Regulatory Alerts2002-10-15
Added · Updated
Regulations on the Handling of Counterfeit, Altered and Imitation New Taiwan Dollar Notes and Coins by Financial Institutions
Financial institutions must immediately inform clients and affix a "void/counterfeit" seal to counterfeit or altered New Taiwan dollar notes, or deliver counterfeit coins to the Central Bank of the Republic of China (Taiwan) for notching. Institutions are required to produce a triplicate form for retention, retaining one copy, providing one to the holder, and sending the third along with the currency to the Bank's Department of Issuing. Suspicious circumstances or holder refusal to allow retention necessitate an immediate report to local police authorities. The Department of Issuing registers received items, notifies police of new types, retains samples for five years, and oversees destruction with participation from the Bankers Association and the Bank of Taiwan.
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