The Intelligent Banknote Neutralisation System (IBNS)1 is a security system designed to deter unauthorised access to currency notes by mutilating, destroying or permanently damaging the currency notes, such as by the application of a staining or degradation agent to the currency notes.
Under the Private Security Industry Act 2007 (PSIA), any person who wishes to sell and/or employ IBNS to carry out Cash-in-transit (CIT) services, for reward, must be licensed as a Security Service Provider (SSP) under the PSIA and may apply for an SSP licence from the Police from 8 February 2024 onwards.
In addition, if the SSP licensee intends to employ or engage the services of any person to be deployed in any IBNS CIT operation, the SSP licensee must also be licensed as a Security Agency (SA) under the PSIA; and any such person deployed, excluding Auxiliary Police Officers, must possess a valid Security Officer licence before he/she may be deployed for any IBNS CIT operations.
1IBNS is defined under Section 18(3) of the PSIA.
Licensing Criteria
An applicant must meet the licensing criteria to be granted a licence under the PSIA. In addition, the applicant must fulfil the following criteria to employ IBNS to carry out CIT services:
- The Intelligent Banknotes Neutralisation System (“IBNS”) employed in carrying out cash-in-transit services must meet the following criteria:
- use SICPA Dark Purple Polymer Staining Ink SSGV11 or such other staining ink as approved by the Licensing Officer in writing;
- when the IBNS is activated and the ink discharged, 100% of all the Singapore currency notes present must be stained; and
- 99% of Singapore currency notes stained must have at least 20% of the surface area stained on each side.
- 100% of Singapore currency notes stained by the IBNS specified in the licensing application must be rejected by the major types of Cash Acceptance Machines / ATM Recyclers in use by banks in Singapore.
- The applicant shall provide a certified true copy of the IBNS certification issued by the IBNS’s country of manufacture as part of the supporting documents for the application.
- The applicant shall arrange, at its own costs, for the following trials or demonstrations, if required by the Licensing Officer for the purpose of deciding the application:
- A trial or demonstration before an established standards body approved by the Licensing Officer to certify the IBNS’ capabilities, including the IBNS’ ability to meet the criteria at (i) above. The applicant shall provide to the Licensing Officer the certified true copy of the certification issued by the established standards body; and
- Any other trial or demonstration as may be requested by the Licensing Officer.
The trials or demonstrations referred to above must successfully prove that the IBNS meets all the criteria at (i) above. The Licensing Officer may also modify the criteria.
1This ink dye contains infra-red (IR) absorbent ink and taggant used for the purpose of forensic investigation and identification of the IBNS service provider
Refund Policy
Fee for Refund of Face Value of IBNS-stained currency notes.
If an IBNS licensee seeks a refund of face value of IBNS-stained currency notes, he shall be subject to the conditions set out by the Monetary Authority of Singapore (MAS). Licensees may enquire with MAS at https://www.mas.gov.sg/contact-us for assistance.
Link to Monetary Authority of Singapore
Explanatory Brief for Currency (Amendment) Bill
https://www.mas.gov.sg/news/speeches/2018/explanatory-brief-for-currency-amendment-bill
Additional Licensing Conditions
These additional licensing conditions for an SSP employing IBNS to carry out CIT services are published for general information only, the licensing officer may impose any other condition(s) on the licensee. The licensing officer may at any time add to, vary, or revoke any condition of a licence.
Licensing Conditions for SSP employing an IBNS
Relevant Statues
- Currency Act 1967
- Private Security Industry Act 2007
1. Do I need a Security Agency licence if I only provide the IBNS to be used by another Security Agency?
However, you will not need an SA licence under the PSIA, if you do not employ or engage the services of any person to be deployed in any IBNS CIT operation.
2. Is it an offence if my IBNS products had activated by accident and stained the banknotes?
3. Is there a requirement on who can procure IBNS services?
4. Do I need to meet the additional IBNS Licensing Criteria and Conditions if I intend to only sell the IBNS without providing CIT services?