Other mistake: In the scene where Frank is watching the Bond film: turn on subtitles. You will notice that when Bond says "Tell me Jill, why does he do it?", the subtitles read "Tell me Joan, why does he do it?". (00:57:05)
Other mistake: One of the end credits is "saxaphone solo." It should be "saxophone."
Answer: He was taking the labels off the bottles to make fake checks, using the logos as this is the one thing that he could not create on the checks. The MICR printer was only used to print the routing and account numbers and the emboss the checks.
This is incorrect. Frank exclusively makes Pan Am checks until his arrest in France. A logo from a ketchup bottle or peanut butter jar would be far too large for a check. Instead, as shown, Carl examines Frank's wallet, which is filled with labels taken from various items—supporting the more accurate explanation provided in the other answer.
jshy7979