New Zealand Bans Crypto ATMs, Limits Cash Transfers to $5,000 to Combat Financial Crime
New Zealand has taken significant steps to combat financial crime by implementing a ban on cryptocurrency ATMs and imposing a $5,000 limit on international cash transfers. These measures are part of the government’s broader efforts to strengthen its Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework. The ban on crypto ATMs aims to curb the rapid conversion of illicit cash into digital assets, a method frequently used by criminal networks to obscure money trails and facilitate cross-border transactions.
The Financial Intelligence Unit (FIU) will be granted enhanced authority to monitor suspicious activities more rigorously. Banks and reporting entities will be required to provide continuous updates on…
