FinCEN Warning: Crypto ATMs Misused by Criminal Organizations, Involved in Money Laundering and Elder Fraud

[FinCEN Warning: Crypto ATMs Misused by Criminal Organizations, Involving Money Laundering and Elderly Fraud] The Financial Crimes Enforcement Network (FinCEN) of the US Treasury Department issued a notice on Monday, warning Financial Institutions to be vigilant against criminals using Crypto Assets ATMs for Money Laundering activities and targeting the elderly for fraud. FinCEN stated that drug trafficking organizations such as the Jalisco New Generation Cartel (CJNG) are increasingly using such devices. FinCEN Director Andrea Gacki said, "Criminals are constantly exploiting innovative technologies to commit fraud, and the US is committed to protecting the digital asset ecosystem, with Financial Institutions as key partners." The notice pointed out that these crypto ATM operators may not be compliant, have not verified customer identities, and lack internal controls to respond to law enforcement requests. Congress has taken action to combat related fraud, and in February this year, Senator Dick Durbin proposed a bill to set limits on crypto ATM transactions and enforce risk warnings.