A leading manufacturer of cash handling equipment is gearing up for EU regulations which will require UK businesses to introduce measures to identify and remove counterfeit euros from circulation.
Metric Group, which is the sole UK distributor of GLORY cash handling equipment, is anticipating increased demand for its bank note counters and sorters which have note validators.
The UK has until December 31 2011 to implement any domestic measures that are required to ensure compliance with the EU regulations which will require businesses to check euro notes and coins so that counterfeits are more easily identified.
The regulations, which explain the steps that need to be taken if counterfeit euros are found or suspected, will have a direct affect upon financial institutions and law enforcement agencies as well as money service and cash transportation businesses in the UK.
For although pounds sterling remain the unit of currency, UK institutions that put euros into circulation are required to comply with EU regulations.
Chris Webb, UK sales manager for the Metric GLORY portfolio said: "We are expecting an increase in demand for multi currency machines with full counterfeit detection."
