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The Bank of England has launched a new Banknote Checking Scheme to reduce the number of counterfeit banknotes being accepted by businesses.

The Scheme, launched by the Bank of England on the 10 October, is aimed at cash-handling businesses and, it says, promotes the checking of banknotes at the point of sale (POS) through targeted training. By doing so, it aims to reduce the losses to businesses caused by accepting counterfeit banknotes.

The Scheme is a collaboration between the Bank of England and the Scheme’s seven strategic partners:

1. The Association of Convenience Stores (ACS),
2. British Retail Consortium (BRC),
3. Crimestoppers,
4. National Crime Agency (NCA),
5. National Pubwatch,
6. Petrol Retailers Association (PRA), and
7. Retailers Against Crime.

Businesses that sign up to the Scheme are required to pledge their support annually to a set of six guiding principles aimed at both staff and the businesses as a whole.

Speaking of the new Scheme, Bank of England Chief Cashier Victoria Cleland 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.“

Read the Bank of England news release about the Banknote Checking Scheme.