What should banks do when encountering counterfeit money or suspected counterfeit money?

(NLDO) – If it is counterfeit money, banks must confiscate it, make a record according to regulations on preventing and combating counterfeit money and protecting Vietnamese currency, and stamp and punch the counterfeit money.

The State Bank of Vietnam has just issued Circular No. 58/2024/TT-NHNN providing guidance on handling counterfeit and suspected counterfeit money in the banking sector.

Accordingly, when detecting money with signs of counterfeiting, the State Bank branches, transaction offices, credit institutions, and foreign bank branches shall compare it with the security features on real money (or sample money) of the same type or the notice on the characteristics and ways to identify Vietnamese money announced by the State Bank, and compare it with the notice on the characteristics to identify counterfeit money of the State Bank or the Ministry of Public Security .

In case the State Bank or the Ministry of Public Security has notified the unit in writing that the money is counterfeit, the unit must confiscate it, make a record according to the prescribed form on preventing and combating counterfeit money and protecting Vietnamese currency, and stamp and punch the counterfeit money. Stamping and punching the counterfeit money must be done according to regulations.

The State Bank of Vietnam applies new techniques and technologies in printing and minting money to improve the quality and anti-counterfeiting ability of money. Source: SBV

In case of determining that the money is a new type of counterfeit, it is necessary to confiscate it and make a record according to the form, but without stamping or punching the counterfeit money.

State Bank branches, Transaction Offices, credit institutions, and foreign bank branches must promptly notify the nearest police agency to coordinate and handle any suspected signs of storing, transporting, or circulating counterfeit money; new types of counterfeit money; or having 5 counterfeit bills (or 5 pieces of counterfeit metal) or more in one transaction. Customers who do not comply with the record-keeping and seizure of counterfeit money...

Also according to Circular No. 58, in cash transactions with customers, when detecting money with signs of counterfeiting, State Bank branches, transaction offices, credit institutions, and foreign bank branches must temporarily detain and make a record according to the form.

According to the State Bank, the circular was issued to guide the contents related to handling counterfeit money and suspected counterfeit money in the banking sector, creating a legal basis for the banking system, organizations and individuals involved in detecting and handling counterfeit money and suspected counterfeit money.

Circular No. 58 takes effect from February 14, 2025.

Source: https://nld.com.vn/ngan-hang-phai-lam-gi-khi-gap-tien-gia-tien-nghi-gia-196250109082758041.htm