FinCEN Flags Crypto ATMs as Emerging Money Laundering, Fraud Tool
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A new FinCEN advisory outlines how criminal networks—including drug cartels and elder fraudsters—are weaponizing cryptocurrency ATMs.
The bureau’s Monday notice urges financial institutions to scrutinize transactions involving these kiosks, citing:
- Drug trafficking links: DEA reports on cartels like CJNG using ATMs to launder profits.
- Compliance gaps: Some operators allegedly bypass customer verification rules.
- Elder exploitation: Scammers pressure victims into instant, irreversible crypto transfers.
Director Andrea Gacki stressed collaboration with regulators to secure the digital asset ecosystem.
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