Vietnamese authorities are preparing to shut down around 86 million bank accounts after their owners failed to comply with new biometric authentication rules, according to local media reports.
The sweeping measure is part of a government-led campaign aimed at cracking down on fraud and money laundering while ensuring all bank accounts strictly follow national financial regulations.
The State Bank of Vietnam estimated in July that the country had roughly 200 million active bank accounts. The new compliance effort could see more than 40% of those accounts terminated if users do not update their information in line with the biometric requirements.
Officials argue the move is necessary to strengthen the integrity of Vietnam’s financial system. However, the mass closures risk disrupting millions of ordinary customers who may lose access to their accounts if they fail to meet the deadline.
