NextGen Day

The Bankers Association of the Philippines (BAP) and the Bangko Sentral ng Pilipinas (BSP) have stated that strict safeguards are in place to combat the growth of false banknotes, such as those delivered through automated teller machines (ATMs).

This comes after the central bank urged the people to be extra cautious about scrutinizing paper banknotes they receive from ATMs.

“ATM services are part of basic banking responsibilities, and banks are required by law to protect their clients’ interests to the greatest extent possible.” The BSP stated in a public statement on Friday that if banks fail to follow measures to protect their customers, they will be held accountable.

Financial institutions “have a responsibility to ensure that banknotes coming from their ATMs are genuine, consistent with the BSP’s Financial Consumer Protection Framework, which requires financial service providers, such as banks, to conduct ethical business practices and not engage in any practice that may harm the consumer,” according to the central bank.

“Under established risk management criteria,” it stated, “the ATM system operates well, and the BSP’s comprehensive strategy to preserving the Philippine currency includes well-defined channels for reporting suspect monies for scrutiny by the BSP.”

“As a result, the public is encouraged to report any suspicious activity to their individual banks or the BSP,” it stated.

The BSP also stated that it has requested that the “Financial Products and Services Protection Act or the Financial Consumer Protection Act” be enacted.

“If adopted, the aforementioned legislative measure will fill in the gaps in our existing laws, giving financial regulators like the BSP more legal ability to respond to complaints and enforce cautious, responsible, and customer-centric company conduct standards.” The bill is now pending in Congress,” according to the statement.

It reassured the public that the central bank will continue to enforce laws and regulations in order to ensure that consumers had access to a safe and secure financial system.

The BAP has assured the public that “the banking industry is a proactive partner in combating the circulation of counterfeit banknotes,” according to a statement.

“Banks follow Bangko Sentral ng Pilipinas (BSP) rules for the transit and loading of fit banknotes in ATMs by implementing stringent cash management services protocols and thorough security procedures,” according to the BAP statement.

“While bills at ATMs are not directly from a bank’s daily activities, banks have always kept qualified people trained and equipped to identify counterfeit banknotes in order to prevent these false banknotes from entering the banking system,” the report stated.

It also urged the public to report any situations in which they feel their banknotes are counterfeit to authorities.

“We agree with the BSP’s appeal for vigilance in spotting counterfeit money because it is a criminal crime to make and import counterfeit money.” The partnership between the BSP and the BAP, as well as a vigilant public, will pave the road for the complete eradication of counterfeit money and its origins,” it stated.

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