I. Legal basis

Decision 2345/QD-NHNN

II. Biometric authentication from July 1 according to the regulations of the State Bank

According to Decision 2345/QD-NHNN of the State Bank, the regulations on biometric authentication for banking transactions via electronic channels, starting from July 1, there are some important changes:

• Money transfer transactions under 10 million VND/time and the total in the day does not exceed 20 million VND will be authenticated via OTP code (one-time password), not requiring biometric authentication such as fingerprints or face.
• Money transfer transactions under 10 million VND/time but the total amount in the day exceeds 20 million VND, the next transaction in that day must be authenticated by fingerprint or face, even if each individual transaction is under 10 million.
• Transactions over 10 million VND: All money transfer transactions over 10 million VND will require biometric authentication via fingerprint or face, regardless of whether it is a single transaction or the total amount in the day has reached the required level.
• Biometric authentication when making the first transaction or on another device: Customers need to perform biometric authentication when making the first transaction on the banking application (mobile banking) or when using a device different from the one used before.

Therefore, money transfers under 10 million VND, but the total amount in 1 day is over 20 million VND, must be authenticated by fingerprint or face.

III. The meaning of biometric authentication

Biometric authentication (fingerprint, face) brings many important benefits:

• Enhanced security: Biometrics are difficult to fake, help confirm the owner of the transaction, protect users from fraud.
• Reduce fraud: Authentication helps prevent account hijacking, and helps authorities quickly track down fraudsters, helping to recover money for victims.
• Support investigation: Biometrics are compared with data from citizen identification cards (CCCD) to help authorities identify the identity of the transaction, creating a legal basis for handling.
• Increase trust: Improve the security of electronic transactions, create trust for users when conducting online banking transactions.

In short, biometric authentication is an effective security measure, helping to prevent fraud and protect users in online financial transactions.

IV. Biometric authentication for foreigners

Biometric authentication can be done at home if you have a chip-embedded ID card and an NFC-enabled phone. However, there are some special cases where self-authentication is not possible, such as people who have undergone cosmetic surgery, are disabled, or foreigners who do not have a Vietnamese ID card.

For foreigners, to make transactions over VND 10 million via Internet Banking/Mobile Banking, they must go to the bank counter for biometric authentication.

V. About Us, Hankuk Law Firm

■ Hankuk Law Firm – Introduction

The goal of the legal services provided by HANKUK LAW FIRM is to support businesses, investors, and people. Our organization employs skilled Korean lawyers, partners, and professionals to provide legal services to businesses related to corporations and litigation.

To support the startup process, our lawyers and staff provide a wide range of services, including business law consulting, tax and immigration law consulting, real estate services, business consulting, marketing and communications, human resources, product distribution, franchise options, etc. We provide expert advice on every aspect of your business needs.

To protect the legitimate rights and interests of our clients and achieve the best results, we provide legal advice and participate in civil lawsuits related to business, labor, marriage, family, and inheritance.

■ Contact us now

For reliable and effective legal advice, please contact HANKUK LAW FIRM now. We are committed to providing you with the best possible answers and our team of experienced lawyers has extensive knowledge in many legal fields. We are always here to provide the most competent and dedicated support, whether you are dealing with contractual issues, commercial disputes or need guidance on foreign investment. HANKUK LAW FIRM is honored to have assisted hundreds of domestic and international clients in skillfully resolving complex legal issues as their trusted legal partner. Do not let legal issues hinder your success. Let us accompany you towards legal achievement and comfort. For prompt guidance and support to ensure your rights are always maintained at the highest standards, contact HANKUK LAW FIRM now.

■ Contact Hankuk Law Firm

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