Authorities to ban opening and using numbered bank accounts and e-wallets for 1-5 years when tied to rental or improper use

Opening and using numbered bank accounts or e-wallets with financial transaction capabilities will be prohibited for 1–5 years if the accounts are rented out or used for illicit purposes. The Ministry of Public Security has drafted a decree regulating administrative penalties in the fields of cyber security and personal data protection.

Key administrative penalties

Under Clause 1, Article 13, the decree describes an administrative offense for violating regulations on preventing cyber misuse and the use of information technology or electronic means to infringe upon economic order, but not to the extent of criminal liability.

If an individual rents an electronic wallet for illegal use, the person will face a ban on opening numbered accounts for 1–5 years.

Fines ranging from 10,000,000 to 20,000,000 VND apply to violations including selling, gifting, leasing, lending, or transferring lawful control of one’s own numbered accounts or accounts created or registered using information of the legal representative. This includes electronic identification accounts, bank accounts, bank cards, electronic wallets, mobile money accounts, securities accounts, digital-asset trading accounts, and other accounts with financial transaction functions.

Use of false information and additional consequences

The decree also penalizes using false identities, documents, or information of others to establish a business or to register bank accounts, bank cards, electronic wallets, mobile money accounts, securities accounts, digital-asset trading accounts, insurance accounts, tax accounts, or other financial-transaction accounts.

Additional penalties may include confiscation of goods, devices, money, and digital assets. If money or digital assets are taken from others, authorities will return them to the lawful owner. The recipient of the assets must prove their origin and lawful ownership.

Within one year from the confiscation decision, if the rightful owner cannot be identified, the asset may be transferred to the state.

Expected impact

A ban on opening and using numbered accounts with financial-transaction functionalities under the same category for 1–5 years applies to the violations described in the decree.

Experts said the rule is intended to curb the purchase, sale, or rental of national IDs to open accounts and related fraudulent activities. They also noted that the administrative fines of 10–20 million VND may not be a strong deterrent, while the ban on opening such accounts could limit access to online transactions that are increasingly common and important in daily life.

(Author: Lê Mỹ, VietNamNet)