Cryptomats operators in the United States are cooperating to combat money laundering - Bits Media

US Cryptocurrency ATM Operators Form Cryptocurrency Compliance Cooperative (CCC) to improve security and compliance with AML rules.

Part
the cooperative includes the following banks and organizations: Anti-Human Trafficking Intelligence Initiative, Chainalysis, CipherBlade, Coinsource, DigitalMint, Elliptic, Halo Privacy, Maya, Metropolitan Capital Bank, Palmera Consulting, Royal Business Bank, Surety Bank, The Knoble, Titan Bank и Trust Stamp. According to the CSC, in 2020 a year as a result of cryptocurrency fraud, users have lost about $500 million, and more 10 000 Cryptomats allow anonymously exchange stolen cryptocurrencies.

Head of the Department for Compliance with the regulatory requirements of Digitalmint Set Sattler (Seth Sattler) reported, that most cryptomats do not even use minimal customer protection tools. Executive Vice President for Operations in CoinSource Bo they (Bo Oney) added, that when using many cryptomats, it is enough to specify the mobile phone number instead of undergoing a full -fledged KYC procedure.

“Thus, cryptor operators will indulge in criminals, using bitcoin to perform fraud or drug trafficking, and create the conditions themselves, allowing you to abuse cryptomats ", - said Bo.

CCC mission is, to legitimize the exchange of cryptocurrencies for cash and vice versa through the introduction of special standards. They should be aimed at increasing the safety of cryptomats, as well as compliance with the requirements of the KYC procedure and the rules to combat money laundering (AML). This will become possible thanks to the interaction of cryptomats operators with regulatory and law enforcement agencies, traditional financial institutions and technological firms.

SSC participants plan to organize quarterly conferences, on which they will share information about new regulations and industry standards, related to cryptocurrencies, as well as the results of their own research. Besides, Participants in the cooperative will think over the "advancing" strategies "of attackers, to reduce the risks of using cryptomats for illegal purposes.

“Failure to comply with regulatory requirements and the use of cryptomats for laundering money has long undermined their reputation. Therefore, we are happy to support the initiative, led by two leaders in this industry, to return trust in cryptomats. This will reduce risks and expand the financial freedom of people ", - said the head of the compliance department of regulatory requirements in Chainalysis Caitlin Barnett (Caitlin Barnett).

According to the report of the Strategic Intelligence Department of the US Drug Control Department, Drug dealers are increasingly using cryptomats to launder money. According to Coin Atm Radar, The number of cryptomats in 2021 The year has grown on 71%, And in July, their total number around the world exceeded 24,000 devices.