Bank of England launches new Banknote Checking Scheme

The Bank of England has recently launched a new banknote checking scheme,  in a statement announcing the launch the Bank of England stated their desire to support retailers and businesses by providing the tools and information you need to increase the resilience of your front line in the fight against counterfeiters

The Banknote Checking Scheme is aimed at cash-handling businesses such as the leisure industry and promotes checking banknotes at point of sale through targeted training. Its aim is to reduce the number of counterfeit notes being accepted and to reduce losses to businesses.

Any business can sign up as a supporter of the Banknote Checking Scheme here. Participants will have access to advice and a range of education and training materials including  leaflets, posters, online computer-based training, targeted advice and regular webinars as well as updates on relevant banknote topics such as the issue of new-style banknotes and withdrawal of old-style banknotes.

In exchange for the support the Bank of England does expect business to the support the schemes six guiding principles which are: