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September 3, 2013

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Banks act to trace fake currencies

Counterfeit notes withdrawn from some of the local Automatic Teller Machines can now be traced in a new system that is being gradually put into place.

By the end of this year, all money withdrawn from ATMs in China will be traceable.

The tracking system will cover Cash Recycling Machines, which deal with both deposits and withdrawals, by the end of 2014. And notes withdrawn from bank counters will be traceable before the end of 2015, according to a circular issued by the People’s Bank of China to the commercial banks.

The Industrial and Commercial Bank of China, Agricultural Bank of China and China Everbright Bank have already put up notices on some of their ATMs which reads “Serial numbers are recorded for cash withdrawn from this machine. For evidence inquiry of counterfeit notes only.”

If cash withdrawn from any of the ATMs with the above notices are found to fake, the consumer can approach the bank outlet in charge of the machine and launch an investigation. The banks can trace every 100-yuan note by recording the unique serial numbers on the banknotes.

Ying Mingfeng, an official with the Shanghai Branch of China Everbright Bank, said the system allows customers to make inquiries over cash withdrawals.

Ying said all its self-service machines, such as the ATMs and CRMs at Metro stations and department stores, already provide tracing services now. By early next year, machines within banking outlets will also be included in the tracking system.



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