Cleaning and standardizing securities investor data is a mandatory requirement that securities firms must strictly adhere to. Details are outlined in the State Securities Commission’s (SSC) official letter No. 4501/UBCK-CNTT regarding the review and standardization of investor data and securities practitioners.
Clean existing securities investor data
Based on data from the Department of Administrative Management on Social Order (C06), securities firms need to reconcile with the data provided by securities investors. For investors whose information does not match the information on their citizen identification cards (CCCD), firms should request the investors to verify and update their information according to the CCCD data standards. Firms must use appropriate technology solutions from reputable providers to ensure the collection and verification of customer data. The results of data standardization and cleaning must be reported by August 31, 2024. After that, starting from October 1, 2024, firms will only be allowed to provide online trading services to investors whose data has been verified and standardized.
New investors need to open accounts using a chip-enabled CCCD/citizen identification card
For new securities investors opening accounts, they will need to follow the registration process using their chip-enabled citizen identification card (CCCD) or ID card. Securities firms must ensure that their customer verification solution is connected with C06, the electronic identification and verification system, or the CCCD/ID card when opening accounts. This helps standardize securities investor data right from the initial step.
Requirement for technology solutions to clean and standardize data
According to the official letter, firms need to proactively seek collaboration with relevant technology units authorized to connect with data from C06. The technology and technical solutions implemented must ensure the ability to authenticate and standardize securities investor data. Additionally, strict compliance with regulations on security and data protection is required.
GMO-Z.com RUNSYSTEM has worked and partnered with the Global Telecommunications Service Center, one of the 12 units authorized to connect directly with the Center for Research and Application of Population Data and Citizen Identification (RAR) – Department of Administrative Management on Social Order (C06, Ministry of Public Security). The eID investor verification solution meets all requirements outlined in official letter No. 4501/UBCK-CNTT and Project 06. It ensures the task of cleaning and standardizing securities investor data is performed efficiently, reliably, flexibly, securely, and cost-effectively.
For detailed consultation about the securities investor verification solution package, please contact us at: Phone: 097 583 0096 | Email: ssolutions@runsystem.net | Website: https://ssolutions.vn
