https://www.moneylaundering.com/news/fincen-shines-spotlight-on-cryptocurrency-atms/

Financial services companies must “be vigilant” in finding and flagging suspicious transactions linked to ATMs into which clients deposit and convert cash into cryptocurrency or withdraw cash in exchange for the same, U.S. officials warned Monday.

A 12-page advisory authored by the Financial Crimes Enforcement Network, or FinCEN, lists seven indicators of scam payments for which “convertible virtual-currency kiosk” operators must now screen. Clients who use multiple machines or accounts should raise suspicion, for example, as should multiple accounts that link to the same phone number or wallet address.

Banks should meanwhile take notice when individual clients withdraw substantial sums of cash in person while indicating that they intend to deposit those funds into a CVC kiosk, and when an elderly client “with no history of CVC-related activity” conducts a single, high-value transaction or series of lower-value transactions with a CVC-kiosk operator.

Banking clients who operate CVC kiosks without registering them as a money services business or openly advertise that they do not collect know-your-customer information or screen transactions also raise red flags, FinCEN advised.