Question: As a bank, how can we educate our customers about the implications of defacing currency?
Answer:
Defacement of currency is a violation of Title 18, Section 333 of the United States Code. Under this provision, currency defacement is generally defined as follows: "Whoever mutilates, cuts, disfigures, perforates, unites or cements together, or does any other thing to any bank bill, draft, note, or other evidence of debt issued by any national banking association, Federal Reserve Bank, or Federal Reserve System, with intent to render such item(s) unfit to be reissued, shall be fined under this title or imprisoned not more than six months, or both". It is important for banks to:
Establish training on the latest currency updates and how to handle mutilated currency.
If defaced currency is observed, put aside any damaged bills and follow procedures for sending the bills to the Federal Reserve.
Be aware of any rips, tears, folds, stamps or pulls on the currency.
Continually train employees about the tell-tale signs of defaced currency.
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