New Zealand Bans Crypto ATMs in Anti-Money Laundering Overhaul

New Zealand has unveiled sweeping anti-money laundering reforms targeting cryptocurrency ATMs and cross-border cash flows. The measures, announced by Associate Justice Minister Nicole McKee, include an outright ban on crypto ATMs and a $5,000 cap on international cash transfers.

The reforms aim to disrupt criminal networks by limiting their ability to convert large sums of illicit cash into digital assets through physical kiosks. Authorities will introduce legislation to enhance police powers and expand the Financial Intelligence Unit's monitoring capabilities for suspicious transactions.

"We want New Zealand to be one of the easiest places in the world to do legitimate business and one of the hardest for criminals to hide," McKee stated. The changes maintain electronic banking channels for legitimate remittances while restricting offshore movement of illicit funds.

The government has not specified an implementation timeline for these measures, which represent New Zealand's latest effort to strengthen its AML/CFT framework against cryptocurrency-related financial crime.