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These ATMs are plenty useful for contributing to the local money laundering industry. More signals are unlisted prices, fading storefronts, fluorescent lights.

These ATMs are plenty useful for contributing to the local money laundering industry. More signals are unlisted prices, fading storefronts, fluorescent lights. Read more about what’s happening in London https://www.standard.co.uk/lifestyle/oxford-street-candy-shop-investigation-b1082733.html https://www.standard.co.uk/lifestyle/oxford-street-candy-sho... It’s not about scamming tourists at its core, it’s about avoiding electronic banking networks and pulling cash back into the system. Disclaimer: Amsterdammer…

anotheruser13 3y ago
I've found it's best to go to a bank or post office and use the ATM there, rather than those generic "Bankomat" machines.
philwelch 3y ago
> It’s not about scamming tourists at its core, it’s about avoiding electronic banking networks and pulling cash back into the system. You make it sound like a good thing.
tim333 3y ago
A lot of the London candy store thing is about not paying the very expensive business rates to the council. They are all owned by foreign controlled companies which just go bust come enforcement time. They are not much of a guide to bad areas, for example American Candyland (bad) is opposite Selfridges (popular). Streetview: https://www.google.co.uk/maps/@51.514156,-0.1516145,3a,75y,180h,90t/data=!3m6!1e1!3m4!1sLpbylJb7PuYtoMuAZMAs0Q!2e0!7i16384!8i8192?entry=ttu https://www.google.co.uk/maps/@51.514156,-0.1516145,3a,75y,1...
coldtea 3y ago
>it’s about avoiding electronic banking networks and pulling cash back into the system So it's beneficial to society!
lxgr 3y ago
What exactly is the supposed connection between these specific ATMs and money laundering? Nothing in the referenced article mentions ATMs.
- evrimoztamur 3y ago
  Briefly put, it’s not just the ATMs but the shops who launder. No prices makes it easy to lie about intake cash (revenue) which is part real revenue and part dirty cash. Then cook books for costs to extract clean cash.
- yankput 3y ago
  Yeah how can you launder money with ATMs, all the cash in and out is accounted for in the system. They are scam but not for money laundering. Just scam.
- Symbiote 3y ago
  I think the method is the shopkeeper receives dodgy cash, and puts that cash in the ATM in their shop. They get a clean €101 when someone makes a withdrawal, and the tourist has no problem spending the money.
  - lxgr 3y ago
    I’m pretty sure that’s not how ATMs are operated – how would the operator prevent fake bills from getting dispensed? Other than that, this would then not be any different from a regular cash deposit, no?
    - Maxious 3y ago
      This is seriously how privately operated ATMs work https://www.wipfli.com/insights/articles/fi-fs-privately-owned-atms-and-money-laundering https://www.wipfli.com/insights/articles/fi-fs-privately-own...
      - lxgr 3y ago
        Interesting, I didn't know about that model! As far as I can tell, this is more common in the US – I'd be quite surprised if Euronet depended on business owners to restock their machines rather than having their own couriers doing that. But in either case, I don't see how a merchant could hide anything using an ATM: Dispensing $100 of cash via a self-operated ATM has exactly the same effect on their bank account as depositing $100 of cash directly at their bank, no?

anotheruser13 3y ago

I've found it's best to go to a bank or post office and use the ATM there, rather than those generic "Bankomat" machines.

philwelch 3y ago

> It’s not about scamming tourists at its core, it’s about avoiding electronic banking networks and pulling cash back into the system. You make it sound like a good thing.

tim333 3y ago

A lot of the London candy store thing is about not paying the very expensive business rates to the council. They are all owned by foreign controlled companies which just go bust come enforcement time. They are not much of a guide to bad areas, for example American Candyland (bad) is opposite Selfridges (popular). Streetview: https://www.google.co.uk/maps/@51.514156,-0.1516145,3a,75y,180h,90t/data=!3m6!1e1!3m4!1sLpbylJb7PuYtoMuAZMAs0Q!2e0!7i16384!8i8192?entry=ttu https://www.google.co.uk/maps/@51.514156,-0.1516145,3a,75y,1...

coldtea 3y ago

>it’s about avoiding electronic banking networks and pulling cash back into the system So it's beneficial to society!

lxgr 3y ago

What exactly is the supposed connection between these specific ATMs and money laundering? Nothing in the referenced article mentions ATMs.

evrimoztamur 3y ago
Briefly put, it’s not just the ATMs but the shops who launder. No prices makes it easy to lie about intake cash (revenue) which is part real revenue and part dirty cash. Then cook books for costs to extract clean cash.
yankput 3y ago
Yeah how can you launder money with ATMs, all the cash in and out is accounted for in the system. They are scam but not for money laundering. Just scam.
Symbiote 3y ago
I think the method is the shopkeeper receives dodgy cash, and puts that cash in the ATM in their shop. They get a clean €101 when someone makes a withdrawal, and the tourist has no problem spending the money.
- lxgr 3y ago
  I’m pretty sure that’s not how ATMs are operated – how would the operator prevent fake bills from getting dispensed? Other than that, this would then not be any different from a regular cash deposit, no?
  - Maxious 3y ago
    This is seriously how privately operated ATMs work https://www.wipfli.com/insights/articles/fi-fs-privately-owned-atms-and-money-laundering https://www.wipfli.com/insights/articles/fi-fs-privately-own...
    - lxgr 3y ago
      Interesting, I didn't know about that model! As far as I can tell, this is more common in the US – I'd be quite surprised if Euronet depended on business owners to restock their machines rather than having their own couriers doing that. But in either case, I don't see how a merchant could hide anything using an ATM: Dispensing $100 of cash via a self-operated ATM has exactly the same effect on their bank account as depositing $100 of cash directly at their bank, no?