The Luxembourg legislator has adopted the bill of law 7464[1] amending i.a. the amended laws of 5 April 1993 on the financial sector and of 10 November 2009 on payment services.
This bill of law imposes the following obligations on credit institutions and other institutions professionally engaged in the handling of banknotes and coins (such as e.g. within the limits of their payment activities, professionals of the financial sector, including specialised professional of the financial sector as well as payment institutions):
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ensuring the authenticity of the euro banknotes and coins that they receive and intend to put back into circulation and ensuring the detection of counterfeits;
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withdrawing from circulation all banknotes and coins received for which they know or have sufficient reasons to believe to be counterfeit by handing them over to the national competent authorities, i.e. in Luxembourg, the Banque Centrale du Luxembourg.
In the event of non-compliance with these obligations, the above-mentioned institutions, the members of their management body, effective managers, or any other persons responsible for the offence of these institutions may be subject to a pecuniary fine of an amount ranging between EUR 1,250 and EUR 125,000.
