New Zealand to Ban Crypto ATMs, Cap Transfers in AML Regime Shake-Up

New Zealand draws the plug on Crypto money machines and closes international cash transfers to $ 5,000 as part of radical reforms aimed at what the government of the country says that will suffocate money and criminal finances.

Associate Justice Minister Nicole McKee revealed the latest revision of the government of her anti-money laundering practices and combating the financing of the terrorist regime in a rack On Wednesday.

A new bill will be introduced to expand enforcement powers for police and regulators, enabling the Financial Intelligence Unit to collect broader financial data on persons important and to start consultation about a tax to finance the regime.

“This government is serious about the aiming of criminals, not recording legitimate companies in unnecessary bureaucracy,” said McKee in her statement. “We want New -Zeeland to be one of the easiest places in the world to do business legitimate and one of the most difficult for criminals to hide.”

The reforms include determining an upper limit of $ 5,000 per transfer for international cash transfers, which are directly aimed at the possibility of criminal organizations to move funds offshore and at the same time allow legitimate transfers through electronic bank channels.

An April report The ministerial advisory group on transnational, serious and organized crime found that criminals use these ATMs to “buy crypto and to transfer that crypto to offshore criminals to finance drug imports or make payments related to scams.”

Industrial leaders have largely welcomed the performance as a necessary step to legitimize the sector, which houses more than 221 ATMs, according to the MUNTR report radar facts.

“We hebben al geruime tijd de snelle groei van crypto-geldautomaten in het hele land waargenomen, maar hoewel we de adoptie van crypto graag willen zien, willen we die groei ook ondersteunen op een manier die klanten veilig houdt en me conform is,” vertelde Janine Grainger, mede-oprichter van Nieuw-Zeeland-gebaseerde crypto-handelsplatform Easy Crypto, vertelde Crypto, Crypto, Gemakkelijke Crypto, told. Decrypt. “For this reason we cheer the ban.”

Grainger noted that the move “means maturation – not a dismantling – of the sector” and was not unexpected.

She said that these changes mainly influence “high-risk or edge scenarios” instead of everyday users, who now prefer “safer, more transparent platforms such as renowned fairs” above crypto money machines with reimbursements that can reach 20%.

Arjun Vijay, founder of Crypto Exchange Giottus, said Decrypt That “without sufficient guarantees such as KYC in place, it was inevitable that Bitcoin money machines would be confronted in many areas of law.”

He pointed out that these ATMs “impose high conversion costs of typically 5-10%”, making them “less attractive for cost-conscious users” and mainly attract people who are looking for privacy or converting illegal crypto or cash.

The performance follows the growing international concern about the role of crypto money machines in fraud and money laundering.

The financial watchdog of Australia, Austrac, recently placed the sector “On message” After a task force had marked “worrying trends” in scams that focus on the elderly.

In the US, Spokane, Washington, voted to prohibit crypto -kiosks Follow the FBI data completely after FBI that showed $ 5.6 billion in 2024 losing fraud to the machines.