The risk of ATM’s as an instrument for money laundering (Information for non-Dutch friends).
In may 2024 investigative journalist from Spain, Denmark and the Netherlands published information on how so-called white label ATM’s could be used in (the first step of) the money laundering process. More specific how unexplained cash can be converted into money (a deposit) on a bankaccount without questions from a bank.
The undercover operation of the Dutch journalists from ZEMBLA television reveals more details and gives additional information also on the relevance of creating extra (fake) cash income as legitimation of the deposit of the cash in the ATM. For AML-specialist it is not a new phenomenon. Earlier publications from FINTRAC more than 10 years ago, as well as more recent ones from the EU, refer to these ATM’s as a significant risk for money laundering.
Are there potential risk ATM’s in your country?
The Danish publications additionally provides information how the journalists detected the (number of) ATM’s in Denmark, the locations and describe what and why certain ATM’s had a extra potential risk profile.
Spanish readers can find the publication on Spain in this link.
Is it relevant for me?
For AML specialist is this all-relevant information. But also, for other specialist like accountants, banks etc. And finally, but not less important, for everybody who uses a ATM. It could be that you are unwillingly helping criminals with moneylaundering with what seems a normal transaction at this (strange) ATM.
From our experience we know about other risks of white label ATM’s already for more than 30 years. But it also showed us it developed not only with upcoming new technology but also it is different in the countries all over the world.
The Story is not over yet.
If there are specialist from all over the world who like to share information on this subject or the recent articles please contact us.
We are already working on additional information and a Q&A and also more explanations on how it works. You can find more information with the keyword “ATM” (it may be in Dutch).
