(PLVN) - The State Bank of Vietnam has just issued a Circular detailing the handling of counterfeit and suspected counterfeit money in the banking sector. According to regulations, when detecting 5 or more counterfeit banknotes or 5 or more pieces of counterfeit metal in a transaction, the State Bank branch, Transaction Office, credit institution, or foreign bank branch must immediately notify the nearest police agency.
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(PLVN) - The State Bank of Vietnam has just issued a Circular detailing the handling of counterfeit and suspected counterfeit money in the banking sector. According to regulations, when detecting 5 or more counterfeit banknotes or 5 or more pieces of counterfeit metal in a transaction, the State Bank branch, Transaction Office, credit institution, or foreign bank branch must immediately notify the nearest police agency.
The State Bank of Vietnam (SBV) has just issued Circular 58/2024/TT-NHNN providing guidance on handling counterfeit and suspected counterfeit money in the banking sector.
The Circular stipulates that in cash transactions with customers, when detecting money with signs of counterfeiting, the State Bank branches, Transaction Offices, credit institutions, and foreign bank branches shall compare with the security features on real money and handle as follows:
In case the State Bank or the Ministry of Public Security has notified the counterfeit money in writing, it is necessary to confiscate, make a record, stamp and punch holes in the counterfeit money. According to regulations, stamping "COUNTERFEIT MONEY" is done on both sides of the counterfeit money, stamping each side once and punching 4 holes on the counterfeit money (each side of the counterfeit money is punched with 2 symmetrical round holes using a document punch used for office documents).
In case of determining that the money is a new type of counterfeit money, it is necessary to confiscate it and make a record according to Form No. 01 in the Appendix issued with Decree No. 87/2023/ND-CP but without stamping or punching the counterfeit money.
Within 2 working days from the date of seizure of new counterfeit money, the State Bank branch or the Transaction Office must notify in writing the Issuance and Treasury Department; the credit institution or foreign bank branch must notify in writing the Transaction Office or the State Bank branch in the locality where the credit institution, credit institution branch or foreign bank branch opens a payment account (hereinafter referred to as the State Bank branch in the locality). The notification shall include information on the type of money, quantity, serial number and description of the characteristics of the counterfeit money.
The Circular also stipulates that the State Bank branches, Transaction Offices, credit institutions, and foreign bank branches must promptly notify the nearest police agency for coordination and handling when detecting one of the following cases: There are signs of suspicion of storing, transporting, or circulating counterfeit money; New types of counterfeit money; There are 5 counterfeit bills (or 5 pieces of counterfeit metal money) or more in a transaction or when the customer does not comply with the record-keeping and seizure of counterfeit money.
During the process of counting, classifying and selecting money, after receiving and delivering cash in bundles or sealed bags in the banking sector according to the regulations of the State Bank, when counterfeit money is detected, units under the State Bank, credit institutions and foreign bank branches shall handle it as for counterfeit money detected in cash transactions as prescribed in Clause 1 and Points b and c, Clause 2 of this Article.
State Bank branches and transaction offices are responsible for packaging and sealing counterfeit money. Sealing counterfeit money is carried out in accordance with the State Bank's regulations on cash sealing, but must be stamped "COUNTERFEIT MONEY" on the seal to distinguish it from real money.
Accordingly, counterfeit cotton money, counterfeit polymer money: 100 bills of the same denomination, same material are packed into 1 sheaf; 10 sheafs are packed into 1 bundle (1,000 bills) and sealed. Counterfeit metal money: 100 pieces of the same denomination are packed into 1 small bag and sealed; 10 small bags are packed into 1 large bag (1,000 pieces) and sealed.
In case there is not enough quantity to pack (or bag), the State Bank branches and Transaction Offices will also pack, seal, and clearly state the number of sheets (or pieces) for convenience in delivery and receipt.
Counterfeit money is kept separately in the vaults of the State Bank system, credit institutions, and foreign bank branches.
Credit institutions and foreign bank branches must hand over all seized counterfeit money to the State Bank branch in the area or the Transaction Office on a monthly basis.
The State Bank branches and Transaction Offices are responsible for checking the authenticity of each counterfeit banknote submitted by credit institutions and foreign bank branches. In case real money is detected in the counterfeit money submitted, the State Bank branches and Transaction Offices shall make a record according to the form in the Appendix issued with this Circular and issue a written request to the submitting unit to return the equivalent value to the customer and report the results within 30 days.
Genuine banknotes stamped with “COUNTERFEIT” and punched with a hole are cut off 1/8 of the banknote’s area by the State Bank branch or Transaction Office, exchanged for the same value (credited) to the submitting unit (no fee is charged for exchanging money that does not meet circulation standards) and packaged and delivered as for money that does not meet circulation standards according to the State Bank’s regulations.
State Bank branches and Transaction Offices must hand over counterfeit money at least once every 6 months (if any) to the Central Treasury. The handover can be combined with the transfer of money to and from the State Bank...
Circular No. 58/2024/TT-NHNN takes effect from February 14, 2025.
Source: https://baophapluat.vn/cong-an-vao-cuoc-khi-1-giao-dich-co-5-to-tien-gia-post537381.html
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