Vietnamese banks to freeze accounts over identity verification

Major Vietnamese banks, including Vietcombank, BIDV, VietinBank, and Agribank, will implement stricter identity verification measures to ensure financial security and online payment safety. Under new regulations, bank accounts may be temporarily frozen or transactions blocked if users fail to meet updated identification requirements.

Specifically, accounts linked to expired identification documents, such as Citizen Identity Cards (CCCD), will face automatic transaction suspensions. According to the Law on Identity 2023, citizens must update their identification at specific ages (14, 25, 40, and 60). Furthermore, older 9-digit and 12-digit ID cards are no longer valid for identification purposes as of January 1, 2025. Banks will use these updated databases to prevent identity theft and mitigate risks.