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Nonbank ATM Operators Exempt from BSA Requirements, FinCEN Says
By Matt Squire
printNonbank companies that own and operate limited-use automatic teller machines are not required to maintain anti-money laundering programs, the U.S. Treasury Department's Financial Crimes Enforcement Network said. In guidance issued Monday, FinCEN said nonbank owner-operators of ATMs that allow customers to check balances and withdraw funds, but do not allow them to make deposits, are not money services business as defined by the Bank Secrecy Act. Owner-operated ATMs are stocked with cash from the company's account. When a customer withdraws cash using the owner-operated ATM, the transaction is authorized by the customer's financial institution, the customer's account is debited, and...
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