Description
It has never been more timely or important to understand your institution’s vulnerability to privately owned ATM operators and the risks associated with this high-risk category business.
Background
Privately owned ATM’s are receiving more attention from regulators. They are particularly susceptible to money laundering and fraud activities. Privately owned ATMs can be located in numerous places including stores, bars, restaurants, check cashing establishments, grocery stores, and a variety of other places. Ownership can be varied and complex ranging from small independent owners to large scale operators through Independent Sales Organizations (ISOs). Risk factors can also vary significantly and most states require no registration, limit ownership, or examine privately owned ATM or their ISOs. Performing due diligence when opening or ongoing monitoring and management of accounts with privately owned ATMs can be difficult.
It has never been more timely or important to understand your institution’s vulnerability to privately owned ATM operators and the risks associated with this high-risk category business.
Agenda
• Identifying privately owned ATMs
• Identifying risk at account opening
• Recognizing Independent Sales Organizations and how they work
• Evaluating Independent Sales Organizations
• Performing due diligence or enhanced due diligence when required
• Conducting ongoing monitoring
• Risk rating privately owned ATM operations
• Recognizing current trends in money laundering and fraud
• Reviewing corporate documentation
Benefits
Participate so you can:
• Learn how to assign risk to privately owned ATM operators
• Learn how to incorporate ATM compliance into your BSA/AML Program
• Train associates on privately owned ATMs and red flag detection
• Obtain a robust understanding of this high-risk category
Who Should Attend
• Bank Secrecy Officers
• Auditors
• Compliance Associates
• Investigators
• Risk Managers
• Security personnel
Testimonials
• I thought the information was good.
• It was very concise and to the point, which is very helpful.
• The training was beneficial.
• Good information.
• Effective session.
• Excellent presenter, topics, and depth of information.
• Very Thorough.
• Helpful review, we feel more confident that we are proceeding in the right direction.
• I think overall the webinar was very informative.
• Good information. Confirmed our process for EDD.