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Banking & Finance

SBV: Banks must adopt more security measures

Released at: 15:18, 26/02/2018

SBV: Banks must adopt more security measures

Former Deputy Director of Eximbank's Ho Chi Minh City branch Le Nguyen Hung (Photo from doisongphapluat.com)

Central bank calls for better security measures following recent fraud case.

by Quang Huy

The State Bank of Vietnam (SBV) has directed Vietnamese lenders to strictly comply with legal regulations on combating violations in the monetary and banking fields after a banker stole $10 million from a customer.

The central bank has also requested lenders strictly implement its directions on transaction deposits and banking security, especially those on transaction procedures and locations.

Local lenders are required to review, amend, and add internal regulations to ensure they fully comply with rules on deposit and saving transactions.

They have also been requested to inform all units and staff about legal and internal regulations on transaction deposits, ensuring strict implementation of regulations.

Credit organizations have been asked to improve technology to increase banking security, with the possibility of applying authentication measures for transaction and saving deposits.

Lenders have also been required to coordinate with relevant agencies for a more efficient warning system to minimize risks. They should also keep customers informed about data protection and transaction procedures.

There should be more internal checks and rotation of staff in charge of deposits to prevent possible risks and timely identify and resolve any violations, the SBV said.

Lenders should also timely notify the central bank and relevant agencies cases of violations, to guarantee the rights and interests of customers.

An Eximbank executive fled overseas after misappropriating VND245 billion ($10.8 million) from a VIP customer using forged documents, the bank said on February 22.

Bank representatives told reporters that the fraud committed by Le Nguyen Hung, former Deputy Director of the lender’s Ho Chi Minh City branch, has been confirmed by police, but any compensation would have to wait for a court ruling.

Hung is now wanted by the Ministry of Public Security for fraud aimed at misappropriating other people’s property, police said on February 24.

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