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Measures In Place To Detect Counterfeit M'sian Banknotes- ABM
Last update: 04/09/2017

KUALA LUMPUR, Sept 4 (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It†was responding to a recent media report that counterfeit banknotes allegedly withdrawn from Automated Teller Machines (ATMs) and over the bank counter†had†gone unnoticed.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.



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US 4.0530/0600
S'pore 2.9686/9748
100 Yen 3.5867/5939
Sterling 5.3131/3235
Euro 4.7238/7327
Source: Bank Negara Malaysia

Starting April the banks have imposed a 50 sen processing fee on top of the 15 sen stamp duty on each cheque. The fee also applies to those applying for a Bankerís Cheque, Bank Draft and Cashierís Order. Do you think this additional charge is justified?

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