US Banks fear some FFIEC and Federal ATM rules might be unenforceable...

If someone goes to a store and buys something, the re-use of that cash involved which might be money laundered is seen by US Congress now as a responsibility of the vendor to know their customer.

Apply this to ATM's where a deposit of illicit funds is passed to every depositor seeking cash where someone who did it can go to a bank the next day and get cleaned cash. Apply it to electronic banking from a depositors non-domestic accounts from his domestic accounts intra-bank and the problem becomes crystalized.

Will banks and financial companies get penalized unfairly for even touching an illicit transfer and is there such thing as innocence in a world where many cyber crooks have multiple identities, multiple passports and multiple global bank accounts moving millions seemingly legally. Money launderers do not put out a sign, Money Launderers for Hire so how are we to catch this problem.

As Inonu Akgun reported for his blog recently, quote" The FFIEC maintains that an ATM could easily be replenished with illicit currency, which could then be withdrawn by legitimate consumers.

To mitigate money-laundering risks, the Examination Council has asked banks that sponsor independent sales organizations to track ATM-load and reload activity, as well as document the location and ownership of each ISO ATM.

The new regulations have some ISOs upset.

“They want the information up front, but I think they’re just casting this huge net out there,” said Warren Cato, chief executive of Marrietta, Ga.-based Cabe & Cato Inc. “I put it into the perspective of if you went to Wal-Mart to buy a safe and put it into your house, (and) then the government would come in and ask in advance what you were putting in it.”"end quote

Obviously there are some problems which require additional proof the depositor is the depositor and that the system itself was not hacked. This is exactly the level of ID Theft protection generated by IDPixie LLC on the single use credit card number using an offline device. This was granted in July 22, 2003 to a predecessor company now owned by IDPixie LLC. That patent number is US 6,598.031 B1 to Mr. Jeffrey Ice, Inventor, for "APPARATUS AND METHOD FOR ROUTING ENCRYPTED TRANSACTION CARD IDENTIFYING DATA THROUGH A PUBLIC TELEPHONE NETWORK" i.e. Internet, phones or any electronic medium in the US of A.