Bank of England launches new banknote checking scheme

On October 10, the Bank of England launched its new Banknote Checking Scheme, which is aimed at retailers and businesses.

It promotes banknote checking at point of sale through targeted training, with the objective of reducing the number of counterfeit notes being accepted and to reduce the losses to businesses.

Any retailer or business can sign up as a supporter of the Banknote Checking Scheme by pledging support to a set of six guiding principles on an annual basis.

The six principles are:

  • Staff checking banknotes
  • Staff know what to do with a forged note
  • You share information on forged notes
  • Positive promotion of the scheme
  • Your business supports law enforcement activities
  • You build a good relationship with your bank

The scheme encourages increased banknote checking tailored to each individual business model. Supporters will have access to advice on best practice and a range of education and training materials to help shape banknote checking within their business.