New Zealand has prohibited cryptocurrency ATMs and limited international cash transfers as part of a strategy to combat money laundering and organized crime. Associate Justice Minister Nicole McKee announced these measures, which are included in a comprehensive reform of the country’s Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework. The ban on crypto ATMs and a $5,000 cap on international cash transfers aim to hinder criminals from moving illicit funds. McKee emphasized that the government is focused on targeting criminal activities without burdening legitimate businesses with excessive regulations. The Financial Intelligence Unit (FIU) will gain new authority to request ongoing information from banks about individuals flagged for suspicious activities. Two AML reform bills are currently in parliament and are expected to pass soon, aiming to ease compliance for law-abiding businesses while maintaining high standards. This crackdown on crypto ATMs aligns with a global trend, as other countries also tighten regulations on these machines. Read more AI-generated news on: https://app.chaingpt.org/news