In line with a recent report by ‘Bloomberg’, Spanish law enforcements outlined that the Bitcoin [BTC] ATMs [Automated Teller Machines] show a spot in European Union’s AML [Anti-Money Laundering] regulations.
According to the report, Spanish police found a native gang that used Bitcoin ATMs to transfer over 9 Mln Euros [around $10 Mln] for drug traffickers in Colombia as well as other countries.
Bloomberg cited an anonymous representatives of Guardia Civil [a type of Spanish law enforcement] alleging that the group employed 2 machines from trading platforms & installed them within an office situated in Madrid.
The office in question masqueraded as a place for remittances and crypto trading. The group reportedly employed the office to transfer money from bank accounts to trading platforms to top up the ATMs with crypto assets. ‘Cryptocurrencies‘ obtained this manner would allegedly then end up being further transferred to the aforesaid drug traffickers.
Police conjointly reportedly seized the 2 Bitcoin ATMs, 4 cold wallets, and 20 on-line wallets. Bloomberg additionally outlined that the prosecutors are now attempting to prove a correlation between the ATMs and the confiscated crypto assets.
As ‘reported‘ earlier in June, the city of Vancouver, Canada, is considering banning Bitcoin ATMs due to laundering concerns.