New Zealand Moves to Ban Crypto ATMs Amid Money Laundering Concerns
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In a bid to tighten its anti-money laundering (AML) framework, New Zealand has announced a ban on cryptocurrency ATMs, citing their misuse by criminals.
The decision follows police reports identifying 157 such machines as major conduits for drug-related money laundering.
Associate Justice Minister Nicole McKee emphasized the need for regulatory adaptation, stating, “The global financial landscape has changed dramatically since 2019. We need a more responsive AML/CFT system to cut off criminals’ funding channels.”
Alongside the ban, the government will enforce a $5,000 limit on international transfers to curb illicit offshore transactions. A new bill is also in the works to expand law enforcement’s powers in tackling financial crime.
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