Equipment which has undergone reviewing and testing to check whether it meets the requirements of certain regulations and could be recognised by the competent body as “approved equipment” for the required function or activity. This applies, in some markets, to banknoteA banknote (or ‘bill’ as it is often referred to in the US) is a type of negotiable promissory note, issued by a bank or other licensed authority, payable to the bearer on demand. More handling equipment.