ATMIA Releases Operation Choke Point Resource Kit

Resources and recommendations will help ATM operators deal with lingering impact of OCP

SIOUX FALLS, S.D.--(BUSINESS WIRE)-- The ATM Industry Association (ATMIA) has released an Operation Choke Point Resource Kit to aid ATM operators in dealing with the lingering impact of Operation Choke Point (OCP) on legitimate businesses. Although the FDIC and Department of Justice (DOJ) have publicly stated that the program has been terminated, ATMIA continues to receive copies of account closure letters from ATM operators across the country. The kit includes documents that provide some history on OCP, information on efforts to end it, FinCEN forms and instructions, and an OCP checklist and recommendations.

“There is speculation throughout the industry that the real reason ATM operator accounts are being closed is because of poor profitability in the current regulatory environment,” states ATMIA U.S. Executive Director, David Tente. “If that is indeed the case, all operators – particularly those with accounts at larger national banks – will need to have a ‘Plan B’ for the foreseeable future.”

ATMIA recommends that any ATM operator relying on a single financial institution for its business and/or cash settlement needs, work to establish a cash relationship with at least one additional financial institution. Other key recommendations in the checklist include:

• Meet with your current and prospective financial institution partners to discuss business operations and cash flow in detail.
• Maintain separate accounts for ATM vault cash and interchange and surcharge settlement.
• Ask your sponsor bank for a letter identifying your business as a “Sponsored” Operator.
• Request your bank to have you designated as an “exempt person” for CTR reporting.

The Operation Choke Point Resource Kit is being made available to both ATMIA members and non-members. Download the entire kit or just individual documents by clicking here. Additional information about ATMIA advocacy efforts is available on the ATMIA website.

About the ATM Industry Association

The ATM Industry Association is a global non-profit trade association with over 10,000 members in 65 countries. Its mission is to promote ATM convenience, growth and usage worldwide, to protect the ATM industry's assets, interests, good name and public trust; and to provide education, best practices, political voice and networking opportunities for member organizations. More information about ATMIA can be found on their website, www.atmia.com.

View source version on businesswire.com: http://www.businesswire.com/news/home/20170927005194/en/

ATMIA
David Tente, 407-833-7906
U.S. Executive Director
[email protected]

Source: ATMIA

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