ATMIA today published a new industry position paper “Actual versus Perceived Risks of Money Laundering at White-Label ATMs in Canada” to present a fact-based perspective on the real nature of the money-laundering risk versus the perceived risk.
“This paper shows Canada is leading the way in managing and reducing the risk of money laundering at the nation’s ATMs,” Mike Lee, CEO of ATMIA, commented. “The authors offer a careful appraisal of the real nature of this threat and dispel several misconceptions, especially about white-label, or independent, ATMs.”
Co-authors, Chris Chandler, President of ATMIA, and Chris Mathers, former member of the Royal Canadian Mounted Police, who has significant experience in the investigation of money laundering, drug trafficking and organized crime, have highlighted 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. In addition, their study shows that comprehensive anti-money laundering rules have been developed through a collaborative stakeholder group led by the Federal Department of Finance and Law Enforcement, with participation by ATMIA, payment industry regulators (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 suite,” Lee concluded.
ATMIA is the leading non-profit trade association representing the entire global ATM industry. ATMIA serves more than 8,700 members from over 650 participating companies in 66 countries spanning the whole ATM ecosphere, including financial institutions, independent ATM deployers, equipment manufacturers, processors and a plethora of ATM service and value-added solution providers. ATMIA provides education, advocacy and connections to help its members keep abreast of industry news and developments; increase knowledge and professionalism; improve operational efficiencies; understand and influence regulatory processes; participate in the local, regional and global ATM community; and forge new relationships to advance their businesses. Founded in 1997, ATMIA has active chapters in the United States, Canada, Europe, Latin America, Asia-Pacific, Asia, Africa, India and the Middle East focusing on the unique needs and issues of each region.