Strong Start For UK Banknote Checking Scheme

| 17 Dec 2018

Strong Start For UK Banknote Checking Scheme

According to Talking Retail, 'more than 100 UK companies operating some 7,000 retail outlets have joined the new banknote checking scheme in its first year of operation.'


'The initiative, which is run by the Bank of England, aims to promote banknote checking and training and develop a good working relationship between businesses handling cash and the bank.

Joe Rutlidge, regional security manager at convenience chain One Stop, which is a supporter of the scheme, said: “Pledging our support to the scheme has helped us to provide up-to-date and relevant training material for colleagues and align and update our counterfeit banknote processes. It also empowers our colleagues to feel more confident in knowing what to do in the event they suspect they have received a counterfeit note.”

Emma Sinclair, senior manager of the banknote engagement and communications team, said: “Retailers play a vital role in tackling counterfeiting. That is why we are delighted that so many retailers are working with us to stop counterfeits being accepted.”

Sarah John, the bank’s chief cashier, said: “Counterfeits are only produced because criminals believe they will find somewhere to spend them and can do so without consequence. Checking banknotes is essential to preventing counterfeit losses. We invest heavily in the design and security features on our notes and both the cash industry and businesses do the same to ensure the success of note launches. But banknotes must be both checked, and checked correctly, for us all to get full value for our investment.”

The scheme, which was launched in November 2017, is aimed at cash-handling businesses to promote banknote checking and prevent financial and reputational losses associated with counterfeit notes

Any retailer or business of any size can participate by pledging their support. Supporters have free access to advice and a range of education and training materials to help shape banknote checking in 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 notes and withdrawal of old ones.'

banknote checking scheme guiding principles

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