HCMC – Vietnamese banks are now required to notify police if five or more counterfeit notes are detected in a single transaction, under a new directive issued by the State Bank of Vietnam (SBV).
Circular 58/2024/TT-NHNN, effective February 14, outlines procedures for managing counterfeit banknotes within the banking system.
Suspected notes must first be compared with genuine currency features. If identified as counterfeit based on prior notifications from the SBV or the Ministry of Public Security, the notes will be confiscated, documented, and marked or punched. Newly identified counterfeit notes, however, will be confiscated and documented without marking or punching.
Banks are required to report newly identified counterfeit notes to the SBV within two working days. These reports must include details such as denomination, quantity, serial numbers, and distinguishing features.
Banks must alert local police immediately upon detecting signs of counterfeit money storage, transportation, or circulation. Cases involving five or more counterfeit notes, uncooperative customers, or new types of counterfeit currency also warrant police notification.
Financial institutions and foreign bank branches must hand over counterfeit notes to the SBV’s local branches on a monthly basis. The SBV will verify the authenticity of the confiscated notes and reimburse customers for any genuine currency mistakenly flagged as counterfeit.
The SBV’s branches and transaction offices are required to transfer counterfeit notes to the Central Treasury at least every six months, often in coordination with regular currency transportation schedules.
