New Zealand has announced a ban on cryptocurrency ATMs and set a limit on international cash transfers, with officials stating that these measures are part of a broader effort to combat money laundering and organized financial crime.
In an announcement on Wednesday, Deputy Justice Minister Nicole McKee unveiled these measures as part of the government's comprehensive reform of the anti-money laundering and counter-terrorism financing (AML/CFT) regime.
The reform plan includes a complete ban on cryptocurrency ATMs and the introduction of a $5,000 limit on international cash transfers. Officials stated that both measures aim to block channels for criminals to transfer illegal funds.
McKee stated in a statement, "We will also make it harder for criminals to convert cash into high-risk assets like cryptocurrency by banning cryptocurrency ATMs. This government takes crime seriously, rather than burdening legitimate businesses with unnecessary red tape."
The Financial Intelligence Unit (FIU) will also gain new powers to require banks and other reporting entities to continuously provide information about individuals flagged for suspicious activities.
Two anti-money laundering reform bills are currently under consideration in Parliament and are expected to pass by the end of the year. McKee stated that these bills will "eliminate some of the most burdensome compliance requirements and provide real relief for businesses by the end of the year."
The government stated that reducing compliance burdens for law-abiding businesses does not mean lowering standards. McKee added, "This is not about lowering standards, but about applying these standards intelligently."
According to a report from New Zealand's Ministerial Advisory Group on Transnational, Serious, and Organized Crime in April, criminals are increasingly relying on cryptocurrency ATMs to quickly convert cash into cryptocurrency and send it overseas for drug payments or fraud-related transactions.
Data from Coin ATM Radar shows that there are currently over 220 cryptocurrency ATMs operating nationwide.
New Zealand's crackdown on cryptocurrency ATMs follows a global trend of scrutiny over these machines.
Last month, Australia's financial intelligence agency AUSTRAC introduced new rules for cryptocurrency ATM operators, including a $5,000 (AUD) limit on cash deposits and withdrawals, stricter monitoring, and enhanced customer checks, following a rise in fraud reports.
Meanwhile, Spokane, Washington, has announced a complete ban on cryptocurrency ATMs. The Spokane City Council will remove existing terminals and block new devices, citing that scammers exploit these machines to target vulnerable residents, particularly those in low-income communities.
Related: U.S. sanctions North Korean tech workers involved in cryptocurrency theft
Original article: “New Zealand Bans Crypto ATMs to Combat Criminal Cash Conversion”
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