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17 April 2014 Supervision Supervision label Factsheet

Pursuant to Section 9b of the Bank Act (Bankwet 1998), DNB has appointed examining officers to oversee compliance with:

  • Section 9a, subsections (1) to (3) of the Bank Act;
  • Article 6(1) of the Anti-Counterfeiting Regulation, insofar as that Article concerns euro banknotes.

This includes the obligation to check euro banknotes for authenticity and fitness before recirculation. The rules and procedures on authenticity and fitness checking and recirculation of euro banknotes are laid down in Decision ECB/2010/14, including the requirement to report to DNB.

The general principle is that all parties involved in processing and distributing euro banknotes to the public or recirculating them via ATMs or other cash machines are to comply with the rules and regulations of their own accord. If DNB, in its capacity as supervisor of the cash payment system, observes non-compliant behaviour, it may use so-termed ‘enforcement tools’).

DNB has the power to impose a cease and desist order under penalty or an administrative fine of up to EUR 50,000 for a single breach to enforce compliance with:

  • Section 9a, subsections (1) to (3) of the Bank Act;
  • Article 6(1) of the Anti-Counterfeiting Regulation, insofar as that Article concerns euro banknotes;
  • Section 5:20 of the General Administrative Law Act.

Acting on its own mandate in enforcing rules and regulations, and with due regard to other relevant circumstances and interests, DNB reaches its own independent decision on the use of enforcement tools.

Relevant to:

  • Banks
  • Payment institutions