ATMIA Announces Support for Increased Cash Reporting Threshold

ATMIA
(the ATM Industry Association) today announced its support for H.R.
6068. The Counter Terrorism and Illicit Finance Act includes
language that would increase the current threshold for requiring
completion of a Currency Transaction Report (CTR) from $10,000 to
$30,000. Banks must complete CTRs when they facilitate cash transactions
greater than the threshold, which creates additional burden and expense
for legitimate transactions between legitimate businesses.

The $10,000 threshold established when CTRs were first implemented by
the Bank Secrecy Act (BSA) has not changed in nearly 50 years. During
that same period, inflation has increased the value of $10,000 to about
$65,000 today. Or looking at the reverse situation, it would be the same
as the regulators in 1970 establishing a threshold of merely $1,500 for
cash transaction reporting.

As time has passed, banks have been forced to complete more and more
CTRs – making it more and more costly for them to service independent
ATM operators. It is clearly time to adjust the CTR threshold to a more
realistic level, better aligned with the true value of today’s
transactions.

“It is simply a myth that ATMs serve as an efficient vehicle for
laundering cash,” says ATMIA U.S. Executive Director, David Tente. “The
ATM cash cycle is very transparent and constantly monitored by the ATM
networks and payment processors. An increase in CTR threshold will
benefit many small businesses, without any negative impact on AML
controls.”

ATMIA has also just released an infographic called “The
ATM Money Laundering Myth”. It illustrates and describes how cash
moves through the cycle of ATM cash loading and customer withdrawals,
and maps out the numerous checks and balances. Information is also
provided on the strict vetting that ATM operators are subject to –
including regular OFAC (Office of Foreign Assets Control) checks.

About ATMIA www.atmia.com

ATMIA is the leading non-profit trade association representing the
entire global ATM industry. ATMIA serves more than 10,000 representing
over 600 companies in 70 countries spanning the ATM ecosphere, including
financial institutions, independent ATM deployers, equipment
manufacturers, processors and a plethora of ATM service and value-added
solution providers. ATMIA provides education, advocacy and connections to
help its members keep abreast of industry news and developments.

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