New Zealand bans crypto ATMs in crackdown on criminal cash conversions
New Zealand bans crypto ATMs and sets a $5,000 cap on overseas cash transfers in a major step to combat money laundering and financial crime.
New Zealand has announced a ban on cryptocurrency ATMs and a cap on international cash transfers, moves officials say are part of a broader effort to disrupt money laundering and organized financial crime.
In a Wednesday announcement, Associate Justice Minister Nicole McKee unveiled the measures as part of the government’s overhaul of its Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) regime.
The reform package includes banning crypto ATMs entirely and introducing a $5,000 limit on international cash transfers. Officials say both measures are designed to block avenues used by criminals to move illicit funds.
