New Zealand Moves to Ban Crypto ATMs in Anti-Money Laundering Crackdown.

New Zealand’s government plans to outlaw crypto ATMs and limit cash transfers overseas, saying criminals are using them to move funds quickly and anonymously.

The initiative is part of a broader reform of the country’s anti-money laundering and counter-terrorism financing (AML/CFT) laws.

Associate Justice Minister Nicole McKee announced the plan on Wednesday. She noted that criminals are using crypto ATMs to transfer cash rapidly into high-risk assets.

“These reforms are about targeting criminals, not creating more red tape for honest businesses,” McKee said.

Crypto ATMs allow users to insert cash or swipe a bank card in exchange for cryptocurrency, which can then be transferred instantly, often to offshore wallets.

Authorities say these machines are being misused. Scammers advertise fake products online, then ask buyers to send cryptocurrency through ATMs. Once the payment is made, the scammer disappears.

According to an April report from the Ministerial Advisory Group on Transnational, Serious, and Organised Crime, crypto ATMs have been exploited to purchase cryptocurrency. The funds are then transferred within minutes to offshore criminals, facilitating drug imports or scams.

The government also wants to cap international cash transfers at NZ$5,000 (about US$3,000). This is intended to make it more difficult for criminals to send money overseas.

The Cabinet has introduced a new bill to expand police powers and strengthen oversight. Regulators will be empowered to take more aggressive action against individuals using the financial system for illicit activities.

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