News

It's a scenario that federal regulators have long warned against: use a privately-owned automated teller machine and you might unwittingly walk away with the proceeds of crime in your pocket. Increasingly, regulatory examiners have asked the financial institutions they oversee to detail how they've vetted the independent sales organizations (ISOs) that sell or manage ATMs not operating under bank brands, according to compliance officers and consultants. The questions have centered on the possibility that corrupt ISOs could be exploiting the machines to circumvent anti-money laundering (AML) controls. "There is a lot of work that goes into identifying ISOs, and examiners...