Measures in Place to Detect Counterfeit M'sian Banknotes - ABM

KUALA LUMPUR, Sept 5 (Bernama) -- Members of the Association of Banks in Malaysia (ABM) have robust measures in place to detect suspected counterfeit banknotes. In a statement, the ABM said these measures include, validating the authenticity of banknotes before being circulated and is applied both at the machine level, as well as over the counter at bank branches. It was responding to a recent media report that counterfeit banknotes allegedly withdrawn from Automated Teller Machines (ATMs) and over the bank counter had gone unnoticed. “Each bank has its own specific internal procedures with regard to the processing of banknotes. Generally, all banknotes are scanned and validated before being loaded into ATMs and Cash Recycler Machines (CRMs). “In addition, banknotes deposited at CRMs and Cash Deposit Machines (CDMs) by bank customers are scanned by the machines. Any counterfeit banknotes deposited would be detected and rejected on the spot,” the ABM said. It also said banks are required to adhere to the guidelines issued by 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. “We wish to remind the public that counterfeit banknotes are not legal tender, and as such, no value will be given to it,” the ABM said. Members of the public in possession of suspected counterfeit banknotes are advised to lodge a police report and surrender it. Suspected counterfeit banknotes that are certified as genuine after investigation will be returned to the bank customer concerned. The public is advised to contact the call centres of their respective banks or ABMConnect at 1-300-88-9980 on any queries. – BERNAMA