Regulatory Alerts2013-02-06
Regulation No. 01/2013 of 6 February 2013 on Counting and Sorting Bank Notes and Detecting Currency Counterfeiting
The National Bank of Rwanda issued Regulation No. 01/2013 to establish mandatory rules and procedures for financial institutions handling public cash. The regulation requires licensed entities to deploy certified equipment for counting, sorting, and detecting counterfeit notes and coins, while defining clear standards for fit, unfit, and counterfeit currency. It further mandates secure deposit and withdrawal protocols aligned with the RIPPS system cutoff, imposes a 1% penalty on excess vault holdings, and enforces double face-value charges for missing or counterfeit currency discovered during verification.
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