ATMIA paper offers a template for assessing ATM money-laundering risk

The ATM Industry Association has published a new position paper, Actual versus Perceived Risks of Money Laundering at White-Label ATMs in Canada. The publication presents a fact-based perspective on the real nature and degree of the threat of money laundering in the Canadian market, according to a press release.

"This paper shows Canada is leading the way in managing and reducing the risk of money laundering at the nation's ATMs," ATMIA CEO Mike Lee said. "The authors offer a careful appraisal of the real nature of this threat and dispel several misconceptions, especially about white-label, or independent, ATMs."

The paper was co-authored by Chris Chandler, president of ATMIA, and Chris Mathers, a former member of the Royal Canadian Mounted Police with significant experience in the investigation of money laundering, drug trafficking and organized crime, the release said.

Chandler and Mathers highlight the fact that Criminal Intelligence Service Canada has not identified or formally reported any material misuse of ATMs for the purposes of money laundering or terrorist financing.

They also discuss the comprehensive anti-money laundering rules developed by a stakeholder group led by the Federal Department of Finance and Law Enforcement. Other particpants in the group included ATMIA, payment industry regulators (i.e., Interac and Fintrac), and payment associations such as Visa and MasterCard.

The authors point out that white-label ATMs in Canada do not accept deposits, have third-party data transparency and are properly regulated.

"As an international not-for-profit industry association heavily involved in ATM security best practices since 2003, we hope this timely Canadian initiative will inspire other nations to follow suit," Lee said.

Topics: Regulatory Issues, Security

Companies: ATM Industry Association (ATMIA)

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