Industrial news

Banks must be licensed by Cbank to provide gold custody services

The State Bank of Vietnam (SBV) has recently issued a press release on credit institutions’ gold custody services to meet people’s real need on gold custodies and ensure credit institutions’ implementation in accordance with the law.

Accordingly, the central bank directed a number of commercial banks involved to provide gold custody services for customers in accordance with the law and the license granted by the central bank.

The central bank also said that credit institutions when not yet being licensed by the central bank for gold custody services and having balance of gold custody as of July 5, 2013 will continue to keep these gold custody accounts until falling due for payment and being considered to extend these gold custody as suggested by customers.

If banks do not have gold custody as of July 5, 2013, they are disallowed to receive new gold custody from customers until being licensed by the central bank.

In addition, banks are required not to use customers’ gold contrary to the provisions of law.

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