Financial Crime World

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Know Your Customer Guidelines in Vietnam Crucial for Financial Security

Shinhan Bank Vietnam (SHBVN) has issued guidelines on Know Your Customer (KYC) to protect its customers from financial crimes such as money laundering, fraud and identity theft.

The Importance of KYC


The KYC process involves identifying personal details of customers to ensure their accounts remain active and secure. According to SHBVN, many customer’s personal details are either incomplete, incorrect or outdated. To rectify this situation, the bank is urging all customers, regardless of how long they have been banking with SHBVN, to provide accurate information.

Benefits of Keeping Personal Details Up to Date


  • Ensures account security and activity
  • Prevents financial crimes such as money laundering, fraud, and identity theft
  • Maintains compliance with legal obligations

SHBVN has also introduced an e-KYC process on its Shinhan SOL Vietnam application, allowing customers to authenticate and identify themselves when opening new accounts or registering for banking services online. This convenient and quick process enables customers to complete these tasks from anywhere and at any time.

Emphasis on Keeping Personal Details Up to Date


In a statement, SHBVN emphasized the importance of keeping personal details up to date, saying that it is crucial in preventing financial crimes and ensuring compliance with legal obligations. The bank encourages all customers to review and update their information regularly to maintain account security and activity.

By following these guidelines and keeping their personal details up to date, customers can rest assured that their accounts will remain active and secure.