On 11, August 2018, The Government issued Decree No. 117/2018/ND-CP regulation on confidentiality and supply of customer information by Credit Institutions and Branches of foreign banks. This Decree will take effect from 1st, November 2018.
Accordingly, Credit Institutions and Branches of foreign banks, must ensure the principle of confidentially and supply of customer information following Article 4, Decree No. 117/2018/ND-CP, specifically:
• Customer information must be kept confidential and provided only in accordance with the provisions of the Law on Credit Institutions 2010, amended and supplemented in 2017, this Decree and relevant laws.
• Customer information is not provided when accessing banking services, unless customer accept by letter or other form following agreement with the customer.
• Agencies, organizations and individuals must archive and preserve following regulation of law on archive and preservation of dossiers and documents on customer information, dossiers of request for supply of customer information, delivery of customer information.
Decree No. 117/2018/ND-CP also regulate supply of customer information, specifically:
In case of providing customer information for Authorities, the subject of the supply must be pursuant to the assessment of the following issues:
• The specific legal basis that regulates the authority’s rights to require providing customer information;
• The reason, the purpose of requesting the supply of customer information;
• Content, scope of customer information, time of supply;
• Form of request, supply of customer information; The form of document providing information following the regulation of law;
• Information of representation when receive information customer in case of supply of information following Point b, Clause 1, Article 6 of this Decree;
In case of providing customer information for other organizations or individual, the subject of the supply must be pursuant to the assessment of the following issues:
• Other organizations and individuals have the right to request Credit institutions and Branches of foreign banks to provide customer information specified in the laws, laws and resolutions of the National Assembly.
• Have the customer agree by letter or other form following agreement with the customer.
With highlights above, Decree 117/2018 / ND-CP has created a legal basis for keeping confidential and providing customer information clearly, ensuring the privacy of customers; At the same time, the difficulties and obstacles when keep confidential and provide customer information are solved, as well as to assist authorities in performing the collection information, documents and evidence in time.