New Zealand has announced a ban on cryptocurrency ATMs and a cap on international cash transfers. These measures are part of a broader effort to combat money laundering and organized financial crime.
Ban on Crypto ATMs
Associate Justice Minister Nicole McKee announced a ban on cryptocurrency ATMs as part of reforms to the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework. The ban aims to restrict the ability of criminals to quickly convert cash into cryptocurrency.
New Powers for Financial Intelligence
The Financial Intelligence Unit (FIU) will be granted new powers to demand information from banks and other reporting entities regarding suspicious individuals. Two AML reform bills are currently in parliament and are expected to pass by the end of the year.
Global Trend of Banning Crypto ATMs
New Zealand's ban on cryptocurrency ATMs follows a global trend of increased scrutiny on these machines. For instance, Australia has introduced new rules for ATM operators, while Spokane, Washington, has announced a complete ban on crypto ATMs.
The ban on crypto ATMs and new measures on international cash transfers in New Zealand highlight the government's commitment to combating financial crimes and money laundering.
