BEP proposes changes to mutilated currency regulations
- Published: Jun 24, 2014, 6 AM
July 28 is the deadline for the public to submit comments on proposed amendments to the regulations of the Bureau of Engraving and Printing regarding the exchange of mutilated paper currency.
The amendments “will serve to deter fraud and abuse in the mutilated currency redemption process,” according to a notice published in the May 29 issue of the Federal Register. According to the notice, on occasion, intentionally mutilated currency has been “intermingled with other bills in an apparent effort to thwart detection.”
To read the complete notice and learn how to submit comments, visit the Federal Register website.
The amendments would allow the Mutilated Currency Division examiners “to cease processing submissions that appear to be part of an illegal scheme, and instead alert law enforcement officials. The amendments will also inform submitters under what circumstances to provide banking information for purposes of electronic funds transfers.”
The BEP “is amending its regulations on exchange of mutilated paper currency in order to update mutilated currency procedures and eliminate references to obsolete practices and terms,” according to the notice in the Federal Register.
The proposed amendments would also clarify requirements for packaging and delivery methods of shipping mutilated currency submissions. The amendments would also “discourage submitters from tampering with or altering their mutilated currency submission in an attempt to preserve it” because previsions submissions have had “bills laminated with tape or glued together,” which makes it “more difficult for mutilated currency examiners to determine if the bills were fraudulent.”
The amendments would also “put the public on notice” that the BEP director may provide information “pertaining to any mutilated currency submission to law enforcement officials or other third parties for purposes of investigation of related criminal activity or for purposes of seeking civil judgment.” The amendments would allow the BEP to “notify potential submitters that they may be held criminally and/or civilly liable, fined, and/or imprisoned for fraudulent submissions.”
The BEP last made minor revisions to its regulations regarding the redemption of mutilated currency in 1991.
The proposed revisions would also “provide the public with more specific information on the process for submitting mutilated currency for possible redemption,” as well as tell the public about the steps taken by the BEP “following submission of different categories of mutilated currency,” according to the notice.
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