Professional cash handlers

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Professional cash handlers are banks, Poste Italiane S.p.A. and other economic agents that engage in the sorting and distribution to the public of banknotes and coins.

The monetary authorities that issue euro banknotes and coins are charged with preserving the public's confidence in the common currency by protecting the integrity and quality of currency in circulation.

Professional cash handlers are required to check the authenticity and fitness to circulate of banknotes and coins, to detect suspect counterfeits promptly and to ascertain the good condition of banknotes and coins in circulation.

Euro banknotes and coins suspected of being counterfeit must be handed over, respectively, to the Bank of Italy and to the State Printing works and Mint, where the national analysis centres for counterfeits operate. Similar procedures have been established for banknotes and coins no longer fit to circulate.

Banknotes

The checking of banknotes is to be performed according to the procedures established by the ECB.
In particular, banknotes distributed to the public by means of automatic teller or other customer-operated machines must be checked previously for authenticity and quality using machines whose proper functioning has been tested by a Eurosystem national central bank and whose characteristics are published on the ECB's website. Banknotes distributed exclusively over the counter may also be checked manually for both authenticity and quality by trained bank or post office personnel.

The Bank of Italy has regulatory and supervisory powers, including that of inspection, in respect of cash handlers and the power to impose sanctions on them for non-compliance with the obligations laid down by regulations. Cash recirculation is monitored on the basis of the data and information periodically transmitted by cash handlers.

Coins

The checking of coins is to be performed according to the procedures established by the European Union.

The Ministry for the Economy and Finance has regulatory and supervisory powers in respect of cash handlers and the power to impose sanctions on them for non-compliance with the obligations laid down by regulations. Inspections are carried out by State Printing Works and Mint.

Reference regulations

  • Bank of Italy Regulation of 22 June 2016 pdf 908.4 KB The present Order lays down the new rules for professional cash handlers to follow in the recirculation of banknotes, including the reports they must transmit to the Bank of Italy. The present Order repeals and replaces the Regulation of 14 February 2012. Data di pubblicazione:22 June 2016
  • Guide to controls on cash handlers (June 2016) pdf 504.3 KB The present “Guide” set outs the new procedures for on-site and off-site controls on professional cash handlers. This new Guide repeals and replaces the previous version of 14 February 2012. Data di pubblicazione:06 February 2017
  • Guide to controls on Cash handlers - REPEALED (no longer in force from June 2016) pdf 122.5 KB Controls on cash handlers are performed using methods consistent with the criteria set out in the Guide Governs the course of the main administrative procedures in case of non-compliance with the obligations laid down by the legislation on recirculation; sets out a single operational framework ensuring uniform conduct on the part of staff responsible for off-site and on-site controls; promotes the effectiveness and efficiency of controls on banknote recirculation, in accordance with the principle of transparency Data di pubblicazione:09 April 2013
  • Granting of mandates – Resolution No. 69 of 28 January 2014 (only in Italian) pdf 67.9 KB Under Article 22(5) of the Bank of Italy’s Statute, the Governing Board has conferred the mandates to adopt certain provisions and acts relating to controls on cash handlers, adapting them to the reorganized Directorate General Under Article 22(5) of the Bank of Italy’s Statute (Article 21(3) of the old Statute), the Governing Board, in its resolution No. 69 of 28 January 2014, has conferred the mandates to adopt certain provisions and acts relating to controls on cash handlers, adapting them to the reorganized Directorate General; the mandates include provisions and acts in relation to administrative procedures already pending. Data di pubblicazione:30 April 2014
  • Bank of Italy Regulation of 14 February 2012 pdf 970.0 KB REPEALED (NO LONGER IN FORCE FROM 21 JULY 2016) -Lays down the rules for professional cash handlers to follow in the recirculation of banknotes, including the reports they must transmit the Bank of Italy Data di pubblicazione:24 August 2012
  • Article 97 of Decree Law 1/2012 of 24 January 2012 pdf 33.2 KB Implements the provisions of Community law regarding the sorting and distribution to the public of banknotes and coins in euros. Empowers the Bank of Italy to regulate, conduct inspections and impose sanctions on cash handlers Data di pubblicazione:24 August 2012