FinCEN dey warn banks make dem dey watch crypto ATMs for money laundering and fraud
Di U.S. Financial Crimes Enforcement Network (FinCEN) don warn say money institutions suppose dey closely watch crypto ATMs for signs of money laundering, elder fraud and other bad activities. FinCEN pesin wey dey in charge, Andrea Gacki, talk say report from DEA show say bad people like Jalisco New Generation Cartel dey use crypto ATMs steady to convert money wey dem get from drug business. The warning talk say some crypto ATM people no get strong KYC process, internal controls or proper record-keeping, and that one dey make am hard for law people to investigate. Financial institutions make dem improve AML policies, put strong compliance processes, and make dem report any suspicious crypto ATM transaction quick quick.
Neutral
Di FinCEN warning na regulatory pass-pas, e focus na for anti-money laundering and compliance kpót no for new adoption or innovation we fit make prices go high. Even though di increase scrutiny on crypto ATM operations fit make operational costs high and slow some on-ramps and off-ramps, e no get big effect on overall market demand or supply. Before, similar warnings about AML guidelines and travel-rule enforcement only cause short volatility but no lasting price trend. Short term, ATM operators and related service providers fit see trading fluctuations; long term, big crypto market dynamics go still dey shaped by macroeconomic factors and on-chain fundamentals.