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#2193907 - 09/26/18 08:15 PM Bitcoin ATMs - Can they be Privately Owned?
Madawaska Offline
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Joined: Sep 2008
Posts: 105
Came across a customer that had a large cash deposit made into his account by another individual on behalf of our customer. The description on the deposit was "Bitcoin Vending Machines". It appears that the deposit was the collection of the monies from several bitcoin ATM machines.

It appears that our customer may own several of these machines. Does anyone have any customers that privately own Bitcoin ATMs?


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#2194340 - 10/01/18 07:39 PM Re: Bitcoin ATMs - Can they be Privately Owned? Madawaska
TryingtoComply Offline
Diamond Poster
Joined: Apr 2013
Posts: 1,894
The West
I've seen them, but I'm not aware of any of our customers owning one.
Last edited by TryingtoComply; 10/01/18 07:40 PM.

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#2194383 - 10/01/18 11:36 PM Re: Bitcoin ATMs - Can they be Privately Owned? Madawaska
Elwood P. Dowd Offline
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Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
If you have any customers with "private" ATMs your BSA-AML program should address the issue. However, this is a horse of a different color; this is not the risk you agreed to take. A Bitcoin ATM is not a simple cash dispenser and your risk mitigants simply will not work here. Banking these people, particularly a business that allows large cash deposits made by an unconnected third party, would indicate an enormous appetite for risk on the part of your bank.

You need to have a sit down with your customer and begin to move on eliminating the problem.
Last edited by Elwood P. Dowd; 10/02/18 11:33 AM. Reason: Rewritten
In this world you must be oh so smart or oh so pleasant. Well, for years I was smart. I recommend pleasant.

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