“Crypto ATMs Fuel Crime” – New Zealand Announces Ban in AML Overhaul

New Zealand will shut down all cryptocurrency ATMs as part of a sweeping effort to combat money laundering and terrorist financing.

Police have flagged these machines as a preferred method for drug traffickers to move illicit funds, with 157 currently in operation.

“Since 2019, the financial system has become more complex, and criminals are exploiting gaps,” said Associate Justice Minister Nicole McKee. “We need stronger, more flexible laws to stop them.”

The crackdown includes a $5,000 cap on overseas transfers and a proposed bill to boost enforcement capabilities. Officials say the measures will help dismantle criminal financial networks.