The US Treasury Financial Crimes Enforcement Network (FinCEN) issued a notice on Monday warning the Financial Institution Group to be wary of criminals using cryptocurrency ATMs to launder money and target the elderly for fraud. FinCEN said drug cartels such as the Jalisco New Generation (CJNG) were using such devices with increasing frequency. Andrea Gacki, director of FinCEN, said: "Criminals continue to use innovative technologies to defraud, and the United States is committed to protecting the digital asset ecosystem, with the Financial Institution Group as a key partner."
The notice noted that these crypto ATM operators may not be in compliance, did not verify customer identities, and lacked internal controls to respond to law enforcement requests. Congress has moved to crack down on related fraud, and in February Senator Dick Durbin introduced a bill to impose crypto ATM transaction caps and mandatory risk warnings.
FinCEN Warns: Crypto ATMs Abused by Criminal Organizations for Money Laundering and Fraud for the Elderly
2025-08-04 21:26:29
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