority prescribed in their charter, in which at least contains: a process of operations of the requested services; a regime for solvency ratio; a process of internal inspection; risk management, assurance of safety and security; general rules and internal regulations on prevention and fighting against money laundering; procedures for actions against trace requests, complaints and dispute; rights and obligations of relevant parties in the process of service provision;

dd) Technical requirements: There are facilities and technical infrastructure, information technology system and technology solutions that satisfy the requirements for provision of payment intermediary services; back-up technical system independent from the primary system that ensures the safe and continuous service provision when the primary system has problems and in accordance with regulations on safety and security of information technology system in banking operations;

e) With regard to the financial switching, clearing services, the service provider must have the payment between relevant parties settled by another service provider.

g) With regard to payment services provided for a customer holding accounts in multiple banks, the service provider must associate with a provider of switching and clearing services licensed by the State Bank to provide such services during the process of intermediary payment services;

h) During the process of service provision, the provider of payment intermediary services must have an administrative accounting information system to ensure the supervision of sources of funds, asset and outcomes of the payment intermediary services.”

9. Clause 3 and Clause 4 Article 15 shall be amended as follows:

“3. A provider of payment intermediary services (other than commercial bank, or branch of foreign bank) that satisfy the requirements prescribed in Clause 2 of this Article shall apply for issuance of operation license to provide payment intermediary services as prescribed in Article 16 of this Decree.

4. Any commercial banks or branches of foreign banks that provide digital wallet services shall be subject to the management and inspection of the State Bank.”

10. Point dd and e Clause 2 Article 16 shall be amended as follows:

“dd) The documents on personnel: Curricula vitae, authenticated copies or copies issued according to master register or copies with the presentation of originals for collation of the qualifications proving the capability and proficiency of the legal representative, General Director (Director), Deputy General Director (Deputy Director) and the senior officers that execute the Scheme for the provision of payment intermediary services;

e) The establishment license or the enterprise registration certificate issued by a competent authority, charter of organization and operation (authenticated copies or copies issued according to master register or copies with the presentation of originals for collation).”

Article 2. Effect

This Decree comes into force from July 1, 2016.

Article 3. Implementation

Ministers, Heads of ministerial-level agencies, Heads of Governmental agencies, the Presidents of the People’s Committees of central-affiliated cities and provinces and relevant organizations or individuals shall implement this Decree./.