Ensuringsafety of deposit and savings transactions at credit institutions


The State Bank of Vietnam has recently issued the Document No 1126/NHNN-TTGSNH to credit institutions, branches of foreign banks, requiring them to strictly ensure safety of deposit, savings transactions at these institutions.

Thereby, the State Bank of Vietnam required credit institutions to enhance prevention of legal violations in monetary and banking fields, to ensure security and safety of banking operations for monetary, financial stability and to follow guidance of the State Bank of Vietnam on deposit, savings transactions, safety and security in providing banking services, especially regulations on process, procedures, locations of transaction in compliance with guidelines in the Directive No. 7/CT-NHNN dated 11th October2017.

Credit institutions should continuously review, amend, and supplement internal regulations to promulgateall internal regulations in accordance withlegal regulations on deposit, savings transactions. Besides, they also should make popular legal and internal regulations on deposit, savings transactions to all of their units, professional staff so that they strictly comply with those regulations; regularly hold professional trainingcourses,other training courses to improve skills and legal knowledge of all staff of credit institutions.

It is necessary to enhance updating technology to improve security, safety, confidentiality in banking operations; to review the authentication of deposit, savings transactions.

This document also stipulated that credit institutions shallstrengthencoordination with competent authorities in grasping information, timely announcing, and warning in their system to take preventive measures against risks tocredit institutions. Besides, credit institutions should carry out public awareness activities in a good manner so that their clients comprehend and obey regulations, procedures,especially on information confidentiality and carrying out transactions at credit institutions as regulated.

In addition, credit institutions should enhance self-check (especially cross-check), control, rotation of staff who undertake transactions in terms of deposits, savings to prevent possible risks; early detect and strictly deal with violations against legal regulations, procedures, internal regulations of credit institutions.

The State Bank of Vietnam required credit institutions to promptlyreport violations to the State Bank of Vietnam, provincial branches of the State Bank of Vietnam and competent authorities; and at the same time take corrective actions as regulated, ensuring legitimate rights and benefits of clients. 

Research and International Cooperation Department