Principles for Implementing Asset Custody Services in Credit Institutions

Circular 02 stipulates that credit institutions are only allowed to provide asset custody services, and rental of safety deposit boxes, safes when:

- The establishment and operation licenses of the credit institution include activities of providing asset custody services, rental of safety deposit boxes, and safes;- There are internal regulations and procedures for performing asset custody services, rental of safety deposit boxes, and safes.

In addition, Circular 02 also stipulates that when providing asset custody services, credit institutions must:

- Use a separate storage facility that meets the standards for money warehouses as stipulated by the State Bank of Vietnam (hereinafter referred to as the State Bank); or use a separate room within the money warehouse with doors that meet the standards for money warehouse doors as stipulated by the State Bank; or must equip separate safes placed within the money warehouse to provide asset custody services;- Equip boxes/bags/sacks for asset custody that ensure safety.

Simultaneously, when providing safety deposit box, safe rental services, Circular 02 stipulates that credit institutions must:

- Use a separate storage facility that meets the standards for money warehouses as stipulated by the State Bank or use a separate room within the money warehouse with doors that meet the standards for money warehouse doors as stipulated by the State Bank to provide safety deposit box, safe rental services;- Equip safes for asset custody that ensure safety;- Install surveillance cameras and equip security control devices to ensure safety during customers' access to the storage area for safety deposit box, safe rental services.

See details Circular 02/2016/TT-NHNN effective from April 09, 2016.

-Thao Uyen-

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