Bitcoin ATMs are becoming a key tool for money launderers because the cash that is deposited into them is essentially untraceable, Canada’s financial intelligence unit cautions in a new report.
Companies that deal in virtual currencies, including operators of bitcoin ATMs, are considered money services businesses under Canada’s anti-money-laundering laws. As MSBs, they are among the businesses required to report certain transactions, including suspicious ones and those involving large sums of cash or virtual currency, to FinTRAC.
FinTRAC issued its advisory on cryptocurrency ATMs in an attempt to help operators of the automated teller machines better identify suspicious transactions. The watchdog said its analysis identified users who were depositing large volumes of small amounts – between $100 and $999 – and then sending those funds to marketplaces on the dark web to purchase drugs, child pornography, malicious cybertools, and compromised financial and identity documents.
FinTRAC said its findings warrant enhanced due diligence by operators of virtual currency ATMs, such as using blockchain analysis tools to identify transactions risky transactions.
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