Bank of England launches new Banknote Checking Scheme

The Bank of England’s new Banknote Checking Scheme was launched on 10 October.

The Scheme is aimed at cash-handling businesses and promotes banknote checking 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 retailer or business can sign up as a supporter of the Banknote Checking Scheme by pledging their support annually to a set of six guiding principles.

The Scheme encourages increased banknote checking tailored to each individual business model.

Supporters will have access to advice and a range of education and training materials to help shape banknote checking within their business.

This includes 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.

The Scheme is a collaboration between the Bank of England and the Scheme’s seven strategic partners which include the Association of Convenience Stores (ACS), British Retail Consortium (BRC), Crimestoppers, National Crime Agency (NCA), National Pubwatch, Petrol Retailers Association (PRA) and Retailers Against Crime.

Victoria Cleland, chief cashier at the Bank of England, said: “Retailers and other businesses are the front line of defence against counterfeiting. Counterfeit banknotes are only produced because criminals believe they will find somewhere to spend them and can do so without consequence.

“We are introducing the Banknote Checking Scheme to make this even more difficult. Don’t let counterfeit banknotes be a cost to your business, your customers or your reputation.”