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12.1 Procedures for Handling Counterfeit Currencies

N 35/2018 STA
  1. 12.1.1The Licensed Person must introduce robust procedures to detect counterfeit currencies and report such incidents to the competent authorities. Such procedures must include the following at a minimum:
    1. a)Methods of undertaking checks to detect counterfeit currencies;
    2. b)Usage of devices for checking currencies;
    3. c)Internal reporting procedures for counterfeit incidents;
    4. d)External reporting procedures (for reporting counterfeit incidents to the competent authorities such as police and to the Central Bank);
    5. e)Maintain appropriate registers to record counterfeit incidents; and
    6. f)Provide counterfeit detection training to relevant employees.
  2. 12.1.2The counterfeit currency procedures must be approved by the Manager in Charge; and
  3. 12.1.3The effectiveness of the counterfeit procedures must be reviewed at the end of every financial year and then the procedures must be updated if necessary.