The Central Bank of Kuwait has introduced a new form to prove counterfeit banknotes, by setting up a unified mechanism for local banks in the event that any forged banknote is detected.
Informed sources told a local Arabic daily that the regulatory update, which will be implemented starting from January 1, will ensure the detection of counterfeit banknotes through the form of a memorandum proving the deposit/presentation of counterfeit banknotes that each bank must work with in the framework of checking and sorting out the Kuwaiti banknotes.
The Central Bank pointed out that its move in this direction also comes as part of the regulator’s endeavor to develop services provided to local banks, as part of the digital portal project to complete banking sector transactions.
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