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Association of Banks in Malaysia (ABM) assures the public that banks have robust measures in place to detect suspected counterfeit money. NST photo by SHARUL HAFIZ ZAM

 

KUALA LUMPUR: Association of Banks in Malaysia (ABM) assures the public that banks have robust measures in place to detect suspected counterfeit banknotes. 

In a statement today, ABM said these measures include validating the authenticity of the banknotes before they are circulated and are applied both at machine level as well as over the counter at bank branches.

ABM was responding to a recent media report that counterfeit banknotes allegedly withdrawn from automated teller machines (ATMs) and over the bank counter have gone unnoticed.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)," it said.

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. 

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. 

"We wish to remind the public that counterfeit banknotes are not legal tender and as such, no value will be given to any such notes," ABM said. 

"Members of the public in possession of suspected counterfeit banknotes are advised to lodge a police report and surrender the suspected notes to the police.

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

The public is also advised to contact their respective banks’ call centres or ABMConnect at 1-300-88-9980 for any queries.

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