ATMIA Creates New Cash Cycle Infographic

A new infographic titled “The ATM Money Laundering Myth” was released today by ATMIA (the ATM Industry Association).  It was created to help independent ATM operators (IADs) discuss the inner workings of their business with prospective bankers who may not be very familiar with ATM operations.

“The ATM Money Laundering Myth” illustrates and describes how cash moves through the cycle of ATM cash loading and customer withdrawals, and maps out the numerous checks and balances.  Unaccounted for cash injected into the cycle or removed from it at any point will raise red flags for the operator’s bank, the processor, or the debit network.  This level of transparency and the withdrawal limits imposed by most financial institutions make ATMs a very unattractive vehicle for money laundering.

“A better understanding of the independent ATM cash cycle will typically relieve concerns about the potential for fraud and money laundering,“ says ATMIA U.S. executive director, David Tente.  “In addition, ATMIA produces Best Practices for mitigating money laundering risks at the ATM and other bank channels that might attempt to use the ATM as part of a larger criminal scheme.”

The new infographic also provides detailed Information about the strict vetting that ATM operators are subject to – including regular OFAC (Office of Foreign Assets Control) checks.  Prospective operators also receive criminal record, credit bureau, personal history, and business operations scrutiny from networks and sponsor banks.

ATMIA members can download “The ATM Money Laundering Myth” from the ATMIA Market Intelligence Library.  For more information about the benefits of ATMIA membership contact any of the membership team.