Statutory requirements apply to cash handlers regarding the obligation to check euro banknotes for authenticity and fitness before recirculation, since improper handling of cash payments by cash handlers would have major consequences for public trust in euro banknotes and coins.
The European Parliament and the Council have laid down in Article 6 of Regulation (EC) 1338/2001, as amended by Regulation (EC) 44/2009 that euro banknotes must be checked for authenticity and fitness in accordance with procedures defined by the ECB. The ECB has laid down these procedures in Decision ECB/2010/14. The general principle is that all parties involved in processing and distributing euro banknotes to the public or recirculating them via ATMs or other cash machines are to comply with the rules and regulations of their own accord.
Article 6 of Regulation (EC) 1338/2001, as amended by Regulation (EC) 44/2009 does not specify the procedures for checking euro coins for authenticity and fitness. However, in Regulation (EU) 1210/2010 the European Parliament and the Council have laid down the procedures for euro coin authentication and the handling of euro coins that are unfit for recycling. The general principle is that all parties involved in processing and distributing euro coins to the public are to comply with the rules and regulations of their own accord.
If cash handlers fail to comply with the standards, we are authorised to impose formal measures such as an administrative fine or an order subject to penalty.
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