2024: a Year of Protecting Cash

2024 has kicked off with a focus on cash, particularly a series of initiatives by central banks to safeguard access to cash.

Netherlands consultation concludes 

The results of the public consultation on the Dutch legislation on access to cash has now been published. The legislation, known as the Cash Payments Act, establishes rules that contribute to the smooth operation of cash payments. The purpose of the proposal is to keep cash accessible, available, and affordable. To that end, it includes the following measures: 

• Major banks in the Netherlands will be required to provide basic cash infrastructure across the nation. The largest Dutch banks (ABN AMRO, ING, and Rabobank) already do this through their joint venture Geldmaat.

• Banks will be required to offer their account holders access to basic cash infrastructure at maximum rates, although banks with fewer than 50,000 accounts will not have to do this.

• One risk identified for the continuity of cash service provision is that the transportation of cash is largely carried out by one service provider. The Dutch central bank DNB will monitor this, and large cash transport companies will have to comply with certain obligations, including periodically reporting on their financial health to DNB.

• DNB will be tasked with overseeing compliance with the obligations outlined in the bill. It will be empowered to impose sanctions, such as financial penalties.