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FinCen Warns Against Money Laundering At ATMs

WASHINGTON - The latest issue of the SAR Activity Review: Tips, Trends & Issues, published by Department of the Treasury's Financial Crimes Enforcement Network, has warned financial institutions to beware of customers or members who use ATMs to try to sidestep monetary transactions requirements. "Law enforcement investigations reveal that drug...

By David Morrison | Updated on August 24, 2004

WASHINGTON – The latest issue of the SAR Activity Review: Tips, Trends & Issues, published by Department of the Treasury’s Financial Crimes Enforcement Network, has warned financial institutions to beware of customers or members who use ATMs to try to sidestep monetary transactions requirements. “Law enforcement investigations reveal that drug dealers frequently use domestic automated teller machines to deposit illicit proceeds into financial institution accounts and then withdraw the funds from automated teller machines located in their drug suppliers’ countries of origin” the publication reported. “This method is a way to avoid the risks associated with bulk cash smuggling and the enhanced scrutiny of law enforcement at the borders.” The report noted an uptick in this activity and urged financial institutions to remain diligent about filing Suspicious Activity Reports about, for example, the same individual withdrawing $3000 from up to seven different ATMs in a two day period.

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