New law on detection and removal of banknotes
The Central Bank of Malta has issued a new Directive to regulate the redistribution, sorting and reissue (i.e. recycling) of euro banknotes. As a result of this Directive, banks, financial institutions and professional cash handlers will not be able to...
The Central Bank of Malta has issued a new Directive to regulate the redistribution, sorting and reissue (i.e. recycling) of euro banknotes. As a result of this Directive, banks, financial institutions and professional cash handlers will not be able to reissue currency they receive from the public without first subjecting that currency to stringent authenticity and quality tests according to Eurosystem-wide standards.
Through this Directive the Bank is bringing into force measures to implement the Eurosystem banknote recycling framework, which is the common Eurosystem regime for the detection and withdrawal from circulation of counterfeit and soiled or damaged euro banknotes. The framework is binding on all banks and professional cash handlers within the Eurosystem, and aims to preserve public trust in the authenticity and quality of currency in use.
Central Bank of Malta Directive No. 10, issued under the Central Bank of Malta Act, primarily affects banks, financial institutions and other organisations that redistribute euro banknotes on a professional basis in Malta. It will enter into force on January 1, 2009. However, the Directive allows for a subsequent 12-month transitional period in order to permit organisations to make the necessary changes to their policies, procedures and equipment.
Directive No. 10 is available within the legislation section of the Central Bank of Malta's website www.centralbankmalta.org.
Through this Directive the Bank is bringing into force measures to implement the Eurosystem banknote recycling framework, which is the common Eurosystem regime for the detection and withdrawal from circulation of counterfeit and soiled or damaged euro banknotes. The framework is binding on all banks and professional cash handlers within the Eurosystem, and aims to preserve public trust in the authenticity and quality of currency in use.
Central Bank of Malta Directive No. 10, issued under the Central Bank of Malta Act, primarily affects banks, financial institutions and other organisations that redistribute euro banknotes on a professional basis in Malta. It will enter into force on January 1, 2009. However, the Directive allows for a subsequent 12-month transitional period in order to permit organisations to make the necessary changes to their policies, procedures and equipment.
Directive No. 10 is available within the legislation section of the Central Bank of Malta's website www.centralbankmalta.org.