Central bank urges efforts to prevent trading of student bank accounts
The State Bank of Việt Nam has sent a document to provincial and municipal people’s committees encouraging efforts to prevent the trading of students’ payment accounts.
The State Bank of Việt Nam (SBV) has asked provincial and municipal people’s committees to help prevent the trading of students’ bank accounts.
In some provinces and cities, bad actors are reportedly getting students who already have citizen identification to open bank accounts, then paying the students for the accounts. According to recent reports, they provide phone numbers for students to register internet banking and SMS banking services, then ask for information including login password, authentication password and biometric data (Face ID).
These accounts are often used for illegal purposes, such as money laundering, tax evasion, property appropriation and financing terrorism, the SBV said.
All of these actions are banned under established regulations.
For those trading one to fewer than 10 bank accounts, the fine is around VNĐ40-50 million, while the fine is from VNĐ50-100 million for those trading 10 or more accounts.
The SBV encouraged efforts to increase communications and raise awareness among students and youths in order to help prevent the illegal trading of bank accounts. — VNS
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