We ensure it’s genuine, says banks association

  • Nation
  • Tuesday, 05 Sep 2017

PETALING JAYA: All banks in the country have robust measures in place to detect counterfeit banknotes, says the Association of Banks in Malaysia.

In response to articles by The Star yesterday, the ABM said the measures included validating the authenticity of the banknotes before they were circulated – both at machine level as well as over the counter at bank branches.

“Each bank has its own specific internal procedures with regards to the processing of banknotes,” it said in a statement yesterday.

“Generally, all banknotes are scanned and validated before being loaded into Automated Teller Machines (ATMs) and Cash Recycler Machines (CRMs),’’ the association added.

In its Monday issue, The Star highlighted that there were three cases of fake RM100 notes purportedly withdrawn from the ATMs or over the counter at two local banks and one foreign bank this year, which went largely unnoticed.

The ABM said that banknotes deposited at CRMs and Cash Deposit Machines (CDMs) by bank customers would be scanned by the machines. Counterfeit banknotes would be detected and rejected on the spot, it added.

“Banks are required to adhere to the guidelines issued by the regulators on the handling of suspected counterfeit banknotes.

“In accordance with the guidelines, all suspected counterfeit banknotes are to be retained, reported and surrendered to the police for investigation,’’ the ABM added.

The association cautioned that those in possession of suspected counterfeit banknotes were to make a police report and surrender the notes to the police.

“Suspected counterfeit banknotes that are certified as genuine after investigation will be returned back to the bank customer concerned.”

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