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17 April 2014 Supervision Supervision label Factsheet

De Nederlandsche Bank N.V. (DNB) is responsible for supervising cash handlers in order to establish whether the banknotes these institutions recirculate comply with statutory requirements. Cash handlers are defined as credit institutions, payment service providers (GTC and security transport companies), as well as all other institutions professionally engaged in the processing and distribution of notes to the public, including currency exchange institutions, transporters of funds as well as other economic agents, such as retailers and casinos, which recirculate euro banknotes received from the public through ATMs or other cash machines.

The statutory requirements stipulate 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.

Improper handling of cash payments by cash handlers would have major consequences for public confidence in euro banknotes.

DNB supervises the cash payment system by providing information and guidance on the rules and procedures, data collection and examining compliance with the rules. 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.

In the case of non-compliance, DNB has the power to impose formal sanctions, including an administrative fine of up to EUR 50,000 for a single breach or a cease and desist order under penalty.

sector

  • Banks
  • Payment institutions