What are responsibilities of a credit institution in Vietnam regarding protection of confidentiality of client information?

The protection of confidentiality and provision of client information of credit institutions and foreign banks’ branches that is on the list of state secrets shall comply with regulations of the law on protection of state secrets.

Pursuant to Clause 2 Article 14 of the Decree 117/2018/NĐ-CP, a credit institutions or foreign bank’s branch has the responsibility to:

- Provide client information in a truthful, sufficient and promptly manner and within the scope of the application form for provision of client information;

- Ensure security and confidentiality of client information during the provision, management, use and storage thereof;

- Settle clients’ complaints about provision of information as prescribed by law;

- Organize the supervision and inspection of implementation of internal regulations on protection of confidentiality, storage and provision of client information and impose penalties for violations thereof;

- Take legal responsibility for violation of regulations of this Decree and relevant regulations of law.

Above are responsibilities of a credit institution in Vietnam regarding protection of confidentiality of client information.

Best regards!