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New Zealand Targets Money Laundering With Crypto ATM Ban

Key Takeaways

  • ​New Zealand is banning crypto ATMs nationwide and limiting overseas cash transfers to NZ$5,000 to crack down on financial crime;
  • The Financial Intelligence Unit will have more authority to monitor suspicious banking activity to prevent money laundering;
  • New legislation aims to target criminals efficiently without adding unnecessary regulatory burdens on legitimate businesses.

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New Zealand Targets Money Laundering With Crypto ATM Ban

New Zealand is introducing new rules to limit how criminals move money through the financial system.

One of the key changes is a nationwide ban on cryptocurrency ATMs. The government is also setting a NZ$5,000 limit on cash sent overseas.

Associate Justice Minister Nicole McKee explained in a July 9 press release that the decision was part of a review of laws related to financial crimes.

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McKee stated in a statement:

We will also make it more difficult for criminals to convert cash to high-risk assets such as cryptocurrencies by banning crypto ATMs.

She added that the goal is to target crime while ensuring that regular businesses are not burdened with unnecessary regulations.

The plan also gives the Financial Intelligence Unit (FIU) more authority. The unit will be authorized to request ongoing information from banks and other financial services about customers who show signs of suspicious activity.

Two bills supporting these reforms are already in Parliament and are expected to become law by the end of 2025. McKee said the laws will ease some of the reporting requirements for businesses, which will help reduce unnecessary work while maintaining security standards. She said:

This is not about dropping standards, it’s about applying them intelligently.

On July 6, President Volodymyr Zelenskyy signed an order penalizing individuals and companies that facilitate the transfer of money to Russia through cryptocurrency. What did it say? Read the full story.

Aaron S. Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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