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News - Media Releases 2020

28/02/2020

Central Bank of Malta trains professional cash handlers

Everybody handles currency, whether it is a cashier at a bank, a retailer or a child receiving pocket money. The circulation of currency is as much a question of adequate supply as it is one of trust, and maintaining the integrity of the euro is one of the tasks the Central Bank of Malta has as a national central bank operating within the Eurosystem.

“The Bank takes this matter seriously and invests time and resources to disseminate authoritative and practical information on currency-related matters. Through various training and outreach activities, many of which are tailor-made for different audiences, the Central Bank of Malta empowers people with the knowledge and skills to identify counterfeit currency thereby stepping up the fight against counterfeiting, which if left unchecked would undermine the integrity of currency with negative effects for everyone,” Jesmond Gatt, Chief Officer for Banking Operations at the Central Bank of Malta, said.

In 2019, over 1,500 professional cash handlers at financial institutions were enrolled in online training programmes, provided by the Central Bank of Malta, aimed at improving their familiarity with euro currency security features. Another module, introduced some years ago, ensures their knowledge of anti-money laundering regulations.

Cash handlers who obtain a pass mark of minimum 80% are awarded with a certificate, which is valid for a period of two years.

The Bank’s Currency Operations Office also provided onsite training to more than 200 cash handlers from different credit and financial institutions and some 300 cash handlers employed in retail outlets.

To complement the training, the Bank conducts regulatory checks on the machines used by commercial banks to validate the authenticity of banknotes, and assists retailers who want their own devices to be assessed for peace of mind.

The Bank’s Currency Operations Office also collaborates with the Ministry for Education to offer a currency awareness programme called ‘Money Matters’. Although mainly intended for children, the programme would also reach, indirectly, a number of parents. Engaging hands-on sessions are held in various schools during which genuine and counterfeit banknotes are actually handled by students enabling them to discover the tactile and visual differences between the two. In addition, information is provided on the design of the banknotes, the cash cycle and the European Central Bank. Around 600 secondary school students were engaged in this manner during 2019.

In its latest initiative the Bank launched an information leaflet highlighting the main security features of the euro currency. The leaflet is written in Maltese and English to have a wider reach among today’s multicultural student population. The addition of euro coin and banknote cut-outs helps children familiarize themselves with the currency and practice numeracy skills.

Information is also disseminated by means of TV and radio broadcasts, and a plethora of printed matter.

For further information about training and education contact by email or call (+356) 2550 6010.

Central Bank of Malta Trains Professional Cash Handlers

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