NBC urges vigilance against USD counterfeits
NBC urges vigilance against USD counterfeits
The National Bank of Cambodia (NBC), yesterday, urged Banking and Financial Institutions (BFIs), as well as the public, to help prevent the circulation of counterfeit US dollar (USD) banknotes in Cambodia.
NBC’s announcement followed a request of the US Secret Service. Along with the circulation of USD banknotes in Cambodia, counterfeit notes have also been found circulated.
To help prevent the circulation of counterfeit USD banknotes, NBC has asked all BFIs to be vigilant against such banknotes in Cambodia.
“BFIs must confiscate counterfeit USD banknotes from customers without compensation and send them to the US Secret Service, along with a report for further investigation,” the NBC statement said.
BFIs must also collect information on customers circulating counterfeit USD banknotes and provide this information to NBC.
Members of the public have also been urged to be vigilant and thoroughly check USD banknotes before accepting them. “If counterfeit bills are suspected, the public should report this to NBC,” the announcement said.
Meanwhile, NBC also encouraged BFIs to guide customers on how to identify genuine USD banknotes to help prevent the circulation of counterfeit notes.
Rath Sophoan, Chairman of the Association of Banks in Cambodia (ABC), told Khmer Times that BFIs are engaged in curbing counterfeit USD banknotes in the market, and NBC’s announcement serves as a reminder for BFIs to continue the efforts. He said that BFIs have always been vigilant about USD counterfeit currency circulation and that they use modern machines and the services of experts to verify the authenticity of banknotes.
“Therefore, counterfeit money cannot go through the BFI systems easily,” Sophoan said.
“In the last 10 years, we have rarely encountered the issue of counterfeit USD banknotes because we have modern technology, counterfeit detection machines, and experts to verify the banknotes,” he assured.
“Additionally, the growing use of digital payments and riel also helps prevent counterfeit USD money,” he added
Meanwhile, the ABC Chairman appealed to all BFIs as well as the general public to collaborate in curbing the circulation of counterfeit USD banknotes in the market.
NBC’s Annual Report 2023 stated that the supply of new banknotes and the retrieval of old banknotes are carried out regularly to remove old and torn banknotes.
Furthermore, the quality of banknotes is examined to combat counterfeiting. NBC also encourages the use of KHR.
In 2023, the amount of USD banknotes supplied to capital-provincial branches and delivered to NBC headquarters increased by 3.4 percent and 73.1 percent, respectively, compared to 2022.
The amount of KHR banknotes supplied to capital-provincial branches and the amount of old and surplus KHR banknotes returned to NBC headquarters increased by 28.7 percent and 23.4 percent, respectively.
NBC also organized two training sessions on ‘Examining Counterfeit US Dollars’ with Travelex Cash Transporter and Moneycorp Bank to enhance the ability of NBC officials, as well as banks and financial institutions, to detect counterfeit US dollars and avoid potential losses.
