National ATM Council Exective Director Bruce Renard recently shared that the Federal Financial Institutions Examination Council (FFIEC) announced Dec. 1 updates to three sections of the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual. The changes “should help solve our bank account problems or at least improve the situation significantly,” Renard reported.

The press release from the FFIEC noted, in part: “The sections also remind examiners that no specific customer type automatically presents a higher risk of money laundering, terrorist financing or other illicit financial activity. Further, banks that operate in compliance with applicable BSA/AML requirements and reasonably manage and mitigate risks related to the unique characteristics of customer relationships are neither prohibited nor discouraged from providing accounts or services to any specific class or type of customer.”

Added Renard: “There’s still work to be done, but this is a great step forward.”

RePlay will have a more detailed story on what this means for independent ATM operators in an upcoming issue. Keep your eyes on the Instant RePlay newsletter for additional updates.