#NewZealand

🚨 New Zealand to Ban Crypto ATMs in Major Anti-Money Laundering Push 🇳🇿

New Zealand is cracking down on crypto ATMs as part of a broader effort to combat money laundering and terrorist financing. Associate Justice Minister Nicole McKee announced the ban, citing the need for a “smarter, more agile” AML/CFT system to target criminals.

Key points:

• Police identified 157 crypto ATMs as primary money laundering channels for drug dealers.

• A $5,000 cap on international transfers will curb illicit fund flows.

• New legislation will boost police and regulator powers, including enhanced Financial Intelligence Unit capabilities.

• The government aims to reduce compliance burdens for low-risk customers and businesses.

The move signals a tough stance on crypto-related crime while balancing regulatory efficiency.