US EditionNew Zealand Government Want to Ban Crypto ATMs in AML/CFT Regime Overhaul
NEW ZEALAND, JUL 9 – The government aims to prevent criminal misuse of financial systems by banning 221 crypto ATMs and capping international cash transfers at NZD 5,000, officials said.
- On July 9, Associate Justice Minister Nicole McKee announced the government will ban crypto ATMs as part of an AML/CFT overhaul to curb illicit financial flows.
- Since 2019, New Zealand's AML/CFT overhaul aims to limit criminals' ability to convert cash to high-risk assets like cryptocurrencies, as Minister McKee emphasized.
- Coin ATM Radar reports 38,505 crypto ATMs worldwide, including 221 in New Zealand; Parliament expects legislation to become law by 2025, with a NZ$5,000 transfer cap.
- The crackdown aims to block crypto ATMs and cap transfers, easing reporting for businesses while reducing illicit financial flows, officials say.
- Aligned with global efforts, New Zealand's ban on crypto ATMs follows seizure actions in Germany and tightening rules in US states, strengthening international AML/CFT cooperation.
Insights by Ground AI
Does this summary seem wrong?
24 Articles
24 Articles
All
Left
1
Center
4
Right
1
Crypto crackdown is a spanner in the works for billion dollar deal
Minister Nicole McKee has stomped in with a ban on crypto ATMs just as NZ’s largest operator is put up for sale The post Crypto crackdown is a spanner in the works for billion dollar deal appeared first on Newsroom.
·Auckland, New Zealand
Read Full Article
New Zealand Government Want to Ban Crypto ATMs in AML/CFT Regime Overhaul
New Zealand's government plans to ban crypto ATMs as part of an overhaul of its anti-money laundering and countering the financing of terrorism (AML/CFT) regime.The government wants to target the means criminals use to "convert cash to high-risk assets such as cryptocurrencies," according to an announcement by Associate Justice Minister Nicole McKee on Wednesday.McKee also proposed setting an upper limit of 5,000 new zealand dollar ($3,000) for …
·Manila, Philippines
Read Full Article
Coverage Details
Total News Sources24
Leaning Left1Leaning Right1Center4Last UpdatedBias Distribution67% Center
Bias Distribution
- 67% of the sources are Center
67% Center
L 17%
C 67%
R 17%
Factuality
To view factuality data please Upgrade to Premium
