New Zealand bans crypto ATMs and limits cash transfers
Criminals use crypto ATMs to move funds offshore, prompting New Zealand to tighten regulations and expand enforcement powers.
New Zealand is introducing sweeping reforms to tackle money laundering and criminal finance by banning crypto ATMs and capping international cash transfers at $5,000. The new bill expands enforcement powers and lets the Financial Intelligence Unit gather more data on persons of interest.
The $5,000 transfer limit aims to block criminals from moving funds offshore via cash while permitting legitimate transfers through electronic banking channels. A recent report found that criminals use crypto ATMs to purchase cryptocurrency and quickly transfer it overseas to finance drugs…
