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Free kit offers aid to ATM operators still plagued by OCP

September 29, 2017

Although both the FDIC and Department of Justice have publicly confirmed the termination of Operation Choke Point, the ATM Industry Association continues to receive copies of account closure letters from ATM operators across the country.

To help ATMIA members and nonmembers dealing with the ongoing effects of OCP, the association has made available a free Operation Choke Point Resource Kit, according to an ATMIA press release.

Documents in the kit include background information on OCP, FinCEN forms and instructions, and an OCP checklist and recommendations.

"There is speculation throughout the industry that the real reason ATM operator accounts are being closed is because of poor profitability in the current regulatory environment," ATMIA US Executive Director David Tente said in the release. "If that is indeed the case, all operators — particularly those with accounts at larger national banks — will need to have a 'Plan B' for the foreseeable future."

ATMIA recommends that any ATM operator relying on a single financial institution for business needs or cash settlement establish a cash relationship with at least one additional financial institution.

The association also recommends these steps:

• Meet with your current and prospective financial institution partners to discuss business operations and cash flow in detail.
• Maintain separate accounts for ATM vault cash and interchange and surcharge settlement.
• Ask your sponsor bank for a letter identifying your business as a "Sponsored Operator."
• Request that your bank designate you as an "exempt person" for CTR reporting

Download the complete Operation Choke Point Resource Kit or individual documents, as needed, at the ATMIA website.

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ATM Industry Association (ATMIA)

The ATM Industry Association, founded in 1997, is a global non-profit trade association with over 10,500 members in 65 countries. The membership base covers the full range of this worldwide industry comprising over 2.2 million installed ATMs.

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