Banks permitted to block accounts receiving mistaken transfers
VIETNAM, May 23 - HÀ NỘI — From July 1, banks are permitted to block accounts receiving mistaken transfers if payment account holders ask them to.
This content is regulated in the Decree No 52/2024 on regulations on non-cash payments issued in May 15.
Banks will also be permitted to block accounts following requests from competent authorities or payment service providers.
Either of the joint payment account holders can make such a request.
The decree also regulates compensation payments to service providers, account owners and competent authorities, if they illegally block payments or illegally ask for bank accounts to be blocked and the account holders suffer any financial damage. — VNS
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