Tuesday, March 5, 2024

Robust measures in place against counterfeit banknotes in ATMs, says BSP

​The Bangko Sentral ng Pilipinas (BSP) said on Friday, Jan. 28, that robust measures are in place against counterfeit banknotes, including those dispensed by automated teller machines (ATMs) of banks.

Photo from Freepik.com

The BSP issued the statement amid reports that some bank ATMs have allegedly dispensed fake bills.

The central bank said ATM services are part of core banking functions, and banks are bound by law to exercise the highest degree of diligence in protecting their clients’ interest. The BSP said it will hold the banks accountable should they fail to observe measures to protect their clients.

“The country’s ATM system performs soundly under recognized risk management guidelines, and the BSP’s comprehensive approach to safeguarding the Philippine currency includes well-defined mechanisms for reporting doubtful currencies, for examination by the BSP. Thus, the public is encouraged to report any untoward incident to their respective banks or the BSP, for appropriate action,” the banking regulator said.

To better protect the banking public, the BSP said it submitted to Congress the Financial Products and Services Protection Act, or the Financial Consumer Protection Act.

The said legislative measure, if enacted, will address the gaps in existing laws and better equip financial regulators, such as the BSP, with adequate legal authority to respond to complaints and enforce responsible, nd customer-centric standards of business conduct. The bill is currently pending in Congress.

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