From July 1: Biometric authentication is required for bank accounts of organizations and businesses

From July 1, bank accounts of organizations and businesses are required to have biometric authentication. The legal representative of the organization's customers will perform this registration.

This is a regulation in Circular No. 17/2024/TT-NHNN of the State Bank issued on June 28, 2024, regulating the opening and use of payment accounts at payment service providers. Since the first quarter of 2025, many banks have implemented communication plans, guiding customers to update biometrics through both online and direct forms at branches.

According to statistics, 711,000 organizational accounts have completed biometrics. Illustrative photo

Many banks such as the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV), the Joint Stock Commercial Bank for Industry and Trade of Vietnam (VietinBank), Asia Commercial Joint Stock Bank (ACB ), Vietnam Technological and Commercial Joint Stock Bank (Techcombank), Military Commercial Joint Stock Bank (MB), Vietnam Prosperity Joint Stock Commercial Bank (VPBank) ... have all updated the biometric authentication function for business accounts on digital banking applications. The implementation steps are integrated according to eKYC standards, allowing users to use a chip-embedded citizen identification card combined with a face capture to complete in a few minutes.

Many businesses do not wait until July 1 but implement biometrics before this time.

Representatives of many banks have confirmed that they have integrated facial authentication into the entire digital banking system, including mobile applications, web portals, ERP connection APIs or corporate accounting software.

Many banks recorded a sharp increase in update rates in June after issuing transaction suspension warnings to unauthenticated groups, so they proactively set up separate hotlines and rapid response teams to handle situations that arise during the authentication process.

To date, biometric authentication for corporate accounts has not encountered any problems. Some enterprises have not yet authenticated, possibly because they do not have a chip-embedded citizen identification card, or because the enterprise does not clearly distinguish between the legal representative and the account user. Some FDI enterprises or representative offices with foreign elements still have difficulty using passports for authentication.

According to the latest report of the State Bank, the entire system has successfully authenticated more than 113.5 million personal accounts and 711,000 organizational accounts. Therefore, completing authentication before July 1 is feasible.

After completing the authentication of all organization and business accounts, the Banking sector will coordinate with the Ministry of Public Security to completely handle organizational accounts that do not have biometric data by completely stopping the service provision by September 2025.

Source: https://hanoimoi.vn/tu-ngay-1-7-bat-buoc-xac-thuc-sinh-trac-hoc-voi-tai-khoan-ngan-hang-cua-to-chuc-doanh-nghiep-706845.html