Finance committee  Our members are subject to several regulations. For example, they have to be a member of Interac to carry on business. They are subject to FINTRAC rules through their financial institution and KYC regulations with their financial institution, and any provincial regulations. We wo

Finance committee  If the business operator for an independent machine is so small they can't afford to comply with all of the regulations, they can operate under the umbrella of a larger independent operator or even a bank so they can afford to comply with all of the regulations. There are differe

Finance committee  I think the record speaks for itself in that there has been only one money laundering conviction in Canada in 20-plus years for the thousands of machines that are out there. The location doesn't really matter. The location doesn't dictate the amount of compliance they have to ful

Finance committee  We find there's a lot of sensationalism in the press when something is reported about an ATM. Often the press will talk about money laundering, when they're reporting a physical crime at an ATM. Whether it's a smash and grab, or even a cybercrime, it gets swirled in with, “Wow, i

Finance committee  In the Canadian landscape, that is on the radar screen of ATMIA. In the past several years, several cryptocurrency operators have approached ATM operators in hopes of dovetailing into their infrastructure or making it easy for a customer to buy Bitcoin through an ATM. That hasn't

Finance committee  It is for right now. We are watching it.

Finance committee  I think the regulations would be developed further than what they are today. Is it possible? We don't know yet, only because we haven't had a cryptocurrency operator get to the point where it has a turnkey.

Finance committee  Correct. There is a separate regulation in Quebec. It's called the Money-Services Businesses Act. Quebec is the only province in Canada that has a money-services business act that includes ATMs, white label ATMs. Banks are regulated federally, while white labels are provincial an

Finance committee  What do you mean?

Finance committee  No.

Finance committee  That is a myth, actually. ATMs that are operated in a grocery store, or a restaurant, or a small bar are all regulated in the same way as any other ATMs in Canada.

Finance committee  Thank you, Mr. Chairman. On behalf of ATM Industry Association of Canada, I would like to thank you for the invitation to participate in the review of the proceeds of crime and terrorist financing act. My name is Curt Binns. I'm the executive director for ATMIA Canada. We are