New Zealand has announced a cap on banning cryptocurrency ATMs and international cash transfers, which officials say is part of a broader effort to undermine money laundering and organized financial crimes.
On Wednesday announcementDeputy Attorney General Nicole McKee unveiled the measure as part of the government’s financing of its anti-money laundering and anti-terrorism (AML/CFT) regime.
Reform plans include bans Encrypted automatic cabinet A $5,000 international cash transfer limit was introduced. Officials say the two measures are designed to prevent criminals from using illegal funds.
“We will also allow criminals to convert cash into high-risk assets such as cryptocurrency by banning ATMS,” McGee said in a statement. “This government aims to criminals seriously, rather than binding legitimate businesses with unnecessary traditional Chinese tape.”
Related: The number of encrypted ATMs installed is close to their history
New Zealand promotes financial surveillance
The Financial Intelligence Unit (FIU) will also gain new authority to require ongoing information from banks and other reporting entities regarding individuals marked suspicious activity.
Two AML reform bills are expected to be passed by the end of the year, which is expected to be passed. These will “eliminate some of the heaviest compliance requirements and provide real relief to businesses by the end of the year,” McGee said.
The government said relaxing compliance with law-abiding companies does not mean lowering standards. “It’s not about removing standards, it’s about applying them smartly,” McGee added.
According to April Report By New Zealand’s ministerial advisory group for transnational, serious and organized crime, criminals increasingly rely on cryptocurrency ATMs to quickly turn cash into cryptocurrencies and send it abroad for drug payments or fraud-related transactions.
Coin ATM radar data shows that more than 220 cryptocurrency kiosks are currently operating across the country.
Related: Encrypted atm sting reveals an elderly widow who loses $282K scam
Global repression of crypto ATMs
New Zealand’s crackdown on crypto ATMs follows global trends in censorship around these machines.
Last month, Australian Financial Intelligence Agency, Australia New rules for encrypted atm atm operators have been introducedincluding increased $5,000 ($3,250) cap on cash deposits and withdrawals, tighter monitoring, and enhanced customer checks.
Meanwhile, Washington Spokane An all-in-one ban was announced On cryptocurrency. Spokane City Council will remove existing kiosks and block new ones, citing fraudsters use to target vulnerable residents, especially in low-income communities.
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