Commercial banks have measures in place to detect and handle suspected counterfeit Malaysian banknotes

September 4, 2017
Kuala Lumpur, Monday, 4 September 2017 – In response to a recent media report that counterfeit banknotes allegedly withdrawn from Automated Teller Machines (ATMs) and over the bank counter have gone unnoticed, The Association of Banks in Malaysia (ABM) would like to state that its member banks have in place robust measures to detect suspected counterfeit banknotes. 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.

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.

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. Any 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 public is advised to contact their respective banks’ call centres or ABMConnect at 1-300-88-9980 for any queries.
ABMConnect | Toll-free on 1300-88-9980

ABMConnect provides an avenue for consumers to clarify any doubts and verify information on conventional banking issues.