Private ATMs in tobacco shops face being cut off from payment network EFTEX following ABC investigation
New South Wales-based EFTEX, which processes transactions for more than 5,500 ATMs, this week told clients that media coverage about ATMs in "high-risk environments" like tobacco stores had triggered increased regulatory scrutiny.
The move follows an ABC investigation revealing major private ATM suppliers were fuelling the illegal tobacco industry, placing their machines in tobacconists where they provided an instant source of cash for off the books transactions.
Some tiny stores selling illegal tobacco even hosted two machines concurrently to cope with the huge demand for cash that fuels a black-market trade.
The ABC also revealed that criminals, including a drug dealer, were able to own and operate the private ATMs, which offer money laundering opportunities when merchants were able to load them with their proceeds of crime.
EFTEX said — in conjunction with partners Big Four banks Westpac and ANZ — this meant it would stop processing payments from ATMs in tobacconists.
It would also cull services to other "high risk" business operations like the adult entertainment industry from September 15.
The changes mark a step in the ATM industry, whose backers include prestigious investment bank Macquarie Group, to divorce itself from the illicit sector.
EFTEX, which helps process payments for ATM companies, this week told clients about an upcoming crackdown.
"As you are aware there has been increased media coverage of independent ATM operators with ATMs located in high-risk environments," it said in correspondence sighted by the ABC.
"This is leading to increased regulatory scrutiny. In response EFTEX and its acquiring partners have agreed to cease processing ATM transactions linked to high-risk locations that include but are not limited to tobacconists and adult entertainment venues."
EFTEX also warned it would be seeking detailed information about client's business structures including the identity of owners, as part of its anti-money laundering duties.
"This will include information on directors, owners' franchises, sub-ATM deployers (businesses deploying private ATMs) and cash providers etc,'' said the correspondence.
Financial crime compliance expert Neil Browne said the move was "absolutely a step in the right direction" and should be replicated across the industry.
"EFTEX is beginning to understand who its customers are and any underlying risks associated with those customers,'' said Mr Browne.
"Other providers should be taking similar steps".
The company boasts it handles $30 billion worth of transactions annually.
EFTEX was contacted for comment.
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